Articles Posted in Class action

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Edge TherapeuticsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Edge Therapeutics (NASDAQ:EDGE) in connection to alleged violations of securities laws by EDGE. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Therapeutics between December 29, 2017 and March 27, 2018.

The class action complaint specifically alleges that during the period in question, EDGE might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that EG-1962, the company’s lead product candidate, was likely to fail its futility analysis in the NEWTON 2 study; and that consequently the company’s financial statements, as well as its statements to the public about its business, operations and prospects during the relevant period, were false and misleading. The company disclosed on March 28, 2018, that “a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study’s primary endpoint, if the study is fully enrolled.” The company’s Data Monitoring Committee had recommended, in connection to this, that based on its conclusion that the study was unlikely to meet its primary endpoint, the study should be halted. The company announced that as a result of this recommendation, it had decided to end the Phase 3 NEWTON 2 study. After this news was announced, the company’s stock declined about 92%, or $14.28/share, closing at $1.31/share on that day. The complaint alleges that when true facts came to light, investors suffered losses.

According to the company’s website, Edge Therapeutics is a biotechnology company involved in the discovery, development and commercialization of new, hospital-based therapies for the treatment of “acute, life-threatening neurological and other conditions.” The company’s description states that its product candidates use its “proprietary, programmable, biodegradable polymer-based development platform (the Precisa™ development platform), and a novel delivery mechanism that seeks to enable targeted and sustained drug exposure and avoid the dose-limiting side effects associated with the current standard of care systemic delivery.” The company also states, in this description, its belief that its lead product candidate EG-1962 “fundamentally improve patient outcomes and transform the management of aneurysmal subarachnoid hemorrhage, or aSAH, which is bleeding around the brain due to a ruptured brain aneurysm.” The company trades on the Nasdaq exchange under the symbol EDGE.

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Myriad GeneticsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Myriad Genetics (NASDAQ:MYGN) in connection to alleged violations of securities laws by MYGN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Myriad Genetics between August 13, 2014 and March 12, 2018.

The class action complaint specifically alleges that during the period in question, MYGN might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company filed Medicare and Medicaid payment claims that were false or inappropriate for its hereditary cancer testing; that were this conduct to come to light, it could result in increased regulatory scrutiny and/or enforcement action against the company; that the revenues generated from these inappropriate activities was not sustainable; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company disclosed post-market on March 12, 2018 that it had received a subpoena from the Department of Health and Human Services, Office of the Inspector General, connected to an “investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid,” the company’s stock declined $4.01/share, or 12.14%, closing at $29.01/share on the following day. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Myriad Genetics is a healthcare company “focused on revolutionizing patient care” by discovering, developing, and marketing new molecular diagnostic tests across a variety of specialties. The company notes that more than 1.5 million patients have benefited from its hereditary genetic cancer testing. It trades on the Nasdaq exchange under the symbol MYGN.

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Colony NorthstarPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Colony Northstar (NYSE:CLNS) in connection to alleged violations of securities laws by CLNS. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Colony Northstar between February 28, 2017 and March 1, 2018.

The class action complaint specifically alleges that during the period in question, CLNS might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company’s Healthcare and Investment Management segments were experiencing performance below the company’s reports; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true details emerged, investors suffered losses.

According to the company’s website, Colony Northstar is a diversified equity real estate investment trust that has “an embedded institutional and retail investment management business.” It focuses on creating “attractive, risk-adjusted returns” as well as long-term value for its shareholders and investors by way of its “global scale and operating platform,” its access to capital markets, and its ability to make investments throughout the capital stack. The company operates 18 locations across the world, maintains $43 billion in assets under its management, and has 500 employees worldwide as of December 31, 2017. It trades on the New York Stock Exchange under the symbol CLNS.

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Foot Locker

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Foot Locker (NYSE:FL) in connection to alleged violations of securities laws by FL. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Foot Locker from August 19, 2016 until August 17, 2017.

