Levi & Korsinsky notifies investors that it has commenced an investigation into Rayonier Advanced Materials Inc. (NYSE: RYAM) concerning potential violations of the federal securities laws.
Rayonier issued a press release “announc[ing] that, effective July 2, 2024, it will suspend operations at its Temiscaming High Purity Cellulose (HPC) plant for an indefinite period. Rayonier stated that “[g]iven current market conditions and high capital and fixed costs associated with the HPC plant, this decision will help mitigate the plant’s ongoing operating losses and improve the Company’s consolidated free cash flow.” Following this news, Rayonier’s stock price dropped over 8% on April 30, 2024.
If you suffered a loss on your Rayonier Advanced Materials Inc. securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into MiMedx Group, Inc. (NASDAQ: MDXG) concerning potential violations of the federal securities laws.
On December 29, 2023, MiMedx issued a press release announcing that “[f]ollowing a routine inspection earlier in the year, the United States Food and Drug Administration (‘FDA’) took the position that one of the Company’s recently-launched placental-derived tissue products – AXIOFILL – does not meet the requirements as a Section 361 product and is therefore subject to enforcement as a Section 351 product. Specifically, FDA asserts that the production of AXIOFILL involves more than ‘minimal manipulation.’ The Company does not agree with FDA’s position and has been actively engaged with the agency through its ‘Request For Designation’ (‘RFD’) process. However, on December 21, 2023, MIMEDX received a Warning Letter from FDA reiterating the agency’s position on AXIOFILL.” On this news, MiMedx’s stock price fell 10.26%, to close at $7.87 per share on January 2, 2024.
If you suffered a loss on your MiMedx Group securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Rockwell Automation, Inc. (NYSE: ROK) concerning potential violations of the federal securities laws.
Before market opened on May 3, 2022, Rockwell announced results for the second fiscal quarter ended March 31, 2022, including Fiscal 2022 second quarter net income was $53.9 million or $0.46 per share, compared to $415 million or $3.54 per share in the second quarter of fiscal 2021. Rockwell also announced that it was reducing its fiscal year 2022 outlook, such that fiscal 2022 guidance concerning reported sales growth percentage was lowered from a range of 16% to 19%, down to a range of 11% to 15%. Rockwell attributed the guidance reduction to supply chain restraints.
Following this news, Rockwell’ stock price fell more than 14% to close at $213.74 per share on May 3, 2022.
If you suffered a loss on your Rockwell securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into United States Cellular Corporation (NYSE: USM) concerning potential violations of the federal securities laws.
After market closed on November 3, 2022, UScellular announced results for the third fiscal quarter ended September 30, 2022, including that service revenues totaled $781 million, versus $788 million for the same period in the previous year, and that net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(12) million and $(0.15), respectively, for the third quarter of 2022 compared to $34 million and $0.38, respectively, for the third quarter of 2021. UScellular also announced that it was reducing the Company’s fiscal year 2022 outlook, such that the upper bounds for the ranges of fiscal 2022 guidance concerning service revenues, adjusted OIBDA, and adjusted EBITDA were lowered by $50 million, $75 million, and $75 million, respectively. Following this news, UScellular’s stock price fell more than 22%, declining from a closing price of $31.05 per share on November 3, 2022 to a close of $24.09 on November 4, 2022.
If you suffered a loss on your UScellular securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Relmada Therapeutics, Inc. (NASDAQ: RLMD) concerning potential violations of the federal securities laws.
Before market opened on October 13, 2022, Relmada announced the results of its RELIANCE III study (REL-1017-303), evaluating the drug REL-1017 as a monotherapy for Major Depressive Disorder (MDD). Relmada revealed that the RELIANCE III trial did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo on Day 28, as measured by the Mongomery-Asberg Depression Rating Scale (MADRS). Specifically, the REL-1017 treatment showed a MADRS reduction of 14.8 points at Day 28 versus 13.9 points for placebo, a higher-than-expected placebo response. Relmada described that “[p]aradoxical results were observed in certain study sites, where placebo dramatically outperformed REL-1017.” Following this news, Relmada’s stock price fell nearly 80% to close at $6.48 per share on October 13, 2022.
If you suffered a loss on your Relmada securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Xometry, Inc. (NASDAQ: XMTR) concerning potential violations of the federal securities laws.
On March 1, 2023, Xometry announced an adjusted EBITDA loss of $14.2 million for the fourth quarter of 2022 due to a “revenue shortfall” and “lower gross margins quarter-over-quarter.” The Company blamed “macroeconomic factors” including inflation that “changed” supplier behavior and “slowing demand.” Further, the Company announced that it would be implementing a “5-point strategic plan” that included “aggressively” reducing operating expenses. Xometry also announced its full year financial guidance for fiscal year 2023 which was significantly worse than analysts had been expecting, including an adjusted EBITDA loss of between $20 million and $22 million instead of the $7.3 million loss projected by analysts. Following this news, Xometry’s stock price fell by $12.01 per share, or approximately 40%, to close at $18.40 per share.
If you suffered a loss on your Xometry securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired First Horizon Corporation (NYSE: FHN) securities.
