Arrival SA

According to the Complaint, the Company made false and misleading statements to the market. Arrival reported a significantly greater net loss and adjusted EBITDA loss for the third quarter of 2021 as opposed to the same period in the prior year. The Company suffered from far larger capital expenditures and operational expenses to build EV vehicles than it had disclosed to investors. The Company was not capable of achieving profitability in the time periods it shared with investors. The Company was also not capable of achieving production and revenue numbers it shared with the market. 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 Arrival, investors suffered damages.

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DocuSign, Inc.

According to the Complaint, the Company made false and misleading statements to the market. DocuSign enjoyed a positive impact on its business during the COVID-19 pandemic as opposed to the negative impact on the broader economy. The Company misrepresented the pandemic’s impact on its growth. The Company minimized the impact that the “return to normal” would have on its business prospects for the future. 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 DocuSign, investors suffered damages.

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Reata Pharmaceuticals, Inc.

According to the Complaint, the Company made false and misleading statements to the market. The FDA raised concerns about the validity of Reata’s clinical study design trials to measure the efficacy and safety of bardoxolone for the treatment of chronic kidney disease caused by Alport syndrome. This created a significant risk that the FDA would not approve the Company’s NDA. 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 Reata, investors suffered damages.

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Redwire Corporation

According to the Complaint, the Company made false and misleading statements to the market. One of Redwire’s subunits suffered from accounting problems. Due to these problems, the Company failed to maintain appropriate internal controls over financial reporting. 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 Redwire, investors suffered damages.

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Desktop Metal, Inc.

According to the Complaint, the Company made false and misleading statements to the market. Desktop Metal’s recent acquisition, EnvisionTEC, suffered from manufacturing and product deficiencies. These ongoing problems risked the commercialization of the product for which the Company had acquired EnvisionTEC.  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 Desktop Metal, investors suffered damages.

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Tecnoglass Inc.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Tecnoglass is the subject of a report by Hindenburg Research on December 9, 2021, titled: “Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC.” Hindenburg alleges in the report that: “Our months-long investigation has included review of US and Colombian court records, securities filings, corporate registrations, property records, export records and media reports going back decades. We have identified serious red flags regarding management and numerous undisclosed related party transactions that call the company’s reported financial results into question.” Based on this report, shares of Tecnoglass fell sharply on the same day.

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Robinhood Markets, Inc.

According to the Complaint, the Company made false and misleading statements to the market. Robinhood suffered from major issues with revenue growth at the time of the IPO, with its touted transaction-based revenues from cryptocurrency trading only providing a temporary boost to otherwise flat growth. The Company’s supposed “significant investments” in reliability and infrastructure growth were subpar, creating the opportunity for service disruptions and cybersecurity failures. Based on these facts, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about Robinhood, investors suffered damages.

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Marathon Digital Holdings, Inc.

According to the Complaint, the Company made false and misleading statements to the market. Marathon Digital’s joint venture with Beowulf Energy LLC and its plan to design and build a data center in Hardin, Montana, involved multiple potential regulatory violations, including federal securities law violations. The joint venture was likely to create a heightened risk of regulatory scrutiny that would in turn have a negative impact on the Company’s business prospects. 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 Marathon Digital, investors suffered damages.

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Baidu, Inc.

According to the Complaint, Goldman Sachs Group Inc. and Morgan Stanley sold a large number of Baidu shares while in possession of material non-public information. The defendants knew that Archegos Capital Management would need to fully liquidate its position in Baidu based on margin call pressures. The defendants avoided billions in losses by selling the Company’s shares while in possession of this information. When the market learned the truth about Baidu, investors suffered damages.

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Agrify Corporation

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Agrify is the subject of a report published by Bonitas Research on December 16, 2021. The report alleges: “We believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.” The report continues, “Agrify insiders lied to investors about the independence of its customer base in order to execute a dubious stock promotion for self-enrichment at the expense of minority shareholders,” and that “Evidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 are either with undisclosed Company insiders or with unlicensed unproven operators.” Based on this report, Agrify shares dropped sharply on the same day.

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