The class action complaint specifically alleges that during the period in question, FL might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s vendors were undergoing a transition to making sales through online retail platforms; that as a result, the usefulness of the company’s physical retail stores was decreasing, as was the value of its relationship with these vendors; that the company faced higher price competition, due to an increase in online retail competition, at the same time that the demand at its brick-and-mortar stores had gone down; that consequently the company’s stock was trading at an artificially inflated price when it reached a high of $79.20/share, allowing executives to sell more than 192,000 shares of their stock for gross proceeds totaling $13.3 million. The company disclosed, on August 18, 2017, that it had experienced poor financial results in Q2 2017, as well as a 6% decrease in quarterly same-store sales year-over-year, resulting a revenue miss. The company also announced that it was shutter approximately 130 stores and that it expected weaker sales in the rest of the fiscal year. After this news was announced, the company’s stock declined approximately 28%, closing at $34.38/share on that day. The complaint alleges that when true details emerged, investors suffered losses.

According to the company’s website, Foot Locker “is a leading global athletic footwear and apparel retailer, which caters to the sneaker enthusiast” that provides selection in “premium products for a wide variety activities,” such as basketball, running and training. The company operates 1,835 stores in 23 countries, according to its website, and it trades on the New York Stock Exchange under the symbol FL.

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Henry ScheinPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Henry Schein (NASDAQ: HSIC) in connection to alleged violations of securities laws by HSIC. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Henry Schein from March 7, 2013 until February 12, 2018.

The class action complaint specifically alleges that during the period in question, HSIC might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company had made agreements with Benco Dental Supply Company and Patterson Companies which constituted unethical, anti-competitive behavior that violated antitrust laws; that the company participated in these activities with a goal to keep profitability in an industry that was consolidating around it; that these activities would lead to an increase in scrutiny of the company by the federal government; that the company did not have proper internal controls; and that the company’s statements about its business, operations and prospects 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, Henry Schein is a “health solutions network” that employs more than 22,000 people and serves more than one million customers around the world. According to the company’s website, it is “the world’s largest provider of Business, Clinical, Technology, and Supply Chain solutions to enhance the efficiency of office-based dental, animal health, and medical practitioners.” Its customers also include dental laboratories, government health clinics, and institutional health care clinics. It is a Fortune 400 company, a member of the S&P 500 index and the Nasdaq 100 index. The company is headquartered in Melville, New York, with operations or affiliates located in 34 countries. The company trades on the Nasdaq exchange under the symbol HSIC. It describes its mission as “To provide innovative, integrated health care products and services; and to be trusted advisors and consultants to our customers – enabling them to deliver the best quality patient care and enhance their practice management efficiency and profitability.”

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Akorn Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Akorn (NASDAQ: AKRN) in connection to alleged violations of securities laws by AKRN. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Akorn from March 1, 2017 until February 26, 2018.

The class action complaint specifically alleges that during the period in question, AKRN might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s acquisition by Fresenius would be put in jeopardy by its failure to achieve compliance with the FDA’s data integrity requirements; that the company did not have proper internal controls over its financial reporting activities; and that consequently the company’s statements regarding its finances were false and misleading during the relevant period. After the company announced, on February 28, 2018, that it had launched an investigation into possible breaches of the FDA’s data integrity requirements, its share price declined substantially, according to the complaint, which alleges that when true details emerged, investors suffered losses.

According to the company’s website, Akorn is a pharmaceutical company involved in the development, manufacturing and marketing of “generic and branded prescription pharmaceuticals as well as animal and consumer health products.” Its dosage forms include ophthalmics, injectables, oral liquids, otics, topicals, nasal sprays, and inhalants. The company markets its products to ophthalmologists, optometrists, retail pharmacies, government agencies, hospitals, clinics, wholesalers, and other customers. The company’s research and development facilities are located in Vernon Hills, Illinois; Cranbury, New Jersey; and Copiague, New York. Its manufacturing facilities are located in Decatur, IL; Somerset, NJ; Amityville, NY; Paonta Sahib, India; and Hettlingen, Switzerland. The company trades on the Nasdaq exchange under the symbol AKRX.

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Grupo TelevisaPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Grupo Televisa (NYSE:TV) in connection to alleged violations of securities laws by TV. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Grupo Televisa from April 11, 2013 until January 25, 2018.