If you suffered a loss on your First Horizon investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Feb 28 2022 - May 03 2023
CASE DETAILS: According to the complaint, defendants made false statements and/or concealed that TD Bank failed to disclose material information to the market that it had deficient internal controls that posed a significant risk to the closing of the First Horizon transaction. Specifically, TD Bank suffered from grossly ineffective internal controls regarding anti-money laundering practices and failed to appropriately report unusual transactions or suspicious activity to U.S. regulators. According to a report published by The Wall Street Journal, in “recent years,” TD Bank only “flagged 28 customer transactions” as suspicious. As a result, the Office of the Comptroller of the Currency and the U.S. Federal Reserve refused to approve the transaction within the necessary time frames.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) concerning potential violations of the federal securities laws.
On August 2, 2022, before market hours, Phathom issued a press release entitled "Phathom Pharmaceuticals Reports Second Quarter 2022 Financial Results and Provides Business Updates" which announced that "we detected trace levels of a nitrosamine in vonoprazan drug product in our post-approval testing as we prepared for commercial launch." Further, the press release announced that "[t]he Company is working with the FDA and plans to obtain approval of and implement an additional test method, specification, including a proposed acceptable intake limit, and additional controls to address this impurity prior to releasing our first vonoprazan-based products to the market." Finally, Phathom announced that "[t]hese additional activities will result in a delay of the planned VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK product launches." On this news, Phathom's stock price fell $2.61 per share, or 28%, to close at $6.46 per share on August 2, 2022.
If you suffered a loss on your Phathom securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into RH (NYSE: RH) concerning potential violations of the federal securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. RH, the holding company behind retailer Restoration Hardware, announced on February 3, 2023, that "our previously unaudited financial statements for the three months ended April 30, 2022, the three and six months ended July 30, 2022, and the three and nine months October 29, 2022 (collectively the 'Prior Financial Statements') should no longer be relied upon due to material unintentional errors in certain of these financial periods with respect to our calculation of basic and diluted net income per share." Based on this news, shares of RH fell by more than 7.3% in intraday trading on February 6, 2023.
If you suffered a loss on your RH securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Texas Capital Bancshares, Inc. (NASDAQ: TCBI) concerning potential violations of the federal securities laws.
On March 29, 2021, shares of Texas Capital stock dropped 13% on unusually heavy trading volume as prime brokers associated with now-defunct family office, Archegos Capital Management, unwound large U.S. stock positions linked to the fund. A Bloomberg article published on November 16, 2021 detailed how Archegos built up a previously undisclosed position equal to 20% of Texas Capital prior to the margin calls that forced Archegos' liquidation. According to the article, Texas Capital was aware of the large position held by Archegos while it raised additional capital from investors in February 2021.
If you suffered a loss on your Texas Capital securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Reata Pharmaceuticals, Inc. (NASDAQ: RETA) concerning potential violations of the federal securities laws.
On May 10, 2023, Reata issued a press release announcing its financial results for the first quarter of 2023. Among other items, Reata announced its decision to discontinue studies for its kidney disease candidate bardoxolone, which the Company had previously advanced as one of its lead assets in partnership with Blackstone Life Sciences and Kyoma Kirin. On this news, Reata's stock price fell $14.99 per share or 14.23%, to close at $90.38 per share on May 10, 2023.
If you suffered a loss on your Reata securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Sea Limited (NYSE: SE) concerning potential violations of the federal securities laws.
On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Among other items, Sea reported first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan reserves. Sea also disclosed that the Company's previous Chief Investment Officer, David Ma, had left that role and joined the Company's Board of Directors. On this news, Sea's stock price fell $15.62 per share, or 17.74%, to close at $72.45 per share on May 16, 2023.
If you suffered a loss on your Sea securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Zai Lab Limited (NASDAQ: ZLAB) concerning potential violations of the federal securities laws.
On March 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) published a notification identifying Zai Lab, among other companies, as in potential violation of the Holding Foreign Companies Accountable Act, which allows the SEC to delist companies and ban a company’s shares from being traded if the company fails to allow U.S. regulators to review their company audits for three straight years. Zai Lab and the other companies named in the SEC notification have until March 29, 2022 to challenge the charges against them. On this news, Zai Lab’s stock price fell $6.74 per share, or 18%, to close at $30.02 per share on March 10, 2022. On June 6, 2023, Zai Lab reported phase 3 trials for an oncology therapy it is developing with NovoCure. It said that its tumor treating fields (TTFields) therapy, which uses skin patches to deliver electric fields to areas of the body, when used with standard therapies, met its primary endpoint of three-month improvement in median overall survival time in metastatic non-small cell lung cancer (NSCLC) patients. However the study was unreliable because many of the study participants didn't use an initial checkpoint inhibitor, which is seen as the leading way to treat NSCLC, thereby allowing for the possibility that the study was highly skewed by comparing TTFields to a lesser therapy. On this news, Zai Lab's stock fell $4.88 per share, or 14.55%, on unusually high trading volume, to close at $28.66 per share on June 7, 2023.
If you suffered a loss on your Zai Lab securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Hayward Holdings, Inc. (NYSE: HAYW) concerning potential violations of the federal securities laws.
