Articles Posted in Class action

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.”

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.

Grupo Televisa

Publicly 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.

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.

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.

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.

MiMedx Group

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in MiMedx Group (NASDAQ: MDGX) in connection to alleged violations of securities laws by MDGX. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in MiMedx Group from March 7, 2013 until February 19, 2018.

The class action complaint specifically alleges that during the period in question, MDGX might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company was participating in “channel-stuffing,” a way of improperly recognizing revenue which the company had yet to realize; 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. In December 2016, two former employees of the company filed a complaint alleging that they were the subjects of retaliatory termination after they reported improper revenue recognition practices, which the company denied. When market research analysts issued publications, in September 2017, reporting on the alleged improper revenue recognition activities, the company denied the allegations and filed suit against the research companies, as they had against the former employees. When the company issued a press release on February 20, 2018, announcing, among other things, that it was reviewing account activities and that it would delay the release of its Q4 2017 financial results, its share price fell 39.53% on that day. When the Wall Street Journal published an article on February 22, 2018, reporting that the company did not report certain payments to doctors, the company’s share price fell 13.48% over the following two trading sessions. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, MiMedx Group is a biotechnology company engaged in the processing, marketing, and distribution of human amniotic tissue. It has “distributed over 1,000,000 amniotic tissue grafts worldwide and achieved profound clinical outcomes in multiple therapeutic areas including ophthalmology, spine, chronic wounds, dental, orthopedic surgery, sports medicine, and urology,” according to its description. The company trades on the Nasdaq exchange under the symbol MDGX.

Ubiquiti NetworksPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ubiquiti Networks (NASDAQ: UBNT) in connection to alleged violations of securities laws by UBNT. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Ubiquiti Networks from May 9, 2013 until February 20, 2018.

The class action complaint specifically alleges that during the period in question, UBNT might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that substantial overstatements were made regarding the size of the company’s community of users; that exaggerations were made regarding the company’s publicly disclosed accounts receivable figures; that consequently the company’s publicly reported financial statements were false and/or misleading during the relevant period. The research organization Citron Research published a report under the title “Cintron Exposes Ubiquiti Networks” on September 18, 2017, covering a number of “alarming red flags” suggesting that Ubiquiti may have been deceiving its investors and committing fraud via the misrepresentation of its community and accounts receivable. When the company filed a form 8-K document with the Securities and Exchange Commission on February 20, 2018, disclosing, among other things, that it had received subpoenas from the SEC, the company’s stock price fell by more than 25%, closing at $55.28 on that day. The complaint alleges that when true details emerged, investors suffered losses.

According to the company’s website, Ubiquiti Networks is a technology company focused on “3 main products and services: high-capacity distributed Internet access, unified information technology, and next-gen consumer electronics for home and personal use.” The company trades on the Nasdaq exchange under the symbol UBNT.

TESAROPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in TESARO (NASDAQ:TSRO) in connection to alleged violations of securities laws by TSRO. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in TESARO from March 14, 2016 until January 12, 2018.

The class action complaint specifically alleges that during the period in question, TESARO might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that Varubi, an injectable pharmaceutical product for the prevention of delayed nausea and vomit caused by chemotherapy, was connected to significant health risks, including anaphylaxis; and that consequently, the company’s shares traded during the class period at a price that was the result of artificial inflation. The complaint alleges that when true facts emerged, after the company’s announcement on January 12, 2018 that it had updated Varubi’s US labeling to account for these effects, investors suffered losses.

According to the company’s website, TESARO is a biopharmaceutical company that provides “transformative therapies to people bravely facing cancer.” It was founded in 2010 and made its initial public offering in 2012. The company is headquartered in Waltham, Massachusetts with European headquarters in Switzerland and offices in France, German, Italy, Spain and other European countries. It trades on the Nasdaq exchange under the symbol TSRO.

AMC Entertainment HoldingsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in AMC Entertainment Holdings (NYSE:AMC) in connection to alleged violations of securities laws by AMC. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in AMC Entertainment Holdings from December 20, 2016 until August 1, 2017.

The class action complaint specifically alleges that during the period in question, AMC might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: Carmike Cinemas, a chain of theaters acquired by AMC, was suffering from poor financial performance stemming from underinvestment; that Carmike Cinemas suffered from a reduction in its market share when its customers moved to competitors with renovated locations; that AMC Entertainment Holdings kept only a fraction of Carmike customers who had been enrolled in Carmike’s loyalty program; that these circumstances had borne a negative effect on Carmike’s attendance numbers and overall operations; and that consequently AMC’s common share price during the relevant period was the result of artificial inflation. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, AMC Entertainment Holdings is a chain of movie theaters founded in 1920, and “the largest movie exhibition company in the U.S., Europe and the world with approximately 1,000 theatres and more than 11,000 screens across the globe.” It boasts the first or second market share positions in “22 of the 25 largest” US metropolitan regions, according to its website. Its subsidiary Odeon, which operates in 14 countries in Europe, is “the #1 theatre chain” in countries including Estonia, Finland, Italy, Latvia, the UK and Ireland. AMC Entertainment Holdings trades on the New York Stock Exchange under the symbol AMC.