Articles Posted in Class action

KushCo Holdings

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in KushCo Holdings (OTC:KSHB) in connection to alleged securities law violations by KSHB. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in KushCo Holdings between July 13, 2017 and April 9, 2019.

The class action complaint specifically alleges that during the period in question, KSHB provided false and/or misleading material information and/or failed to disclose adverse material information to the public, chiefly: that during its acquisitions of three companies—CMP Wellness LLC, Summit Innovations, LLC, and The Hybrid Creative—the company made accounting mistakes; that financial statements released earlier by the company, for fiscal years ending on August 31, 2018 and August 31, 2018, were not reliable; that the company’s net loss for that latter year, ending August 31, 2018, more than doubled what the company had reported in its previous statement; that representations made by the company and its managing officers that those previously released statements were accurate could no longer be relied upon either; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, KushCo Holdings is the parent company of brands involved in “specialized solutions for the cannabis market.” These brands include Kush Supply Company, a platform for the distribution of packaging, supplies, and accessories for the cannabis and CBD industry; Kush Energy, a provider of hydrocarbon gases and solvents; Hybrid Creative, a design agency “for clients across several industries”; and Koleto Innovations, which performs research and development “driving intellectual property development and acquisitions.” The company was founded in 2010 and describes itself as having sold more than one billion units, with customers comprising “more than 5,000 legally operated medical and adult-use dispensaries, growers, and producers” in three continents: North America, South America, and Europe. The company states that it has facilities in the US’s five largest cannabis markets and sales operations in every major US cannabis market; it also clarifies that “it has no direct involvement with the cannabis plant” and that none of its products contain THC or CBD. The company trades over-the-counter under the symbol KSHB.

Indivior PLCPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Indivior PLC (OTC:INVVY) in connection to alleged securities law violations by INVVY. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Indivior PLC between March 10, 2015 and April 9, 2019.

The class action complaint specifically alleges that during the period in question, INVVY provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company as well as its executive officers participated in a scheme designed to increase prescriptions of Suboxone Film; that in connection with this scheme, the company unlawfully gained billions in revenue as a result of the increase in Suboxone prescriptions obtained through deception of healthcare professionals and programs; that this conduct would lead to felony charges for the company; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Indivior PLC is a medical company that describes itself as a “world leader in addiction treatment with over 20 years of experience and a patient-focused approach.” The company describes its goals as the advancement of scientific and social understanding of addiction, and the activation of global partnerships to make resources more accessible for patients. Its product pipeline includes “buprenorphine 1-month depot in Atrigel,” “Oral orexin-1 receptor antagonist,” “GABA-B Positive Allosteric Modulator,” “Arbaclofen Placarbil,” and “RBP-7000.” The company trades over-the-counter under the symbol INVVY.

Sprint Public records indicate that a class action lawsuit has been filed on behalf of investors in Sprint (NYSE:S) in connection to alleged securities law violations.  Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Sprint between January 31, 2019 and April 16, 2019.

The class action complaint specifically alleges that during the period in question, Sprint provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company made misrepresentations in its Form 10-Q filed for the period concluding on December 31, 2018, regarding the number of net postpaid subscribers it gained; that in a later letter sent to the Federal Communications Commission, the company admitted that its disclosure in the Form 10-Q were “incomplete”; and that in the same letter. the company disclosed that the net subscriber additions it reported also included subscribers who had been given “free lines.” The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Sprint is a mobile technology company that offers “smartphones and tablets from top industry-leading manufacturers including Apple, Samsung, LG, HTC and more.” It serves consumers as well as enterprise clients, medium sized companies, and small businesses, offering wireless, wireline, and Internet of Things products and services. The company’s brands include Sprint, Boost Mobile, and Virgin Mobile. It has roughly 30,000 employees, 54.5 million customers as of March 31, 2019, and posted FY2018 revenue of $33.6 billion. Founded in 1988 in Abilene, Kansas, the company is headquartered in Overland Park, Kansas and trades on the New York Stock Exchange under the symbol S.

Nokia Public records indicate that a class action lawsuit has been filed on behalf of investors in Nokia (NYSE:NOK) in connection to alleged securities law violations by NOK. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Nokia between October 25, 2018 and March 21, 2019.

