Articles Posted in Class action

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Anadarko Petroleum CorporationPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Anadarko Petroleum Corporation (NYSE:APC) in connection to alleged violations of securities laws by APC. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Anadarko Petroleum Corporation between February 17, 2016 and May 2, 2017.

The class action complaint specifically alleges that during the period in question, APC might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company had insufficient safety and maintenance procedures governing certain of its vertical wells; that as a result of these inadequacies, the wells had a heightened risk of explosion; and that thus the company’s statements to the public were misleading and materially false during the relevant period. A home explosion close to an APC well killed two people and seriously injured a third on April 17, 2017; on April 26, the company announced it would cease operating 3,000 Colorado vertical wells in response to the explosion.

After this news came to light, APC declined $2.84/share, or 4.74%, from $59.96/share on April 26 to a close of $57.12/share on April 27. The Frederick-Firestone Fire Protection District announced on May 2, 2017 that a defective gas line at an APC well was connected to the explosion, with officials concluding that the gas line had not been disconnected from the well even though it was not actively being used. After this news came to light, APC fell $4.33/share, or 7.69%, from $56.28/share on May 2 to a close of $51.95/share on May 3, 2017.

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KBR Inc.Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in KBR Inc. (NYSE:KBR) in connection to alleged violations of securities laws by KBR. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in KBR Inc. between February 26, 2016 through April 27, 2017.

The class action complaint specifically alleges that during the period in question, KBR might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company’s subsidiaries in the United Kingdom had participated in violations of bribery and corruption laws; and that thus the company’s statements to the public were misleading and materially false during the relevant period. When the UK’s Serious Fraud Office disclosed, on April 28, 2017, that it was involved in an investigation of “the activities of KBR’s UK subsidiaries, their officers, employees and agents for suspected offences of bribery and corruption,” KBR declined in value $1.43/share, or more than 9%, to close at $14.05/share on that date.

According to the company’s website, KBR Inc. is “a global provider of differentiated professional services and technologies across the asset and program life cycle within the Government Services and Hydrocarbons sector.” The description continues: “KBR employs approximately 34,000 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses.”

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Synchronoss Technologies

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Synchronoss Technologies (NASDAQ:SNCR) in connection to alleged violations of securities laws by SNCR. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Synchronoss Technologies between May 6, 2016 through April 26, 2017.

The class action complaint specifically alleges that during the period in question, SNCR might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company was going to be unable to reach the revenue guidance it had previously given its investors; that as a result of this, the company, was going to have to update that guidance; and that as a result, SNCR’s statements to the public about its operations, prospects and business were materially false and misleading and/or had no reasonable basis during the relevant period. When the market gained access to true details of the situation, according to the lawsuit, SNCR’s investors suffered damages.

According to the company’s website, Synchronoss Technologies “provides essential mobile solutions for Service Providers and Enterprise through proven and scalable software solutions and platforms.” The company’s description continues: “Ours is a powerful, secure, and frictionless new approach to modern mobility, one that simplifies the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility. This approach enables our clients to transform their businesses by creating growth, profitability and competitive advantage. With 130+ seminal patents, Synchronoss has one of the largest, most comprehensive technology platforms in production, widely used by the largest service providers and their 3 billion-plus mobile subscribers located around the world.”

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ImmunoCellular TherapeuticsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in ImmunoCellular Therapeutics (NYSEMKT:IMUC) in connection to alleged violations of securities laws by IMUC. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in ImmunoCellular Therapeutics between May 1, 2012 and December 11, 2013.

The class action complaint specifically alleges that during the period in question, IMUC might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company had retained the stock promotion firm Lindingo Holdings, LLC for the purpose of publishing materials that would promote the company, an unlawful act that gave the impression to the market that clinical studies for ImmonuCellular’s product candidate ICT-107 were in good shape. The Securities and Exchange Commission announced enforcement actions against IMUC on April 10, 2017, alleging the company participated in stock promotion schemes.

