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MoreThe investigation focuses on determining if the eBay board breached its fiduciary duties to shareholders. The Associated Press reported on September 27, 2023, that, “The U.S. Justice Department filed a civil complaint against eBay, claiming the online marketplace unlawfully sold and distributed hundreds of thousands of products like pesticides and motor vehicle emission-evading devices that violate environmental laws.”
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W. P. Carey Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. W.P. Carey was downgraded by BMO Capital on September 26, 2023, with analysts “perplexed” by the Company’s plan to spin off most of its office portfolio into a new REIT. Based on this news, shares of W.P. Carey fell by almost 3.7% on the same day.
Amazon.com, Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The New York Times reported on September 26, 2023, that “In a highly anticipated lawsuit, the F.T.C. and state attorneys general from New York and other states said that Amazon had stopped merchants on its platform from offering lower prices elsewhere and forced them to ship products with its logistics service if they wanted to be offered as part of its Prime subscription bundle. Those practices led to higher prices and a worse shopping experience for consumers, the agency and states said.”
Morphic Holding, Inc.
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Morphic Holding, Inc. (“Morphic” or “the Company”) (NASDAQ: MORF) for violations of the securities laws.
Archer Aviation Inc.
According to the Complaint, the Company made false and misleading statements to the market. Archer relied on heavy doctored videos from early test flights to create the illusion it had run extensive flight testing of its eVTOL aircraft. The Company exaggerated the nature of its partnerships. The Company was unlikely to secure FAA certification for its aircraft in the timeframe it presented to the market, which would in turn delay its manufacturing and operations timelines. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Archer, investors suffered damages.
ARS Pharmaceuticals, Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The FDA rejected the epinephrine nasal spray developed by ARS on September 19, 2023. The FDA’s complete response letter (CRL) requested additional efficacy and safety day from the Company as well. Based on this news, shares of ARS fell by almost 55% in intraday trading on September 20, 2023.
CS Disco, Inc.
According to the Complaint, the Company made false and misleading statements to the market. Despite DISCO touting its rapid revenue growth, the Company was “aware of, or recklessly disregarded, the fact that the handful of customers that drove this explosive growth had already decided to end their projects with [DISCO] by end of 2021, and CS Disco had excellent advance visibility into this shakeup in its business.” According to the complaint, “The truth began to emerge on August 11, 2022, when CS Disco released financial results for the second quarter of 2022 that shocked investors and analysts alike. Not only did the Company’s revenue growth taper drastically [as compared to] past quarters, but the Company alerted the markets that it would no longer be including in its guidance any revenues attributable to its largest customers for the entire year.” Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about DISCO, investors suffered damages.
Lumen Technologies, Inc.
According to the Complaint, the Company made false and misleading statements to the market. Lumen owns thousands of miles of lead-wrapped cables throughout the United States. These cables represent a hazard to the environment, the Company’s employees, and the general public. The Company knew of this danger but did not disclose the cables as a potential threat, nor did it properly train employees on the danger. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Lumen, investors suffered damages.
Enviva Inc.
According to the Complaint, the Company made false and misleading statements to the market. Enviva and its executives stated that its liquidity was “strong” entering 2023 and that its leverage ratio could remain “conservative.” The Company was forced to completely reset its expectations, which it blamed on its customer mix, unplanned repair expenses, professional fees, and accounting concerns. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Enviva, investors suffered damages.
Integra LifeSciences Holdings Corporation
According to the Complaint, the Company made false and misleading statements to the market. Integra announced on May 23, 2023, that it was recalling all products made at its Boston plant between March 1, 2018, and May 22, 2023. The Company admitted that its Boston facility deviated from good manufacturing practices related to the release of products with high levels of endotoxins. This action forced the Company to revise its guidance for the second quarter and announce a $22 million impairment charge. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Integra, investors suffered damages.