Mar 20, 2020 | Securities Class Action Archive
AMC Stock – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims on Behalf of AMC Investors – AMC Entertainment Holdings, Inc. Shareholders Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating breach of fiduciary duty claims on behalf of current shareholders of AMC Entertainment Holdings, Inc. (“AMC”) (NYSE: AMC).
On March 20, 2020, a shareholder derivative action was filed in United States District Court, Southern District of New York, on behalf of nominal defendant AMC Entertainment Holdings, Inc. against certain of its current and former officers and directors seeking to remedy defendants’ alleged breaches of fiduciary duties, for contribution and indemnification, and to recoup certain executive compensation for the benefit of AMC.
AMC Entertainment investors who presently own AMC shares 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 AMC investigation or potential legal claims.
Mar 20, 2020 | Securities Class Action Archive
Six Flags Stock – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims on Behalf of SIX Investors – Six Flags Entertainment Corporation Shareholders Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating breach of fiduciary duty claims on behalf of current shareholders of Six Flags Entertainment Corporation (“Six Flags”) (NasdaqGS: SIX).
On March 20, 2020, a verified stockholder derivative complaint was filed in United States District Court, Northern District of Texas, Fort Worth Division, on behalf of and for the benefit of Six Flags, against certain of its current and former officers and directors, seeking to remedy their alleged breaches of fiduciary duty, waste of corporate assets, unjust enrichment, and violations of the federal securities laws. Defendants’ actions have caused substantial financial and reputational harm to Six Flags.
Six Flags investors who presently own shares of Six Flags Entertainment Corporation 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 Six Flags investigation or potential legal claims.
Mar 20, 2020 | Securities Class Action Archive
Beyond Meat Stock – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims on Behalf of BYND Investors – Beyond Meat Shareholders Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating breach of fiduciary duty claims on behalf of current shareholders of Beyond Meat, Inc. (NasdaqGS: BYND).
On March 18, 2020, a verified shareholder derivative complaint was filed in United States District Court, Central District of California, seeking to remedy the Beyond Meat Defendants’ alleged breach of fiduciary duties, unjust enrichment, corporate waste, and for contribution under Sections 10(b) and 21D of the Securities Exchange Act of 1934 that occurred between May 2, 2019 to the present and have caused substantial harm to Beyond Meat.
BYND investors who presently own shares of Beyond Meat 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 Beyond Meat investigation or potential legal claims.
Mar 20, 2020 | Securities Class Action Archive
Class Action Lawsuit – PAYS Subject of Securities Class Action Lawsuit – Investors Who Purchased, Or Otherwise Acquired, PAYS Shares Between March 12, 2019 and March 15, 2020, Both Dates Inclusive, Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is making PAYS investors aware that on March 19, 2020, a class action lawsuit was filed in United States District Court, District of Nevada, on behalf of persons or entities who purchased, or otherwise acquired, publicly-traded Paysign (“Paysign” or the “Company”) (NasdaqGS: PAYS) securities between March 12, 2019 and March 15, 2020, both dates inclusive, (the “Class Period”). The class action lawsuit seeks to recover compensable damages caused by the Paysign Defendants’ alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
According to the lawsuit, throughout the Class Period, Paysign Defendants made false and/or misleading statements and/or failed to disclose that: (1) Paysign’s internal control over financial reporting was not effective; (2) Paysign’s information technology general controls were not effective; and (3) as a result, Paysign defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Paysign Announces Inability to File Annual Report For Year Ended December 31, 2019
According to the class action complaint:
On March 16, 2020, before the market opened, Paysign filed a Form 12b-25, disclosing it was unable to timely file its annual report for the fiscal year ended December 31, 2019 due to the requiring addition time to complete the Company’s financial audit. The Company also [disclosed the] identification of material weaknesses in its internal controls relating to its internal control over financial reporting and its information technology general controls. [Paysign’s] accompanying press release stated, in relevant part:
Paysign, Inc. . . . , a vertically integrated provider of innovative prepaid card programs, digital banking and processing services for corporate, consumer and government applications, announced today that it will be delayed in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Paysign is filing a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission, which will provide Paysign with a 15 calendar-day extension beyond the March 16, 2020 deadline within which to file the annual report on Form 10-K. The filing extension will provide the necessary time to complete the financial audit.