The class action complaint specifically alleges that during the period in question, NOK provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company Alcatel-Lucent, which Nokia previously acquired, did not have adequate internal controls and some of its business practices were materially noncompliant; that Nokia had not performed sufficient due diligence of Alcatel before it acquired the company; that prior to its acquisition of Alcatel, Nokia had inadequate internal controls governing the integration of Alcatel; that consequently the company faced a risk of civil and criminal scrutiny and action; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company disclosed in an SEC filing on March 21, 2019, that it had recently been “made aware of certain practices relating to compliance issues” in connection with Alcatel, and informed investors that it had launched “an internal investigation and voluntarily reported the matter to the relevant regulatory authorities,” the price of the company’s ADRs declined about 6%, falling $0.38/share to a close of $5.88/share on the following day. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Nokia is a “multinational communications and information technology company” involved in the development and sale of network equipment, services, and licensing, which it sells across the globe. The company’s customers “include service providers whose combined networks support 6.1 billion subscriptions,” public and private companies, and consumers. Its portfolio of products includes 5G technology, mobile transport solutions, business support systems, networks, cloud technology, data center infrastructure, analytics, operations support systems, optical networks, and radio access networks. The company trades on the New York Stock Exchange under the symbol NOK.

Apyx MedicalPublic records indicate that a class action lawsuit has been filed on behalf of investors in Apyx Medical (NASDAQ:APYX) in connection to alleged securities law violations by APYX. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Apyx Medical. between August 1, 2018 and April 1, 2019.

The class action complaint specifically alleges that during the period in question, APYX provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company’s J-Plasma clinical study had not reached its primary efficacy endpoint; that the study, whose subject involved the use in dermal resurfacing of a product for soft tissue cutting, coagulation, and ablation of soft tissue, failed to support the company’s regulatory clearance application; that the company’s application to use the J-Plasma product for dermal resurfacing had poor prospects of receiving clearance from regulators; and that consequently the company’s positive statements to the public during the relevant period were materially false and/or misleading. When an analysis published on February 21, 2019 alleged that the company’s J-Plasma study might have fallen short of endpoints, APYX declined in value by almost 25%, falling $2.10/share to a close of $6.40 on that date. When the company announced on April 1, 2019 that it had withdrawn its FDA application for the product, in response to FDA concerns about the device’s clinical performance, the company also disclosed that the study had not met its primary endpoint. Following this disclosure, APYX declined in value by more than 35%, falling $2.49/share to a close of $4.46/share on April 2, 2019. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Apyx Medical is a medical technology company “solely focused on bringing transformative solutions to the physicians and patients it serves.” Its products include Renuvon, a helium plasma technology sold in the cosmetic surgery market, and the J-Plasma system, which its description says “allows surgeons to operate with a high level of precision and virtually eliminating unintended tissue trauma.” The company trades on the Nasdaq exchange under the symbol APYX.

Fusion ConnectPublic records indicate that a class action lawsuit has been filed on behalf of investors in Fusion Connect (OTC:FSNN) in connection to alleged securities law violations by FSNN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Fusion Connect between August 14, 2018, and April 2, 2019.

The class action complaint specifically alleges that during the period in question, FSNN provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that imprecision in the process by which certain of its subsidiaries made capitalizations of costs resulted in overstatements in its earnings for the quarters ending June 30, 2018, and September 30, 2018; and that consequently the company’s statements to the public during the relevant period were false and misleading. Specifically, the complaint alleges that the company’s Birch Holdings subsidiaries used an imprecise capitalization process in connection with its customer on-boarding procedures that led to overstatements of earnings or net loss between $1.7 million and $2.3 million in the quarter ending on June 30; and between $3.4 million and $4.1 million in the quarter ending on September 30. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Fusion Connect is a technology company that provides “integrated cloud solutions” for enterprise customers of all sizes. It describes its “advanced, proprietary service platform” as enabling “leading edge” cloud solutions, such as voice and communications, connectivity, storage, and computing. In June 2019 the company announced that it had entered into a Restructuring Support Agreement with “lenders holding more than 66.67% of the aggregate outstanding principal amount of its first lien loans.” Its Chairman and CEO said in a statement, “”We are grateful for the continued financial support of our lenders and the continued support, loyalty and trust of our stakeholders, and we are confident that we will emerge stronger than ever.” The company is headquartered in New York, New York and trades over-the-counter under the symbol FSNN.