Hayward designs, manufactures, and markets a broad portfolio of pool equipment and associated automation systems, selling products primarily to distributors, major pool builders, buying groups, servicers, and specialty on-line resellers, all of which, in turn, sell Hayward's products to the pool owner. Hayward purports to have good channel inventory knowledge as channel partners report inventory positions directly to Hayward. On July 28, 2022, Hayward revealed that its channel partners planned to reduce the inventory on hand, requiring Hayward to reduce its 2022 guidance. On this news, Hayward's stock declined over 18%.
If you suffered a loss on your Hayward securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Mersana Therapeutics, Inc. (NASDAQ: MRSN) concerning potential violations of the federal securities laws.
On June 15, 2023, Mersana issued a press release "announc[ing] that the U.S. Food and Drug Administration (FDA) has issued a partial clinical hold pausing new patient enrollment in UP-NEXT and UPGRADE-A, the company's ongoing clinical trials of UpRi in platinum-sensitive ovarian cancer. UPLIFT, Mersana's ongoing clinical trial of UpRi in platinum-resistant ovarian cancer, completed enrollment in October 2022." Mersana stated that "[t]he partial clinical hold follows a submission by Mersana of a recent aggregate safety report of all patients dosed with UpRi (approximately 560 patients) evaluating bleeding events" and that "Mersana's recent assessment determined that serious bleeding events appear to occur at a higher rate than background. While most bleeding cases in this aggregate safety analysis were low-grade, five (<1%) Grade 5 (fatal) bleeding events were observed among the approximately 560 patients dosed to date. The causes of bleeding events remain under investigation." On this news, Mersana's stock price fell $5.66 per share, or 59.27%, to close at $3.89 per share on June 15, 2023.
If you suffered a loss on your Mersana securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Knowles Corporation (NYSE: KN) concerning potential violations of the federal securities laws.
The investigation relates to Knowles’ second quarter earnings report on August 2, 2022 and reduced revenue and earnings guidance for the following quarter.
If you suffered a loss on your Knowles securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Biomea Fusion, Inc. (NASDAQ: BMEA) concerning potential violations of the federal securities laws.
On June 23, 2023, Biomea Fusion presented data for its Type 2 diabetes drug candidate BMF-219 at a meeting of the American Diabetes Association. In response to the presentation, market analysts downgraded Biomea Fusion and its stock price fell $6.25 per share, from $30.67 per share on June 23, 2023 to close at $24.42 per share on June 26, 2023.
If you suffered a loss on your Biomea Fusion securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) concerning potential violations of the federal securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Regeneron received a response letter from the FDA on June 27, 2023, declining to approve its application for an 8mg dose of aflibercept, marketed in the U.S. as Eylea. The Company claims that the denial is due to an ongoing review of findings at a third-party filler. Based on this news, shares of Regeneron dropped more than 9% on the same day.
If you suffered a loss on your Regeneron securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) concerning potential violations of the federal securities laws.
On February 22, 2023, the company announced that “as a result of the unintentional errors noted [below], the audit committee (the ‘Audit Committee’) of the board of directors of the Company reached a determination to restate its unaudited financial statements for the three and nine month periods ended September 30, 2022.” The “unintentional errors” were “primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense (‘SoHo Error’) and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue (‘Deferred Revenue Error’).” Following this news, on February 22, 2023, Consensus Cloud Solution’s shares fell by over 21%.
If you suffered a loss on your Consensus Cloud Solutions securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Toast, Inc. (NYSE: TOST) concerning potential violations of the federal securities laws.
On or around September 22, 2021, Toast conducted its initial public offering ("IPO"), selling over 21.7 million shares priced at $40.00 per share. Then, on February 16, 2023, Toast issued a press release announcing its financial results for the fourth quarter and full year 2022. Among other items, Toast reported earnings per share of -$0.19, missing consensus estimates by $0.01. On this news, Toast's stock price fell $5.93 per share, or 22.84%, to close at $20.03 per share on February 16, 2023. Then, on July 19, 2023, Toast announced the removal of a $0.99 order processing fee from the Company's new version of its digital ordering suite. The processing fee, announced in June 2023, had prompted widespread complaints from restaurant operators. On this news, Toast's stock price fell sharply during intraday trading on July 19, 2023 from $26.76 per share on July 18, 2023 to $22.56.
If you suffered a loss on your Toast securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Snap Inc. (NYSE: SNAP) concerning potential violations of the federal securities laws.
On July 25, 2023, the Company reported a weaker than expected Q3 forecast. On this news, SNAP stock price fell sharply from a closing price of $12.51 per share on July 25, 2023 to open at $10.36 on July 26, 2023, declining 19% in premarket trading.
If you suffered a loss on your Snap securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Lordstown Motors Corp. (OTC: RIDEQ) securities.
If you suffered a loss on your Lordstown investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Aug 04 2022 - Jun 26 2023
CASE DETAILS: According to the complaint, defendants repeatedly made and/or caused Lordstown to make false and/or misleading statements about Lordstown’s relationship with Hon Hai Technology Group (“Foxconn”) suggesting, or in some instances, representing that Foxconn was working cooperatively with Lordstown when in fact, the partnership had stalled soon after the execution of a joint venture agreement and quickly soured.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Zebra Technologies Corporation (NASDAQ: ZBRA) concerning potential violations of the federal securities laws.