According to the company’s website, ImmunoCellular Therapeutics is “a Los Angeles-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers.” The description continues: “The Company’s lead product candidate, ICT-107, is a patient-specific, dendritic cell-based immunotherapy targeting glioblastoma and is currently being studied in an international Phase 3 trial. ImmunoCellular’s pipeline also includes: ICT-121, a patient-specific, dendritic cell-based immunotherapy targeting CD133 found in recurrent glioblastoma; ICT-140, a patient-specific, dendritic cell-based immunotherapy targeting ovarian cancer; and the Stem-to-T-cell research program which engineers hematopoietic stem cells to generate cytotoxic T cells.”

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Ocwen Financial Corporation

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ocwen Financial Corporation (NYSE:OCN) in connection to alleged violations of securities laws by OCN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Ocwen Financial Corporation between May 11, 2015 and April 19, 2017.

The class action complaint specifically alleges that during the period in question, OCN might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company participated in substantial and systemic violations of federal consumer financial law; that as a result, OCN’s statements to the public about its operations, prospects and business were materially false and/or misleading during the relevant period. When the Consumer Financial Protection Bureau announced on April 20, 2017 that it was suing OCN for violations of federal laws, the company’s value declined more than 53%, falling from $2.91/share to a close of $2.49/share on that day.

According to the company’s website, Ocwen Financial Corporation is “one of the largest mortgage companies in America with over 9,000 employees.” The company’s description continues: “Ocwen originates both traditional and reverse mortgage loans and specializes in helping families achieve their financial and homeownership goals. We also provide innovative automotive floorplan financing and commercial mortgage servicing solutions for business partners.”

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Lion Biotechnologies

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Lion Biotechnologies, Inc. (NASDAQ: LBIO) in connection to alleged violations of securities laws by LBIO. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Lion Biotechnologies between November 14, 2013 and April 10, 2017.

The class action complaint specifically alleges that during the period in question, LBIO might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that through LBIO’s former Chief Executive Officer, Manish Singh, the company misled investors by paying for online publications and emails that spoke positively of the company and were intended to appear independent, but in fact were paid for; that Mr. Singh used an outside firm to commission writers to publish content about LBIO on various websites and to distribute the via email; that Mr. Singh was involved in those promotional activities and was aware the outside firm was engaging writers who were being paid, albeit indirectly, by LBIO; and that thus the company’s statements to the public during the relevant period were false and misleading and/or had no reasonable basis. When true details came to light, LBIO’s value declined, causing investors harm, according to the complaint.

According to the company’s website, Lion Biotechnologies is “focused on the development and commercialization of novel cancer immunotherapies based on tumor infiltrating lymphocytes (TILs).” The description continues: “This approach, also known as adoptive T-cell therapy, was developed by Dr. Steven A. Rosenberg at the National Cancer Institute and is currently in use at leading cancer centers in the US. Our lead product candidate is an autologous, ready-to-infuse cell therapy that has demonstrated distinctive efficacy in the treatment of metastatic melanoma. In Phase 2 clinical trials conducted at NCI, patients treated with this product demonstrated objective response rates of 56%.”

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Wins Finance Holdings

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Wins Finance Holdings, Inc. (NASDAQ: WINS) in connection to alleged violations of securities laws by WINS. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Wins Finance Holdings between October 29, 2015 through March 29, 2017.

The class action complaint specifically alleges that during the period in question, WINS might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: WINS’ principal executive offices were not within the United States; the company willfully misrepresented that its principal headquarters were located in the US, when in fact they were located in China, so as to be included on the Russell 2000 index, effectively inflating its stock price; that WINS lacked adequate internal controls; and that thus WINS’ statements about its operations, prospects and business were false and misleading and/or lacked a reasonable basis during the period in question. The complaint alleges that when accurate details came to light, investors suffered damages.

According to the company’s website, Wins Finance Holdings is “a diversified investment and asset management company headquartered in New York and listed on NASDAQ.” The description continues: “The company is focused on identifying value accretive investment opportunities and assets in China and the United States that can be enhanced through the strategic involvement of Wins’ established management team and its familiarity with the Chinese investment community to help generate long-term value for shareholders. With more than $240 million net assets; almost no debt; and approximately $160 million of short-term assets including cash, cash equivalents and short term fixed income investments, Wins is well positioned to scale its investments and diversify its holdings.”