The class action complaint specifically alleges that during the period in question, TV might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s participated in unlawful bribery activities in connection with executives of the Fédération Internationale de Football Association, or FIFA; that were this conduct to come to light, the company would likely come under increased scrutiny from regulatory authorities; and that the company did not have proper internal controls over its financial reporting activities. When testimony provided during a trial, for corruption, of three former FIFA executives, on November 14, 2017, indicated that Grupo Televisa had engaged in the payment of bribes to FIFA executives in exchange for broadcasting rights, the company’s share price declined 2.4%, or $0.48/share, closing at $19.50/share on November 14, 2017. When the company announced on January 26, 2018 that its management and accountants had detected “certain material weaknesses” in the company’s internal controls over its financial reporting, its share price declined 1.38%, or $0.29/share, closing at $20.66/share on January 26, 2018. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Grupo Televisa is a Mexico-based media company that describes itself as “an important cable operator in Mexico and an operator of a leading direct-to-home satellite pay television system in Mexico.” It trades on the New York Stock Exchange under the symbol TV.

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Atlas Financial HoldingsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Atlas Financial Holdings (NASDAQ: AFH) in connection to alleged violations of securities laws by AFH. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Atlas Financial Holdings from March 13, 2017 until March 2, 2018.

The class action complaint specifically alleges that during the period in question, AFH might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company did not make use of internal controls to ensure the use of proper accounting practices, for instance, calculating some loss reserves; that the company had material weaknesses affecting its internal controls over financial reporting procedures; that consequently the company’s financial statements contained inaccuracies and misleading information, such as the understatement of some loss reserves; and that consequently the company’s statements about its business, operations and prospects during the relevant period. When the company published a press release on March 1, 2018, under the title “Atlas Financial Holdings Announces Preliminary 2017 Fourth Quarter and Year End Financial Results,” and announcing a substantial increase in its reserves, its share price declined 40.96%, or $7.70/share, closing at $11.10/share on March 2, 2018. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Atlas Financial Holdings is a financial company that describes its vision as “To always be the preferred specialty insurance business in any geographic areas where our value proposition delivers benefit to all stakeholders” and its mission as “To develop and deliver superior specialty insurance products and services to meet our customers’ needs with a focus on innovation and the effective use of technology and analytics to deliver consistent operating profit for the insurance businesses we own.” Its insurance offerings cover taxi services, car services, limousine services, paratransit, airport transit, and business auto services. The company trades on the Nasdaq exchange under the symbol AFH.

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Ulta BeautyPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ulta Beauty (NASDAQ: ULTA) in connection to alleged violations of securities laws by ULTA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Ulta Beauty from March 30, 2017 until February 23, 2018.

The class action complaint specifically alleges that during the period in question, ULTA might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company was, on a large scale, repackaging cosmetic products that had been returned, restocking them alongside unsold products, and selling them at the full retail price; and that consequently the company’s statements to the public during the relevant period were false and misleading. When news outlets reported on February 9, 2018 that a class action lawsuit had been filed against the company, alleging these “widespread and surreptitious” activities, which the complaint stated was confirmed by numerous current and former employees, the company’s share price fell more than 4.1%, or $9.07, closing at $209.48/share on February 12, 2018. When CBS News issued a report on February 23, 2018, about a former employee who said “felt pressured to resell used products” and supporting other allegations in the complaint, the company’s share price fell about 4%, or $8.18/share, closing at $198.93 on February 26, 2018. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Ulta Beauty is “the largest beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services.” The company opened its first store in 1990, and today sells more than 20,000 products from roughly 500 beauty brands, both established and emerging, at more than 1,000 retail locations across the United States. The company trades on the Nasdaq exchange under the symbol ULTA.

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Kraton CorporationPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Kraton Corporation (NYSE: KRA) in connection to alleged violations of securities laws by KRA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Kraton Corporation from October 25, 2017 until February 21, 2018.

The class action complaint specifically alleges that during the period in question, KRA might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that despite customers prior rejection of the company’s Cariflex project, which was produced in Brazil, the company was transitioning them to it; that the product was available despite customers’ rejection of it; that the company did not have proper internal controls over its financial reporting procedures; 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, Kraton Corporation is a company engaged in the development, manufacturing and marketing of “biobased chemicals and specialty polymers that deliver exceptional value and enhance the lives” of customers around the globe. The company describes itself as a “leading global producer of styrenic block copolymers (SBC) and pine chemicals.” Kraton has “more than 800 customers” in markets spanning “over 70 countries,” according to its website. Its listed markets include medical, inks, coatings, automotive, sealants, roofing, tires, oil gels, oilfield chemicals, polymer modification, and personal care. It has manufacturing plants in Belpre, Ohio; Germany; France; Brazil; and a “joint venture” plant in Japan. The company trades on the New York Stock Exchange under the symbol KRA.