The investigation focuses on potential securities laws violations in connection with the Company’s third quarter results and decision to lower its revenue and earnings guidance for the year. In response to the news, Zebra’s stock price declined approximately $53/share.
If you suffered a loss on your Zebra securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Freedom Holding Corp. (NASDAQ: FRHC) concerning potential violations of the federal securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Freedom Holding is the subject of a report issued by Hindenburg Research on August 15, 2023. The report highlights "red flags" at the Company "including evidence that Freedom (i) brazenly skirts sanctions (ii) shows hallmark signs of fake revenue (iii) commingles customer funds then gambles assets in highly levered, illiquid, risky market bets (iv) and displays signs of market manipulation in both its investments and its publicly traded shares." Based on this news, shares of Freedom Holding fell by more than 5.5% in intraday trading on the same day.
If you suffered a loss on your Freedom Holding securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Silicon Motion Technology Corporation (NASDAQ: SIMO) securities.
If you suffered a loss on your Silicon Motion investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Jun 06 2023 - Jul 26 2023
CASE DETAILS: According to the complaint, the defendants made false statements and/or concealed that: (a) MaxLinear, Inc. (“MaxLinear”) had decided it would not consummate a business combination with Silicon Motion (the “Merger”) because the economic circumstances surrounding the Merger had materially changed, including a material downturn in the semiconductor industry and rising interest rates; (b) MaxLinear had determined to unilaterally terminate the Merger in the event the Merger was approved by China’s State Administration for Market Regulation (“SAMR”); (c) MaxLinear intended to argue that certain conditions in Article 6 of the Merger Agreement had not been satisfied as required by May 5, 2023 (i.e., before the Class Period) as a basis to terminate the Merger; and (d) as a result of (a)-(c) above, defendants had materially misrepresented the viability of the Merger, the purported benefits of the Merger, and the likelihood that the Merger would be consummated.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Semtech Corporation (NASDAQ: SMTC) concerning potential violations of the federal securities laws.
On August 31, 2022, Semtech announced lower than expected guidance for the fourth quarter 2022 due to “weakness in the consumer sector.” The Company blamed the downturn on “macroeconomic softness” and ongoing pandemic-related challenges in China. Following this news, Semtech’s stock price fell by $12.54 per share, or approximately 27% to close at $33.65 per share. Further, on March 29, 2023, Semtech announced weak guidance for the first quarter of fiscal 2024 attributing it to lower than expected consumer demand and an extremely “weak China.” Following this news, Semtech’s stock price fell by $6.86 per share, or approximately 21% to close at $25.25 per share.
If you suffered a loss on your Semtech securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Siemens Energy AG (OTC: SMNEY) concerning potential violations of the federal securities laws.
On June 23, 2023, Siemens announced it was withdrawing its profit guidance for fiscal year 2023 due to a “substantial increase in failure rates of wind turbine components” at newly acquired Siemens Gamesa (SGRE). After an “extended technical review”, the Company expects additional costs to be in excess of approximately 1 billion Euros. Siemens further indicated an increase in product costs and ramp-up challenges in the off-shore business. Following this news, the Company’s share price fell by $5.87 per share, or approximately 27% to close at $15.88 per share.
If you suffered a loss on your Siemens securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Archer Aviation Inc. (NYSE: ACHR) securities.
If you suffered a loss on your Archer investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Sep 17 2021 - Aug 15 2023
CASE DETAILS: The filed complaint alleges that Archer Aviation Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company relied on heavily edited videos of earlier flights to exaggerate the amount of flight testing it had actually performed and the sophistication of its eVTOL aircraft; (ii) the Company had misrepresented the nature and profitability of its business partnerships, (iii) the Company was unlikely to secure FAA certification in the timeframe it had represented to investors, thereby delaying the start of mass production of its aircraft for commercial sales; (iv) accordingly, the Company had overstated its financial position and/or prospects; (v) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Doximity, Inc. (NYSE: DOCS) concerning potential violations of the federal securities laws.
On May 16, 2023 Doximity announced it was revising downwards its guidance for 2023. Management cited a major reason for this guidance reduction was softer-than-anticipated sales for upgrades to Doximity’s products. Consequently, analysts called into question the credibility of Doximity’s management because of management’s repeated guidance revisions over multiple quarters. Following this news, DOCS’ stock price fell by $9.15 per share, or approximately 27% to close at $25.30 per share.
If you suffered a loss on your Doximity securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into ARS Pharmaceuticals, Inc. (NASDAQ: SPRY) concerning potential violations of the federal securities laws.
On September 19, 2023, ARS announced it received from the Food and Drug Administration (FDA) a Complete Response Letter (CRL) concerning ARS’ “neffy.” “Neffy” is a nasally administered epinephrine dose used in cases of severe allergic reactions. The CRL indicated ARS must complete additional studies on “neffy” before the FDA can consider further the drug’s approval. In particular, the FDA indicated ARS must provide data concerning repeated doses of nasal epinephrine in individuals experiencing allergic reactions. Following this news, ARS’ stock price fell by $4.52 per share, or approximately 61% to close at $2.92 per share.