For the full year 2019, total revenues are expected to be $34.7 million, an increase of 48% when compared to 2018. Net income attributable to Paysign on a GAAP basis is expected to be $7.5 million, an increase of 188% when compared to 2018, and Adjusted EBITDA is expected to be $10.1 Million, an increase of 106% when compared to 2018.
These are preliminary results and estimates based on current expectations and are subject to completion of the financial audit. Actual results may differ materially. Paysign expects to finalize its financial results and file its Annual Report on Form 10-K no later than the prescribed due date allowed pursuant to Rule 12b-25.
Separately, in the course of completing its assessment of internal controls over financial reporting for 2019 and the company’s initial year of compliance with Sarbanes-Oxley 404b, management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) information technology general controls.
[Emphasis in original.]
On this news, according to the class action complaint, Paysign’s shares fell $0.93 per share, or approximately 17%, to close at $4.59 on March 16, 2020.
Have You Purchased, Or Otherwise Acquired, Paysign Stock During The Class Period?
PAYS investors who purchased, or otherwise acquired, stock shares of Paysign during the Class Period 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.
Mar 20, 2020 | Securities Class Action Archive
Class Action Lawsuit Filed Against Alpha and Omega Semiconductor Limited – Alpha and Omega Semiconductor Shareholders Who Purchased AOSL Stock Between August 7, 2019 and February 5, 2020, Both Dates Inclusive, Encouraged To Contact Kehoe Law Firm, P.C. To Discuss Potential Legal Claims
Kehoe Law Firm, P.C. is making investors aware that on March 19, 2020, a class action lawsuit was filed against Alpha and Omega Semiconductor Limited (“Alpha and Omega” or the “Company”) (NasdaqGS: AOSL) and certain officers in United States District Court, Southern District of New York, on behalf of persons and entities that purchased or otherwise acquired Alpha and Omega securities between August 7, 2019 and February 5, 2020, inclusive (the “Class Period”). The Plaintiff is pursuing claims against the Alpha and Omega Defendants under the Securities Exchange Act of 1934.
Kehoe Law Firm, P.C. continues its securities investigation of Alpha and Omega. AOSL investors who purchased, or otherwise acquired, stock shares of Alpha and Omega Semiconductor during the Class Period 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 AOSL securities investigation, the class action lawsuit or potential legal claims.
According to the class action complaint, throughout the Class Period, the Alpha and Omega Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s export control practices were in violation of applicable laws and regulations; (2) that, as a result, the Company was vulnerable to regulatory scrutiny and liability; and (3) that, 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.
Department of Justice Investigation Regarding AOSL’s Compliance With Export Control Regulations
On February 5, 2020, AOSL issued a press release which, among other things, stated:
The Company notes that Department of Justice recently commenced an investigation into the Company’s compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (“Huawei”), which were added to the “Entity List” by the Department of Commerce (“DOC”). The Company is cooperating fully with federal authorities in the investigation. The Company has maintained an export control compliance program and has been committed to comply fully with all applicable laws and regulations. In connection with this investigation, DOC has requested the Company to suspend shipments of its products to Huawei, and the Company is currently working with DOC to resolve this issue. Accordingly, [AOSL] expect[s] the financial performance in the March quarter will be negatively impacted by the Huawei shipment interruption and by additional professional fees incurred in connection with the investigation. [AOSL] note[s] that the DOC order applies to only [its] shipment to Huawei and sales to other non-Huawei customers are expected to continue, unaffected by the order. Since this is a pending and confidential matter, the Company does not intend to comment further on the status of this investigation except as required by law. [Emphasis added.]
On this news, AOS’s stock price fell $1.48 per share, or 12%, closing at $10.85 per share on February 6, 2020.
Have You Purchased, Or Otherwise Acquired, Alpha and Omega Semiconductor Stock Between August 7, 2019 and February 5, 2020, Both Dates Inclusive, and Suffered Losses?
AOSL investors who purchased, or otherwise acquired, stock shares of Alpha and Omega Semiconductor during the Class Period 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 AOSL securities investigation, the class action lawsuit or potential legal claims.
