Jun 24, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. announces that a class action lawsuit has been filed against Eros International PLC (“Eros” or the “Company”) (NYSE: EROS) on behalf of purchasers of the securities of Eros from July 28, 2017 through June 5, 2019, inclusive (the “Class Period”). The class action lawsuit seeks to recover damages for Eros shareholders under the federal securities laws.
If you purchased Eros securities and suffered damages, please click Join a Securities Class Action or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected],to learn more about the class action lawsuit. Pivotal investors have until August 20, 2019 to move the Court to serve as lead plaintiff. Investors have until August 20, 2019 to move the Court to serve as lead plaintiff.
According to the class action complaint, the Eros
. . . Defendants made false and/or misleading statements and/or failed to disclose that: (1) Eros and its executives engaged in a scheme to use related-party transactions to fabricate receivables that they reported in Eros’s public financial disclosures; (2) because of this scheme, Eros’s financial position was weaker than what Eros disclosed; (3) consequently, the Company’s Indian subsidiary, Eros International Media Ltd . . ., missed loan payments and had its credit downgraded; and (4) due to the foregoing, Defendants’ statements about Eros’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. [Emphasis added.]
Jun 24, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors and shareholders of Sealed Air Corporation (“Sealed Air” or the “Company”) (NYSE: SEE) to determine whether Sealed Air and certain of its executives violated federal securities laws.
On June 20, 2019, post-market, Sealed Air announced that the Company terminated its CFO, Bill Stiehl, for cause. The CFO’s termination came after Sealed Air commenced an internal investigation upon receiving subpoenas from the SEC. The SEC is investigating the Company’s selection and independence of its audit firm.
Specifically, Sealed Air reported the following:
On June 19, 2019, the Board of Directors (the “Board”) of Sealed Air Corporation . . . terminated the employment of William G. Stiehl as Chief Financial Officer for cause. Mr. Stiehl’s termination is related to an internal review by the Audit Committee of the Board in connection with the previously disclosed investigation by the U.S. Securities and Exchange Commission (“SEC”). This review followed the Company’s receipt of an additional subpoena for documents and information on May 2, 2019, relating to the process by which the Company selected its independent audit firm for the period beginning with fiscal year 2015, and relating to the independence of that audit firm. The Company is continuing to cooperate with the SEC’s investigation. [Emphasis added.]
On this news, Sealed Air shares traded down almost 5% on June 21, 2019, eliminating approximately $300 million of Sealed Air’s market capitalization.
On August 2, 2019, Sealed Air disclosed the following in a Form 10-Q filing:
The Company has received from the staff of the SEC subpoenas for documents and requests for information in connection with the SEC’s previously disclosed investigation. Those subpoenas and requests seek documents and information regarding the Company’s accounting for income taxes, its financial reporting and disclosures, the process by which the Company selected its independent audit firm beginning with fiscal year 2015, the independence of that audit firm, and other matters.
Following the announcement on June 20, 2019 that the Company had terminated the employment of William G. Stiehl as Chief Financial Officer, the Company received a Grand Jury subpoena from the United States Attorney’s Office for the Western District of North Carolina . . . seeking documents relating to that termination and relating to the process by which the Company selected its independent audit firm beginning with fiscal year 2015. [Emphasis added.]
If you purchased, or otherwise acquired, shares of Sealed Air and suffered losses, you are encouraged to complete the form on the right or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation.
Jun 21, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of Pintec Technology Holdings Limited shareholders concerning Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ:PT) and possible violations of federal securities laws.
If you purchased Pintec securities and suffered losses, please click Join a Securities Class Action or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the securities investigation.
In October 2018, Pintec completed its initial public offering (“IPO”), during which it sold more than 3.7 million American Depositary Shares (or “ADS”) at $11.88 per share.
On April 30, 2019, Pintec disclosed that it was unable to file its first Annual Report since going public on Form 20-F for the period ended December 31, 2018 on a timely basis.
Since Pintec’s IPO, Pintec’s stock has traded as low as $2.80 per share, well below the $11.88 offering price.
Jun 21, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. announces that class action lawsuits were filed in United States District Court for the Northern District of California against Pivotal Software, Inc. (“Pivotal” or the “Company”) (NYSE: PVTL) and certain of its officers.
