Apr 9, 2020 | Consumer Protection, Employment & Technology Archive
Class Action Lawsuit Filed Against Asset Plus Corporation For Their Alleged Refusal to Refund Campus Housing-Related Monies
Kehoe Law Firm, P.C. is making consumers aware that on April 7, 2020, a class action lawsuit was filed against Asset Plus Corporation (“Asset Plus”) in United States District Court, Northern District of Florida, “on behalf of all people who paid the costs of room and board and/or attendant service fees for the Spring 2020 academic semester at private dormitories throughout the State of Florida, each managed by Defendant Asset Plus Corporation.”
According to the complaint,
[u]pon the onset of the COVID-19 pandemic, these people lost the benefits of the room and board and/or the services for which they had paid. Defendant [Asset Plus] has responded to the pandemic and the resultant constructive eviction of its tenants by retaining the unearned costs and fees, implementing a policy whereby it refuses to grant any refunds to its leaseholders.
In or around March 2020, Florida colleges and universities announced that, because of the global COVID-19 pandemic, all classes would be moved online for the remainder of the Spring 2020 semester. Students who lived in on-campus housing were told they had to move out or were strongly encouraged to do so, such that they had no meaningful choice but to comply. Further, because all classes were moved online, there was no reason for students to remain near campus if they had other housing available to them. This is particularly so in the face of the dangers, risks, and fear associated with the pandemic. Many students chose to leave campus to be with their families, or to avoid exposure to COVID-19, and they have stayed off campus to comply with directives from the schools, as well as local, state and federal governments. In addition, the services that their fees were intended to cover are no longer available to them. [Emphasis added.]
The complaint alleges that “[d]espite the constructive eviction of students at the schools for the remainder of the semester and ending all campus activities for at least that same time period, Defendant has refused refunds to students for the unused portion of their room, board, and fees. Defendant [Asset Plus] is, in essence, profiting from [the Coronavirus] pandemic.” [Emphasis added.]
Apr 9, 2020 | Securities Class Action Archive
RTI Surgical Holdings To Restate Its Previously Issued Audited Financial Statements For The Years Ended December 31, 2014, 2015, 2016, 2017 and 2018, In Addition To Its Unaudited Financial Statements For The Quarterly Periods For 2016-2018 And The Nine Months Ended September 30, 2019
Kehoe Law Firm, P.C. is making investors aware that on April 9, 2020, RTI Surgical Holdings, Inc. (“RTI Surgical” or the “Company”) (NASDAQ: RTIX) announced that it is still “. . . conducting an internal investigation of matters relating to the Company’s revenue recognition practices for certain contractual arrangements, primarily with OEM customers, including the accounting treatment, financial reporting and internal controls related to such arrangements . . ..” RTI Surgical stated that its internal investigation “. . . was precipitated by an ongoing investigation by the Securities and Exchange Commission . . . initially related to the periods 2014 through 2016. The investigation, according to RTI Surgical, “. . . is ongoing, and the Company is cooperating with the SEC in its investigation.” [Emphasis added.]
RTI Surgical also announced that
[o]n April 7, 2020, the Audit Committee of the Board of Directors concluded that the Company will restate its previously issued audited financial statements for the years ended December 31, 2014, 2015, 2016, 2017 and 2018 and its unaudited financial statements for the quarterly periods for 2016-2018 and the nine months ended September 30, 2019 (the “Relevant Periods”). Accordingly, investors should no longer rely upon the Company’s previously released financial statements as of and for the years ended December 31, 2018, 2017, 2016, 2015, and 2014, and the reports on the financial statements and internal control over financial reporting of the Company’s independent registered public accounting firm thereon; or the quarterly financial statements and other financial data released related to the Relevant Periods.
The Company has concluded that revenue for certain invoices should have been recognized at a later date than when originally recognized. In response to binding purchase orders from certain OEM customers, goods were shipped and received by the customers before requested delivery dates and agreed-upon delivery windows. In many instances, the OEM customers requested or approved the early shipments, but the Company has determined that on other occasions the goods were delivered early without obtaining the customers’ affirmative approval. In addition, the Company has concluded that in July 2017, an adjustment was improperly made to a product return provision in the Direct Division. Accordingly, the Company will revise its financial statements to correct these errors and any others as it finalizes the [i]nvestigation. The Company and the Audit Committee of the Board of Directors have discussed these matters with Deloitte & Touche LLP, the Company’s independent registered public accounting firm. [Emphasis added.]
