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MoreThe investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Planet Fitness is the subject of an article published by Benzinga on March 19, 2024, titled: “’Give Planet Fitness The Bud Light Treatment’ — Calls Grow To Boycott Gym After String Of Sexual Abuse From Men In Women’s Bathrooms.” The articles claims that, “Growing concerns and controversy surrounding Planet Fitness’s inclusive policies have sparked significant debate and calls for boycotts, reminiscent of the backlash against Bud Light for its marketing decisions.” Based on this news, shares of Planet Fitness traded down sharply across several days.
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Lifecore Biomedical, Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Lifecore announced on March 20, 2024, that its Board of Directors had concluded its review of strategic alternatives, in which it “unanimously concluded that the best way to maximize value for stockholders at this time is to continue executing on the Company’s standalone strategic plan.” The Company also announced a leadership transition by naming a new CEO. Based on this news, shares of Lifecore fell by 35.6% in morning trading on the same day.
agilon health, inc.
According to the Complaint, the Company made false and misleading statements to the market. The Company’s purported visibility into medical costs and utilization costs was touted by agilon’s management team. The Company failed to disclose the increased medical costs it had incurred due to higher utilization by Healthcare MA patients. The Company falsely stated its accounting reserves for higher utilization were adequate for its needs. The Company issued overly optimistic guidance for financial performance. 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 agilon, investors suffered damages.
SSR Mining Inc.
According to the Complaint, the Company made false and misleading statements to the market. SSR Mining overstated its commitment to safety and misrepresented the efficacy of its safety measures. The Company engaged in unsafe mining practices that increased the chances of a mining disaster. 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 SSR Mining, investors suffered damages.
Innoviz Technologies Ltd.
According to the Complaint, the Company made false and misleading statements to the market. Innoviz overstated the benefits of its alleged contracts and partnerships with automotive companies. The Company was unlikely to achieve the profitability it touted to investors. 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 Innoviz, investors suffered damages.
Anavex Life Sciences Corp.
According to the Complaint, the Company made false and misleading statements to the market. Anavex provided investors with a materially inaccurate portrayal of its research program and the likelihood of product candidate blarcamesine succeeding in the “Excellence” Phase II/Phase III trial. The Company then announced the usage of the “MMRM” statistical methodology in the Excellence trial to analyze the study’s data, which ultimately failed to achieve statistical significance. 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 Anavex, investors suffered damages.
Spruce Biosciences, Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Spruce is the subject of a Seeking Alpha report published on March 13, 2024. According to the report, the Company’s “stock plunged 75% in post-market trading Tuesday on news that the company plans to cut 21% of its workforce in the wake of a failed Phase 2 study for its drug candidate tildacerfont.” The report continues, “The biotech company said the study, called CAHmelia-203, failed to meet its primary endpoint and was being terminated as a result. The study had been evaluating tildacerfont in the treatment of adult classic congenital adrenal hyperplasia, or CAH, with severe hyperandrogenemia.”
Dollar Tree, Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Dollar Tree is the subject of a report by Bloomberg published on March 13, 2024. According to the report, the Company “plans to shutter about 1,000 stores in an effort to improve profitability as the discount retailer battles a spate of litigation and other headwinds.” Based on this news, shares of Dollar Tree fell by more than 15% in morning trading on the same day.
ACADIA Pharmaceuticals Inc.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Acadia is the subject of an Investor’s Business Daily report published on March 12, 2024. According to the report, the Company “had been hoping its antipsychotic, Nuplazid, would make a difference for people with the negative symptoms of schizophrenia.” The report continues, “But in the Phase 3 study called Advance-2, placebo patients had an 11.1-point improvement on a scale measuring the negative symptoms of schizophrenia. Nuplazid recipients had an 11.8-point improvement.” Based on this news, shares of Acadia fell more than 17% in morning trading on the same day.
iRobot Corporation
According to the Complaint, the Company made false and misleading statements to the market. iRobot’s merger with Amazon (“the Merger”) would give Amazon a dominant position in robot vacuum cleaners (“RVCs”), making it unlikely that American and European authorities would approve it. The Company failed to complete adequate due diligence on the Merger and ignored regulatory risks. 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 iRobot, investors suffered damages.