Rockwell Automation, Inc.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Rockwell released its second quarter 2022 financial results on May 3, 2022. The Company revealed a net income decline of $361.1 million year-over-year. The Company also reduced its guidance for the full year due to “supply chain restraints.” Based on this news, shares of Rockwell fell by 14.5% on the same day.

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TAL Education Group

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. TAL Education is the subject of an article published by Seeking Alpha on March 14, 2023, titled, “TAL Education, Chinese ed-tech stocks slump on crackdown fears.” According to the article, “Chinese media reports indicated the company may have flouted government regulations.” The article also states, “TAL subsidiary Xueersi restarted courses that run counter to conventions put in place by Xi Jinping’s Common Prosperity drive. Specifically, courses were restarted in subjects like mathematics and English under the guise of permitted tutoring outside of core subjects. Under the ‘Double Reduction Policy’, tutoring in core subjects must be offered as a strictly non-profit business.” Based on this report, shares of TAL Education fell 10% on the same day.

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United Natural Foods, Inc.

According to the Complaint, the Company made false and misleading statements to the market. United Natural Foods failed to invest in its data management infrastructure despite its cost savings initiatives. The Company could not appropriately respond to cost changes including inflationary problems. 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 United Natural Foods, investors suffered damages.

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Rite Aid Corporation

According to the Complaint, the Company made false and misleading statements to the market. Rite Aid filled hundreds of thousands of illegal prescriptions for controlled substances such as opioids up until June 2019. The Company’s pharmacists filled prescriptions despite “red flags” indicating they were likely unlawful. The Company ignored evidence of these prescriptions and deleted internal notes expressing concern about suspicious prescribers. 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 Rite Aid, investors suffered damages.

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Tupperware Brands Corporation

According to the Complaint, the Company made false and misleading statements to the market. Tupperware failed to disclose its serious failures to maintain adequate internal controls. The Company’s financial statements beginning in 2020 contain serious errors, with misstatements focused on income taxes. The Company would be forced to restate its financials. 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 Tupperware, investors suffered damages.

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Summit Therapeutics Inc.

The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in Summit Therapeutics Inc. (“Summit” or “the Company”) (NASDAQ: SMMT) for potential breaches of fiduciary duty on the part of its directors and management.

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Mallinckrodt plc

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Mallinckrodt is the subject of two open letters released by The Buxton Helmsley Group, Inc. (“BHG”) on March 17, 2023. A letter addressed to Senators Elizabeth Warren and Sheldon Whitehouse claims that BHG is “delivering the results of an extensive investigation into financial misconduct at the Company involving an evidenced scheme of concealing asset value depreciation/impairment expenses, in violation of GAAP ASC 350, 360 and Regulation S-X, taking place both before and after the Company’s Chapter 11 Reorganization.” In the second letter, addressed to the Company’s management, BHG notes that, “This Company has already, with the same Chief Financial Officer running the books pre- and post-reorganization, laid out the Company’s standard for determining the fair value of assets securing capital structure interests, and is apparently continuing such misconduct through failure (post-reorganization) to record billions of dollars in asset value depreciation/impairment expenses, which are evidenced by simply applying their prior-professed internal standard for determining the fair value of assets securing the Company’s capital structure, and – therefore – asset value impairment.”

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Hesai Group

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Hesai issued a press release on March 16, 2023, announcing its unaudited financial results for the three months and full year ended December 31, 2022. The Company failed to disclose that in the final quarter before its initial public offering (“IPO”), it suffered from a “lower in-house plant capacity utilization rate.” This caused an increase in shipments of low margin products such as advanced driver assistance systems (“ADAS”) and light detection and ranging (“LiDAR”) systems. Based on this news, shares of Hesai fell by more than 10% on the same day.

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Credit Suisse Group AG

According to the Complaint, the Company made false and misleading statements to the market. Credit Suisse continued to suffer an outflow of customers despite executives’ claims that it was no longer losing business. The Company downplayed the negative impact of recent poor performance and compliance failures. The Company overstated its prospects and financial position. 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 Credit Suisse, investors suffered damages.

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Norfolk Southern Corporation

According to the Complaint, the Company made false and misleading statements to the market. Norfolk Southern’s “Precision Scheduled Railroading” (“PSR”) strategy of using longer, heavier trains which were staffed with less workers led to a materially increased chance of derailment. The Company’s PSR strategy was part of its attitude of increased risk-taking due to its focus on near-term profits. The Company’s lobbying efforts interfered with its ability to provide safe rail transportation. The Company failed to create response procedures in the case of serious derailment to protect communities from toxic materials. 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 Norfolk Southern, investors suffered damages.

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