If you suffered a loss on your ARS securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into MasTec, Inc. (NYSE: MTZ) concerning potential violations of the federal securities laws.
On August 3, 2023, MasTec announced it missed its estimates for the second quarter of 2023. The Company also revised downwards its 2023 guidance, blaming slowdowns in its communications margins for the revision. Analysts critiqued the Company for its “over-promise, under-deliver halo” concerning overly optimistic guidances which fail to materialize. Following this news, MTZ stock price fell by $24.79 per share – or approximately 21% -- within two business days of the news.
If you suffered a loss on your MasTec securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Viasat, Inc. (NASDAQ: VSAT) concerning potential violations of the federal securities laws.
On July 12, 2023, Viasat announced an unexpected event occurred during reflector deployment that may materially impact the performance and capacity of the ViaSat-3 Americas satellite. Analysts commenting on Viasat’s “antenna anomaly” raised questions as to their inability to correct the antenna issue which previously occurred to the Company’s ViaSat-2 satellite in 2017. Following this news, Viasat’s stock price fell by $12.24 per share, or approximately 28% to close at $30.74 per share.
If you suffered a loss on your Viasat securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) concerning potential violations of the federal securities laws.
On September 13, 2023, Alnylam announced the U.S. Food and Drug Administration’s (FDA) Cardiovascular and Renal Drugs Advisory Committee (CRDAC) approved Alnylam’s application to expand approval for Onpattro to ATTR-cardiomyopathy (CM) patients. Analysts commenting on the approval noted the FDA was not overly positive and “emphasized the small treatment effects and was seemingly negative on clinical meaningfulness.” Following this news, Alnylam’s stock price fell by $18.59 per share, or approximately 4% to close at $193.06 per share. Further, on October 9, 2023, Alnylam issued a press release announcing that the FDA issued a Complete Response Letter (CRL) as to the Company's “supplemental New Drug Application (sNDA) for patisiran for the treatment of the cardiomyopathy of transthyretin-mediated (ATTR) amyloidosis." Alnylam announced that the CRL indicated that “the clinical meaningfulness of patisiran's treatment effects for the cardiomyopathy of ATTR amyloidosis had not been established, and therefore, the sNDA for patisiran could not be approved in its present form.” As a result, the Company announced it would no longer pursue an expanded indication for patisiran in the U.S. Following this news, Alnylam’s stock price fell by $2.53 per share, or approximately 2% to close at $165.29 per share.
If you suffered a loss on your Alnylam securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Align Technology, Inc. (NASDAQ: ALGN) concerning potential violations of the federal securities laws.
On July 26, 2023, Align reported its Q2 2023 earnings and offered guidance for Q3 2023 and revised upwards its full-year 2023 guidance. During the call Align officers stated that its product portfolio was largely resilient to inflation and other negative economic trends. However, on October 25, 2023, Align reported its Q3 2023 earnings which fell short of the previous guidance and analysts’ expectations. Align officers attributed this reduction to softness in the adult aligner market to macroeconomic trends. Following this news, Align’s stock price fell by $74.78 per share, or approximately 28.2% to close at $190.94 per share.
If you suffered a loss on your Align securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Harrow, Inc. (NASDAQ: HROW) concerning potential violations of the federal securities laws.
On November 13, 2023, Harrow released its third quarter 2023 financial results, revising 2023 financial guidance due in part to the “compounding business underperform[ing] during the period.” The Company further released GAAP EPS and revenue figures that missed analyst estimates. Following this news, the price of the Company’s stock dropped.
If you suffered a loss on your Harrow securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Carvana Co. (NYSE: CVNA) concerning potential violations of the federal securities laws.
On June 23, 2023, Forbes released an article entitled "The Untold Story of HyperSport, Carvana's Mysterious And Scandal-Plagued Former Vendor." The article stated that HyperSport was submitting duplicate invoices to Carvana, which were being processed, thus, "charg[ing] multiple times for the same repair," according to one Carvana manager. The article also alleged that "HyperSport was controlled by a Carvana manager or his associates- and that as a result, HyperSport was incentivized to push through duplicate invoices to Carvana and skimp on buying its own supplies." On this news, Carvana's stock price fell 16.1% to close at $21.41 on June 23, 2023.
If you suffered a loss on your Carvana securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Hudson Pacific Properties, Inc. (NYSE: HPP) securities.
If you suffered a loss on your Hudson Pacific investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Nov 15 2018 - Nov 15 2023
CASE DETAILS: On November 13, 2023, Bank of America analyst Camille Bonnel downgraded Hudson Pacific to Underperform from Neutral, citing a tough operating environmental for office REITs partly stemming from weaker leasing volumes. On this news, Hudson Pacific’s stock price fell $0.30 per share to close at $4.97 per share on November 13, 2023.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Vicor Corporation (NASDAQ: VICR) concerning potential violations of the federal securities laws.