The class actions seek to recover damages on behalf of classes consisting of all persons and entities who purchased, or otherwise acquired, i) Pivotal common stock pursuant or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Pivotal’s April 2018 initial public offering (“IPO”) and/or ii) Pivotal securities between April 24, 2018 and June 4, 2019, both dates inclusive (the “Class Period”).
If you purchased Pivotal securities pursuant to the IPO and/or during the Class Period and suffered damages, please click Join a Securities Class Action or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the class action lawsuit. Pivotal investors have until August 20, 2019 to move the Court to serve as lead plaintiff.
In April 2018, Pivotal commenced its IPO, issuing over 42 million shares of Pivotal common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement, raising more than $638 million in gross proceeds.
One of the class action complaints alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the Company’s Pivotal Application Service (“PAS”) product was not compatible with the industry-standard Kubernetes platform; (2) that, as a result, the PAS product faced reduced demand as the industry shifted away from the outdated product; (3) that the Company’s Pivotal Container Service (“PKS”) product, though compatible with Kubernetes, was severely limited and could not meet large enterprises’ needs; (4) that, as a result, Pivotal could not adequately meet industry demand for a Kubernetes-compatible product that met customers’ wide range of needs; (5) that, as a result of the foregoing, Pivotal was experiencing deferred sales, lengthening sales cycles, and diminished growth; (6) that, as a result, Pivotal would be forced to reengineer its flagship PAS product to be compatible with Kubernetes; and (7) that, as a result of the foregoing, the Pivotal Defendants’ positive statements about Pivotal’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Post-market, on June 4, 2019, Pivotal reported its “First Quarter Fiscal Year 2020 Financial Results,” advising, among other things, that “. . . sales execution and a complex technology landscape impacted the quarter.”
On June 5, 2019, MarketWatch reported that
Wedbush analyst Daniel Ives called the quarter a “train wreck” and dubbed Pivotal’s . . . deferred revenue and billings numbers “disastrous” in downgrading the shares . . . .”
‘While management blamed a “complex technology landscape,” which negatively impacted the quarter, it is clear . . . that this management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which give us concern that this quarter will be the start of some “dark days ahead” for Pivotal (and its investors),’ wrote Ives, who cut his rating on the [Pivotal] stock to neutral from outperform and lowered his target to $15 from $26. [Emphasis added.]
On this news, Pivotal’s stock price dropped $7.65 per share, or more than 40%, to close at $10.89 per share on June 5, 2019, thereby injuring investors.
Kehoe Law Firm, P.C.
Jun 20, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Equity Bancshares, Inc. (“Equity Bancshares” or the “Company”) (NasdaqGS: EQBK). The Kehoe Law Firm’s investigation concerns whether Equity Bancshares and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices.
A shareholder class action complaint has been filed against Equity Bancshares on behalf of investors who purchased shares of the Company’s stock between May 11, 2018 and April 22, 2019 (the “Class Period”).
If you purchased EQBK securities during the Class Period and suffered damages, please click Join a Securities Class Action or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the class action lawsuit or Kehoe Law Firm’s securities investigation. Investors of Equity Bancshares have until July 15, 2019 to move the Court to serve as lead plaintiff.
According to the class action complaint, during the Class Period, the defendants made a series of false and misleading statements to investors, and failed to disclose that: (1) the Company lacked adequate internal controls to assess credit risk; (2) that certain of the Company’s loans posed an increased risk of loss; and (3) as a result of the foregoing, Equity Bancshares was reasonably likely to incur significant losses for certain substandard loans.
On January 24, 2019, the Company disclosed that, during fourth quarter 2018, one credit relationship was downgraded to Watch and Substandard for $19 million and $9 million, respectively. On this news, the Company’s share price fell $2.14 per share, or more than 6% in value, to close on January 24, 2019 at $32.15 per share.
On April 22, 2019, Equity Bancshares disclosed a $14.5 million provision for loss against the credit relationship, resulting in a $4.1 million net loss for first quarter 2019. On this news, the Company’s share price fell an additional $4.76 per share, or more than 16% in value, to close on April 23, 2019 at $24.71 per share.