Taronis TechnologiesPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Taronis Technologies (NASDAQ:TRNX) in connection to alleged violations of securities laws by TRNX. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Taronis Technologies between January 28, 2019 and February 12, 2019.

The class action complaint specifically alleges that during the period in question, TRNX provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company had no contract with San Diego; that the company as well as its managing officers participated in a scheme to defraud other parties; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Taronis Technologies is a technology company that “owns a patented plasma arc technology that enable two end use applications for fuel generation and water decontamination.” Its product allows for the conversion of waste streams based on hydrocarbons to be converted into “fossil fuel substitutes.” Taronis Technologies is also involved in the development of market uses for those fossil fuel products, including propane replacements and natural gases. The company’s wholly owned distributors include ESSI, Green Arc Supply, Paris Oxygen, and Trico Welding Supply. The company trades on the Nasdaq exchange under the symbol TRNX.

Maiden HoldingsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Fusion Connect, Inc. (NASDAQ:FSNN) in connection to alleged violations of securities laws by FSNN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Fusion Connect, Inc. between April 14, 2018, and April 2, 2019.

The class action complaint specifically alleges that during the period in question, FSNN provided false and/or misleading material information and/or failed to disclose adverse material information to the public, chiefly: that the company overstated its earnings for the 2018 quarters closing on June 30 and September 30; that these overstatements resulted from a flaw in the process some of its Birch Communications Holdings subsidiaries used to capitalize costs; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, is a cloud technology company that “delivers a comprehensive suite of innovative, yet proven cloud solutions to businesses of all sizes.” According to that description, its cloud platform provides companies with “cloud communications, cloud connectivity, cloud computing and additional cloud services such as storage and security.” The company is headquartered in New York, New York, and trades on the Nasdaq exchange under the symbol FSNN.

Farmland PartnersPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Farmland Partners (NYSE:FPI) in connection to alleged violations of securities laws by FPI. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Farmland Partners between May 9, 2017 and July 10, 2018.

The class action complaint specifically alleges that during the period in question, FPI might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company engaged in artificial revenue-inflation by providing loans to “related-party tenants” who returned the funds to the company as rent; that consequently the company’s revenues were overstated; and that consequently the company’s statements to the public during the relevant period were false and misleading. When this news was announced via an online publication on July 11, 2018, the company’s stock declined $3.37/share, or approximately 39%, closing at $5.28/share on that day. The complaint alleges that when true details emerged, investors suffered losses.

According to the company’s website, Farmland Partners is a real estate company “that owns and seeks to acquire high-quality farmland throughout North America addressing the global demand for food, feed, fiber and fuel.” According to its description, as of May 9, 2018, the company owns “or has under contract” more than 166,000 acres in states including Alabama, Arkansas, California, Colorado, Florida, Michigan, Mississippi, Nebraska, Texas and Virginia. Its lands are farmed by “over 125 tenants” who are farming over “30 major commercial crops.” The company trades on the New York Stock Exchange under the symbol FPI.

Sibanye Gold LimitedPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Sibanye Gold Limited (NYSE:SBGL) in connection to alleged violations of securities laws by SBGL. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Sibanye Gold Limited from April 7, 2017 until June 26, 2018.

The class action complaint specifically alleges that during the period in question, SBGL 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 corporate culture emphasized short-term profits above safety; that consequently, fatalities in the company’s mines comprised almost 50% of South Africa’s mining fatalities in 2018; and that consequently the company’s statements to the public about its business, operations and prospects were false and misleading. When a Bloomberg report published on June 26, 2018 stated that a worker had been killed at one of the company’s operations in South Africa, “bringing the total deaths at the company’s mines this year to 21,” the company’s stock declined.

According to the company’s website, Sibanye is “an independent, global, precious metals mining company, produces a unique mix of metals that includes gold and PGMs.” It describes itself as the world’s third-largest producer of platinum and palladium and states that it owns and operates “a portfolio of high-quality operations and projects” located and managed in South Africa and in the United States. The company is headquartered in South Africa and trades on the New York Stock Exchange under the symbol SBGL.