On October 24, 2023, Vicor announced inline 3Q23 results and 4Q23 guidance but backlog continued to decrease and “bookings remained weak.” Analysts commented that management’s reluctance to discuss AI platforms announced in the previous quarter “shows a shrink in opportunity.” Following this news, Vicor’s stock price fell by $14.14 per share, or approximately 26% to close at $39.05 per share.
If you suffered a loss on your Vicor securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Applied Materials, Inc. (NASDAQ: AMAT) concerning potential violations of the federal securities laws.
On November 16, 2023, after market closing, Reuters reported that "Semiconductor equipment maker Applied Materials is under U.S. criminal investigation for potentially evading export restrictions on China's top chipmaker SMIC, according to three people familiar with the matter." According to Reuters, Applied Materials "is being probed by the Justice Department for sending equipment to SMIC via South Korea without export licenses, the sources said." Following the publication of the article, Applied Materials stock dropped more than 7% in afterhours trading.
If you suffered a loss on your Applied Materials securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Toyota Motor Corporation (NYSE: TM) concerning potential violations of the federal securities laws.
On November 20, 2023, the Consumer Financial Protection Bureau ("CFPB) issued a press release announcing that it had "ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers' credit reports with false information. The CFPB is ordering Toyota Motor Credit to stop its unlawful practices, pay $48 million to harmed consumers, and pay a $12 million penalty into the CFPB's victims relief fund." On this news, Toyota's stock price plummeted during intraday trading on November 20, 2023.
If you suffered a loss on your Toyota securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Cano Health, Inc. (NYSE: CANO) concerning potential violations of the federal securities laws.
On November 17, 2023, UBS cut its rating of Cano Health to "Sell", citing the Company's deteriorating liquidity position. UBS opined that "elevated third-party medical expenses will have a sustained negative effect on the company's already challenged liquidity position." On this news, Cano's stock price fell 6.72%, to close at $7.63 per share on November 17, 2023.
If you suffered a loss on your Cano Health securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Sony Group Corporation (NYSE: SONY) concerning potential violations of the federal securities laws.
On November 21, 2023, Reuters reported that the U.K.'s Competition Appeal Tribunal ruled that Sony must face a mass lawsuit worth up to 6.3 billion pounds over claims that the PlayStation maker allegedly abused its dominant position in the market by charging "excessive prices" to its customers. The lawsuit alleges that Sony required digital games and add-ons to be bought and sold only via its online PlayStation Store, charging developers and publishers a 30% commission. The claim also alleges customers have paid higher prices for games and add-on content than they would have. Following this news, Sony's stock dropped sharply, damaging investors.
If you suffered a loss on your Sony securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Waldencast plc (NASDAQ: WALD) concerning potential violations of the federal securities laws.
On July 5, 2023, after the market closed, Waldencast filed a current report with the U.S. Securities and Exchange Commission in which it disclosed, among other things that certain financial statements of Obagi, a skin care company that Waldencast had acquired, could no longer be relied upon because Waldencast expected to restate those financial statements. On this news, the price of Waldencast stock fell over 10%, closing at $6.63 on July 6, 2023.
If you suffered a loss on your Waldencast securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Entrada Therapeutics, Inc. (NASDAQ: TRDA) concerning potential violations of the federal securities laws.
After the market closed on December 19, 2022, Entrada issued a press release announcing that the U.S. Food and Drug Administration ("FDA") had placed a clinical hold on the Company's Investigational New Drug Application for ENTR-601-44 (a drug for the potential treatment of Duchenne muscular dystrophy). The FDA indicated that they would provide an official Clinical Hold letter to Entrada within 30 days. On this news, Entrada's stock price fell 19.76%, to close at $15.96 per share on December 20, 2022. Then, on November 22, 2023, Entrada announced that, after reevaluating additional information on ENTR-601-44, the FDA refused to lift the previously announced clinical hold on its Phase 1 trial. On this news, Entrada's stock price fell over 31%, to close at $11.36 per share on November 22, 2023.
If you suffered a loss on your Entrada securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Legend Biotech Corporation (NASDAQ: LEGN) concerning potential violations of the federal securities laws.
On November 28, 2023, the U.S. Food and Drug Administration ("FDA") announced that it was "investigating the identified risk of T cell malignancy with serious outcomes, including hospitalization and death, and is evaluating the need for regulatory action" after "receiving reports of T-cell malignancies, including chimeric antigen receptor CAR-positive lymphoma, in patients who received treatment with BCMA- or CD19-directed autologous CAR T cell immunotherapies." The FDA's press release listed Legend's Carvykti (ciltacabtagene autoleucel) as among the approved products in the class of products at issue. On this news, Legend's stock price fell $1.57 per share to close at $59.99 per share on November 28, 2023.
If you suffered a loss on your Legend securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Braskem S.A. (NYSE: BAK) concerning potential violations of the federal securities laws.
On November 30, 2023, following a request by prosecutors in Brazilian court, Braskem disclosed that it would be required to pay 1 billion reais ($203 million) to repair damages at a rock-salt mine owned by the Company in the city of Maceió. On this news, Braskem’s American depositary receipt price fell 6.94% to close at $7.78 per ADR on November 30, 2023.