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BofI Holding

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in BofI Holding, Inc. (NASDAQ: BOFI) in connection to alleged violations of securities laws by BOFI and certain of its officers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in BofI Holding between April 28, 2016 and March 30, 2017.

The class action complaint specifically alleges that during the period in question, BOFI might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that BOFI, which is a holding company for Bank of Internet USA, was participating in activities that were unlawful; that if said conduct came to light, BOFI would find itself under greater regulatory scrutiny and potentially face legal repercussions; and that thus the company’s statements to the public during the relevant period were false and misleading and/or had no reasonable basis.

On March 31, 2017, a New York Post report titled “Feds probe Bank of Internet for possible money laundering” stated that “Federal agents are conducting a probe into possible money laundering at online lender Bank of Internet.” The report continued: “The Justice Department, which is leading the investigation, has interviewed at least one former employee of the San Diego-based bank, sources said. Bank of Internet Chief Executive Gregory Garrabrants, head of the bank since 2007, is also a focus of the probe, sources said. Neither the 18-year-old bank nor Garrabrants has been accused of any criminal activity. Part of the probe is centered on regulatory filings made by Bank of Internet, also known as BofI, to the Office of the Comptroller of the Currency, according to four people familiar with the matter.” The report also noted past lawsuits against BOFI, one of which alleged the company “filed incorrect call reports to hide loans made to foreign nationals without requiring them to provide a tax identification number — a form of ID that’s used to root out money laundering.” These lawsuits remained pending as of the time of the New York Post’s report.

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Inventure FoodsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Inventure Foods (NASDAQ: SNAK) in connection to alleged violations of securities laws by SNAK and certain of its officers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Inventure Foods between March 3, 2016 and March 16, 2017.

The class action complaint specifically alleges that during the period in question, SNAK might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that SNAK did not have adequate controls over the reporting of its finances; that there were inaccurate data in SNAK’s statements concerning its operations contained in a press release detailing FY2015 results; and that consequently its statements to the public during the relevant period were false and misleading and/or had no reasonable basis. The company announced on March 9, 2017 that it would be postponing certain reports for FY2016 and that it required more time to finish tests of certain assets, additionally stating that its public accounting firm was not yet finished auditing the company’s financial statements and assessing its internal controls. It made a filing to delay its annual report on Form NT 10-K with the SEC on March 16, 2017, noting that it expected the operations statements in the annual report would “differ materially” from the statements contained in its Q3 and FY 2015 reports. When these details came to light, SNAK’s value declined over several days, causing harm to investors, according to the complaint.

According to the company’s website, Inventure Foods is “a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of Company owned and licensed brand names.”

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US Physical Therapy

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in US Physical Therapy (NYSE: USPH) in connection to alleged violations of securities laws by USPH. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in US Physical Therapy between March 6, 2015 and March 23, 2017.

The class action complaint specifically alleges that during the period in question, USPH might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that there was a material weakness in USPH’s internal accounting and financial reporting controls; that USPH had violated Generally Accepted Accounting Principles when it inappropriately accounted for redeemable non-controlling interests of acquired partnerships; that consequently USPH’s financial statements for the years ending December 31, 2014 and December 31, 2015, as well as every quarter within those years and the first three quarters of 2016, included material inaccuracies; and that thus USPH’s statements about its operations, prospects and business were false and misleading and/or lacked a reasonable basis during the period in question.

According to the company’s website, US Physical Therapy “is the largest publicly-traded, pure-play operator of outpatient physical and occupational therapy clinics, with over 500 Clinics in 42 States.” The description continues: “The clinics provide pre- and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, rehabilitation of injured workers and preventative care. USPh also manages several physical therapy facilities for third parties, including physician groups. Each of USPh’s clinics are directed by a licensed physical therapist that drive patient volume via local physicians, former patients and other referral sources. Marketing representatives are used to further augment sales.”