Akers Biosciences, Inc.

According to the Complaint, the Company made false and misleading statements to the market throughout the class period. Akers improperly recognized revenue for the year ending December 2017. Akers did not disclose the extent of the weakness of the Company’s internal controls over financial reporting. This resulted in the Company making materially false and misleading public statements. According to the lawsuit, when accurate information about Akers became apparent in the market, investors suffered damages.

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PG&E Corporation

According to the Complaint, the Company made false and misleading statements to the market throughout the class period. PG&E failed to maintain its electrical transmission and distribution networks to the standards required by safety regulations and state law. The Company’s electrical networks went on to cause multiple wildfires in California. Based on these facts, the Company’s statements about PG&E’s operations were materially false and misleading throughout the class period. When the market learned the truth about PG&E, investors suffered damages.

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QUALCOMM Incorporated

According to the Complaint, QUALCOMM made false and misleading statements to the marketplace. On January 29, 2018, QUALCOMM covertly filed a voluntary request with the Committee on Foreign Investment in the United States (“CFIUS”) to investigate the actions of Broadcom Limited, which was attempting to acquire QUALCOMM. The complaint alleges the Company made this request to block Broadcom’s takeover attempt. The market became aware of QUALCOMM’s secret activity on March 5, 2018, and the share price of QUALCOMM stock decreased substantially, damaging investors.

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REV Group, Inc.

According to the Complaint, the Company made false and misleading statements to the market surrounding the IPO period. REV Group was unable to manage its backlog of vehicles despite claiming “strong visibility into future net sales.” The Company was also not able to operate its facilities efficiently and in a manner that would satisfy customer demand. As a result, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about REV Group, investors were damaged.

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Deutsche Bank Aktiengesellschaft

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On May 31, 2018, the Wall Street Journal reported that the Federal Reserve has designated Deutsche Bank’s U.S. operations as being in a “trouble condition.” The Federal Reserve is concerned about “its controls around measuring financial exposure to clients and valuing collateral that backed loans[.]” The FDIC added Deutsche Bank’s FDIC-insured subsidiary, Deutsche Bank Trust Company Americas, to its list of at-risk “problem banks.” Once this news reached the marketplace, shares of Deutsche Bank fell over 4% on May 31, 2018.

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Fluor Corporation

According to the Complaint, Fluor made false and misleading statements to the marketplace. It alleges that the Company’s procedures for bidding on gas-fired power plant projects suffered from flaws. Fluor improperly estimated the costs for completing gas-fired plant projects, resulting in equipment, productivity, and other project completion problems. These problems caused Fluor to face charges impacting quarterly results. Ultimately, Fluor discontinued operations in the gas-fired power market. As a result of these facts, the Company’s statements about its business prospects and operations were false and misleading during the class period. According to the lawsuit, when accurate information about the Company became apparent in the market, investors suffered damages.

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MabVax Therapeutics Holdings, Inc.

According to the Complaint, Mabvax made materially false and/or misleading statements during the class period and failed to disclose the following facts: The Company’s internal controls for financial reporting were not sufficient. MabVax improperly calculated and reported beneficial ownership of its own shares, and allowed improper influence over the Company and its officers by certain shareholders. Due to these facts, MabVax’s financial statements and the Company’s public statements about its business operations were materially false and misleading. According to the lawsuit, when accurate information about the Company became apparent in the market, investors suffered damages.

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Switch, Inc.

According to the Complaint, the Company made false and misleading statements to the market throughout the class period. Switch failed to inform the marketplace that it knew its new locations would not reach the profitability of its primary Las Vegas location. High capital expenditures for redundancy were no longer as profitable as they had been in the past. Switch spent at unbudgeted $64 million on capital projects not disclosed to investors until after the IPO. The Company recognized $9.4 million in revenue for fiscal year 2017 for services it would not provide until 2018, resulting in overstated financial reporting for the year. According to the lawsuit, when accurate information about Switch became apparent in the market, investors suffered damages.

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Aegean Marine Petroleum Network Inc.

According to the Complaint, Aegean Marine made false and misleading statements to the marketplace. On May 22, 2018, Aegean Marine announced it would undertake a review of its financial reporting. On June 4, 2018, the Company released its initial findings of the review, announcing that, “approximately $200 million of accounts receivable at December 31, 2017 will need to be written off.” The Company added, “transactions that gave rise to the accounts receivable … may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company’s normal policies and procedures.” As a result, the Company’s financial statements were materially false and misleading throughout the class period and did not accurately reflect the results of business operations and the financial health of Aegean Marine. According to the lawsuit, when accurate information about Aegean Marine became apparent in the market, investors suffered damages.

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China Auto Logistics Inc.

According to the Complaint, the Company made false and misleading statements to the market throughout the class period. China Auto Logistics failed to establish and maintain sufficient internal controls over reporting certain types of relationships and related transactions. Based on these inadequate controls, the Company’s public statements were false and materially misleading throughout the class period.

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