If you suffered a loss on your Braskem securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Groupon, Inc. (NASDAQ: GRPN) concerning potential violations of the federal securities laws.
On November 9, 2023, Groupon announced disappointing financial and operational results for the third quarter 2023. Following this announcement, the price of Groupon’s common stock declined 35% to close at $8.82 per share on November 10, 2023. Our firm is investigating whether Groupon’s officers and/or directors caused investment losses by violating securities laws and/or breaching their fiduciary duties.
If you suffered a loss on your Groupon securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Designer Brands Inc. (NYSE: DBI) concerning potential violations of the federal securities laws.
On December 5, 2023, Designer Brands announced financial results for the third quarter ended October 28, 2023, disclosing a drop in revenue of 9.1% year-over-year. The Company noted that performance was impacted by “a footwear market that contracted for the first time since COVID coupled with unseasonably warm weather, which significantly reduced customer demand for shoes.” Following this news, the price of Designer Brand’s stock dropped. Our firm is investigating whether executives at the company misrepresented or failed to timely disclose material and adverse information to investors.
If you suffered a loss on your Designer Brands securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into The Procter & Gamble Company (NYSE: PG) concerning potential violations of the federal securities laws.
Procter & Gamble is the subject of a Reuters report published on December 5, 2023. According to the article, the Company announced "it would record up to $2.5 billion in charges over two fiscal years as it writes down the value of its Gillette business and restructures certain markets." Based on this news, shares of Procter & Gamble fell on the same day.
If you suffered a loss on your Procter & Gamble securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Blackstone Mortgage Trust, Inc. (NYSE: BXMT) concerning potential violations of the federal securities laws.
On December 6, 2023, Muddy Waters released a report entitled, “Here Comes the Cliff!” shorting Blackstone. In this report, Muddy Waters stated, “[i]nterest rate swaps and manipulated risk ratings / loss provisions have obscured serious deterioration in BXMT’s loan book.” In addition, the report listed several problems that would be evident in the new year: (1) Blackstone will significantly cut its dividend; (2) a significant number of borrowers will unlikely be able to refinance and repay Blackstone; (3) Blackstone is at risk of a liquidity crisis; and (4) Blackstone’s losses on its net book value could potentially reach anywhere between $2.5 billion to $4.5 billion, resulting in its market cap being wiped out. On this news, Blackstone’s stock price fell $1.81 per share, or 8.05%, to close at $20.68 per share on December 6, 2023.
If you suffered a loss on your Blackstone securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Xylem Inc. (NYSE: XYL) concerning potential violations of the federal securities laws.
On August 9, 2023, Spruce Point Capital published a report raising “concerns about the accuracy of the Company’s cash liquidity.” Spruce Point Capital also alleged that it had “identif[ied] new evidence of accounting machinations ahead of Xylem’s acquisition” of Evoqua Water Technologies Corp. On this news, Xylem’s stock price fell $2.82 to close at $102.00 per share on August 9, 2023, thereby injuring investors.
If you suffered a loss on your Xylem securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Arbor Realty Trust, Inc. (NYSE: ABR) concerning potential violations of the federal securities laws.
On Dec. 5, 2023, hedge fund Viceroy released a second research report on Arbor after purportedly receiving information from “whistleblowers” regarding distressed Arbor deals and underlying assets. Viceroy’s report, entitled “Arbor – Jacksonville Case Study", highlights three multifamily properties in the Jacksonville, Florida area encumbered by Arbor loans, which the hedge fund submits have property values likely below Arbor’s loan balances. The hedge fund states, “Viceroy’s dive into Arbor’s CLOs suggests its entire loan book is distressed and underlying collateral is vastly overstated. These loans do not qualify for refinancing anywhere, and substantially all mature within the next 18 months.” Viceroy concludes, “We believe Arbor is a donut. $0.00.”
If you suffered a loss on your Arbor securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Ramaco Resources, Inc. (NASDAQ: METC) concerning potential violations of the federal securities laws.
On December 11, 2023, Wolfpack Research published a report on Ramaco entitled “METC: Pumping and Dumping Nearly Worthless Dirt”. Noting that the Company’s stock price “recently soared following a Wall Street Journal article that hyped its Brook Mine as a potential source of up to $37 billion in rare earth elements”, the report from Wolfpack stated that “[t]here is no way to profitably mine them” and estimated that the Company “would lose ~$88 billion if they were ever able to extract, process and sell $37 billion of REEs from the Brook Mine.” The report further asserted that Ramaco “has likely performed” extractability tests and “is sitting on disappointing results.”
On this news, Ramaco’s stock price fell $0.60 per share, or 3.58%, to close at $16.18 per share on December 11, 2023.
If you suffered a loss on your Ramaco securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Gildan Activewear Inc. (NYSE: GIL) concerning potential violations of the federal securities laws.
On December 11, 2023, Gildan issued a press release announcing that "Glenn J. Chamandy has left his position as President and Chief Executive Officer and director of the Company. Vince Tyra has been appointed President and CEO effective February 12, 2024." Chamandy issued a separate statement on the same day to the effect that he had learned only the previous day that the Company's Board of Directors "was terminating [his] employment agreement without cause." Following news of Chamandy's departure, Gildan's stock price fell 10.79%, to close at $32.58 per share on December 11, 2023.