Class Action Lawsuit Filed Against RTI Surgical Holdings, Inc. On Behalf of Investors Who Purchased Shares of RTIX Stock Between March 7, 2016 and March 16, 2020
According to the lawsuit, RTI Surgical throughout the Class Period between March 7, 2016 and March 16, 2020, both dates inclusive, made false and/or misleading statements and/or failed to disclose that: (1) the Company inappropriately recognized revenues with respect to certain contractual arrangements, including other equipment manufacturer customers; (2) RTI Surgical’s internal controls over financial reporting were not effective; (3) as a result, RTI Surgical would be forced to delay the filing of its Form 10-K for fiscal year ended December 31, 2019; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
RTI Surgical investors who purchased, or otherwise acquired, RTIX securities during the Class Period and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss the class action lawsuit or potential legal claims.
Apr 8, 2020 | Consumer Protection, Employment & Technology Archive
COVID-19 Cyber Scams – Cybersecurity and Infrastructure Security Agency Warns Individuals To Remain Vigilant For Scams Related to The Coronavirus Disease (COVID-19)
Kehoe Law Firm, P.C. is making individuals aware that the Cybersecurity and Infrastructure Security Agency (“CISA”) has warned people to remain vigilant for scams related to the Coronavirus (COVID-19). Cyber actors may send emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes.
CISA reminds people to exercise caution in handling any email with a COVID-19-related subject line, attachment, or hyperlink, and be wary of social media pleas, texts, or calls related to COVID-19.
CISA encourages individuals to remain vigilant and take the following precautions:
Source: Cybersecurity and Infrastructure Security Agency – US-cert.gov
Kehoe Law Firm, P.C.
Apr 8, 2020 | Securities Class Action Archive
TAL Education Group, “Leading K-12 After-School Tutoring Services Provider in China,” Announces Certain Employee Wrongdoing Discovered in Company’s Routine Internal Auditing Process – TAL Investors Who Suffered Losses Are Encouraged to Contact Kehoe Law Firm, P.C. To Discuss Potential Legal Claims
Kehoe Law Firm, P.C. is making investors aware that on April 7, 2020, TAL Education Group (“TAL Education” or the “Company”) (NYSE: TAL), “a leading K-12 after-school tutoring services provider in China,” announced that the Company discovered
. . . certain employee wrongdoing . . . in the Company’s routine internal auditing process. TAL discovered irregularities and violations of the Company’s business conduct and internal control policies by an employee in the Company’s newly introduced ‘Light Class’ business. Upon such discovery, TAL immediately reported to the local police. The employee has been taken into custody by the local police.
Based upon the Company’s routine internal audit, the Company suspects that the employee of question conspired with external vendors to wrongly inflate ‘Light Class’ sales by forging contracts and other documentations. For the fiscal year 2020 ended February 29, 2020, ‘Light Class’ sales accounted for approximately 3% to 4% of the Company’s total estimated revenues.
TAL Education investors who purchased, or otherwise acquired, TAL securities and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss potential legal claims.
Apr 8, 2020 | Securities Class Action Archive
Zoom Video Communications Shareholder Suit Filed On Behalf Zoom Investors Who Bought, Or Otherwise Acquired, Zoom Securities Between April 18, 2019 and April 6, 2020, Both Dates Inclusive – ZM Investors Who Suffered Losses Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is making investors aware that on April 7, 2020, a class action lawsuit was filed in United States District Court, Northern District of California, on behalf of Zoom Video Communications, Inc. (“Zoom” or the “Company”) (NASDAQ: ZM) investors who purchased, or otherwise acquired, Zoom securities between April 18, 2019 and April 6, 2020, both dates inclusive, (the “Class Period”), seeking to recover damages caused by the Zoom Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
According to the class action complaint:
Throughout the Class Period, [Zoom] Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, [Zoom] Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zoom had inadequate data privacy and security measures; (ii) contrary to Zoom’s assertions, the Company’s video communications service was not end-to-end encrypted; (iii) as a result of all the foregoing, users of Zoom’s communications services were at an increased risk of having their personal information accessed by unauthorized parties, including Facebook; (iv) usage of the Company’s video communications services was foreseeably likely to decline when the foregoing facts came to light; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
The truth about the deficiencies in Zoom’s software encryption began to come to light as early as July 2019. However, due in large part to the Company’s obfuscation, it was not until the COVID-19 pandemic in March and April of 2020, with businesses and other organizations increasingly relying on Zoom’s video communication software to facilitate remote work activity as governments increasingly implemented shelter-in-place orders, that the truth was more fully laid bare in a series of corrective disclosures. As it became clear through a series of news reports and admissions by the Company that Zoom had significantly overstated the degree to which its video communication software was encrypted, and organizations consequently prohibited its employees from utilizing Zoom for work activities, the Company’s stock price plummeted, damaging investors.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages. [Emphasis added.]
Zoom investors who purchased, or otherwise acquired, ZM securities during the Class Period and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss the class action lawsuit or potential legal claims.
