Sep 30, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Tactile Systems Technology, Inc. (“Tactile” or the “Company”) (NASDAQ: TCMD) to determine whether Tactile engaged in securities fraud or other unlawful business practices.
Tactile investors who purchased, or otherwise acquired, the Company’s securities between May 7, 2018 and June 8, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
According to a class action lawsuit filed on September 29, 2020 in United States District Court, District of Minnesota, during the Class Period, the Tactile Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies, and financial results.
According to the class action complaint, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in truth, the total addressable market for Tactile’s pneumatic compression devices (“PCDs”) was materially smaller; (2) to induce sales growth and share gains, Tactile and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations; (3) the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of Tactile’s claims and criminal and civil liability; (4) Tactile’s revenues were in part the product of unlawful conduct and, thus, unsustainable; and as a result of the foregoing, (5) the Defendants’ public statements, including Tactile’s year-over-year revenue growth, the purported growth drivers, and the effectiveness of Tactile’s internal controls over financial reporting, were materially false and misleading at all relevant times.
Sep 30, 2020 | Whistleblower
SEC’s Latest Award Puts Total Whistleblower Awards At Approximately $557 Million To 102 Individuals
Kehoe Law Firm, P.C. is making individuals aware that on September 30, 2020, the Securities and Exchange Commission announced an award of almost $30 million to two insider whistleblowers whose tips led SEC staff to open an investigation. The first whistleblower, who was the first to alert SEC staff of potential wrongdoing and provided substantial, ongoing assistance, received an award of approximately $22 million. The second whistleblower provided additional valuable information, and received an award of approximately $7 million.
The SEC has awarded approximately $557 million to 102 individuals since issuing its first award in 2012.
All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
Source: U.S. Securities and Exchange Commission – SEC.gov
Sep 30, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Pintec investors who purchased, or otherwise acquired, the Company’s securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Pintec’s October 2018 Initial Public Offering (“IPO”) are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
According to the class action complaint, the Registration Statement was false and misleading and omitted to state material facts. Specifically, Defendants failed to disclose to investors: (1) that the Company erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) that there were material weaknesses in Pintec’s internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) as a result of the foregoing, Pintec’s financial results for fiscal 2017 and 2018 had been misstated; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