If you suffered a loss on your Gildan Activewear securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into SCYNEXIS, Inc. (NASDAQ: SCYX) concerning potential violations of the federal securities laws.
On September 25, 2023, in a filing with the U.S. Securities and Exchange Commission, SCYNEXIS reported that, following a recent review of the manufacturing process for its ibrexafungerp drug substance and the equipment at the manufacturing vendor for ibrexafungerp, the Company became aware of potential cross contamination of ibrexafungerp with a non-antibacterial beta-lactam drug substance. As SCYNEXIS explained, "FDA guidance recommends segregating the manufacture of beta-lactam compounds from other compounds since beta-lactam compounds have the potential to act as sensitizing agents that may trigger hypersensitivity or an allergic reaction in some people." The Company therefore declared it would recall the ibrexafungerp tablets commercially known as BREXAFEMME from the market and place a temporary hold on clinical studies of ibrexafungerp, including a Phase 3 clinical study, until a mitigation strategy and a resupply plan are determined. On this news, SCYNEXIS's stock price fell 34.14%, to close at $2.18 per share on September 25, 2023.
If you suffered a loss on your SCYNEXIS securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Methode Electronics, Inc. (NYSE: MEI) concerning potential violations of the federal securities laws.
On July 14, 2023, Methode announced that, “On July 10, 2023, Joseph Khoury was placed on leave from his position as Chief Operating Officer of Methode Electronics, Inc. (company), and his powers, authority and duties as such officer of the Company were suspended.” On December 7, 2023, Methode announced that the company had removed Joseph Khoury from his position as Chief Operating Officer and terminated him as an employee. On this news, the price of Methode stock fell sharply.
If you suffered a loss on your Methode securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Direct Digital Holdings, Inc. (NYSE: DRCT) concerning potential violations of the federal securities laws.
On December 11, 2023, White Diamond Research published a report entitled "A Mountain of Evidence Suggests That Much of Direct Digital Holdings Revenue May Be Fake and Is Hiding Its Uncollectible Accounts Receivable - 90%+ Downside". The report from White Diamond alleges that DDH "uses ‘accounts receivable insurance' to hide from investors what its true uncollectible accounts receivable is", which "puts the quality of the revenue in question"; notes that "[DDH] doesn't mention any patents and reports zero R&D expense for its technology", which "suggests that its tech isn't proprietary and isn't improving to keep up with the strong competition in the space"; and asserts that "[DDH] is practically broke, with a reported $5.5M in cash, accounts payable that almost doubled quarter over quarter to $45M, and a sizeable debt of $24M with a 15% interest rate." On this news, DDH's stock price fell 11.31%, to close at $10.90 per share on December 11, 2023.
If you suffered a loss on your DDH securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Hywin Holdings Ltd. (NASDAQ: HYW) concerning potential violations of the federal securities laws.
On December 14, 2023, Hywin disclosed that redemption issues had been reported on certain asset-backed products previously distributed by the Company with clients demanding repayment from the Company. Hywin stated that it would be conducting an internal investigation. On this news, Hywin’s stock price fell 16%, to close at $2.77 per share on December 14, 2023, thereby injuring investors.
If you suffered a loss on your Hywin Holdings securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Maison Solutions Inc. (NASDAQ: MSS) concerning potential violations of the federal securities laws.
On December 15, 2023, Hindenburg Research posted a scathing tweet concluding “[w]e believe $MSS is slated to suffer a similar fate to $GDHG and that retail shareholders will once again be left holding the bag on a massively overvalued company that has become bloated in size due to illegal and nefarious pumping/manipulation.” Hindenburg revealed that Maison Solutions had an apparently undisclosed federal tax lien and highlighted the millions the Company spent acquiring assets from the wife of the company’s Chief Executive Officer, John Xu. In addition, Hindenburg reportedly accused Xu and a related entity of being named defendants in 2020 litigation alleging that Xu and the entity used supermarkets as a front to defraud the EB-5 visa program, and observed that Maison Solutions used an underwriter for its initial public offering that has numerous FINRA violations including for “manipulative practices.” In response, the price of Maison Solutions shares plummeted over 83%, on December 15, 2023.
If you suffered a loss on your Maison Solutions securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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Levi & Korsinsky notifies investors that it has commenced an investigation into Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) concerning potential violations of the federal securities laws.
On December 27, 2023, Iovance announced that, on December 22, 2023, the U.S. Food and Drug Administration ("FDA") had placed a clinical hold on the Company's IOV-LUN-202 trial, which was investigating the Iovance's lead product candidate for the treatment of metastatic non-small cell lung cancer. Iovance advised that the FDA's decision to place the clinical hold was "in response to a recently reported Grade 5 (fatal) serious adverse event potentially related to the non-myeloablative lymphodepletion pre-conditioning regimen." On this news, Iovance's stock price fell 18.67% to close at $7.23 per share on December 27, 2023.
If you suffered a loss on your Iovance securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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