Jun 20, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is conducting an investigation on behalf of investors of Diebold Nixdorf, Incorporated concerning possible violations of the federal securities laws by Diebold Nixdorf (“Diebold Nixdorf” or the “Company”).
If you are a Diebold Nixdorf (NYSE: DBD) shareholder who 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 securities investigation.
On July 2, 2019, a class action lawsuit was filed on behalf of purchasers of the securities of Diebold Nixdorf from May 4, 2017 through July 4, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Diebold Nixdorf investors under the federal securities laws.
Shareholders of Diebold Nixdorf have until September 3, 2019 to move the Court to serve as lead plaintiff.
According to the class action lawsuit, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Diebold Nixdorf was experiencing delays in systems rollouts, as well as a longer customer decision-making process and order-to-revenue conversion cycle; (2) the foregoing issues were negatively impacting Diebold Nixdorf’s services business and operations; and (3) as a result, the statements of the defendants about Diebold Nixdorf’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 5, 2017, Diebold Nixdorf disclosed that the Company expected a wider net loss than prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss. Diebold Nixdorf attributed the lowered expectations to a “delay in systems rollouts,” as well as “a longer customer decision-making process and order-to-revenue conversion cycle.”
On this news, the share price of Diebold Nixdorf dropped $6.28, or almost 23%, to close at $21.20 per share on July 5, 2017, thereby injuring investors.
Kehoe Law Firm, P.C. with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
Jun 20, 2019 | Securities Class Action Archive
A class action lawsuit was filed on behalf of purchasers of the securities of Mammoth Energy Services, Inc. (NasdaqGS: TUSK) from October 19, 2017 through June 5, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors of Mammoth Energy Services, Inc. (“Mammoth Energy” or the “Company”) caused by the Mammoth Energy Defendant’s violations of the federal securities laws under the Securities Exchange Act of 1934.
If you purchased Mammoth Energy 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. Mammoth Energy investors have until August 6, 2019 to move the Court to serve as lead plaintiff.
According to the complaint, during the Class Period, the Mammoth Energy Defendants made false and/or misleading statements and/or failed to disclose that: (1) Mammoth Energy’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants’ statements about Mammoth Energy’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Jun 19, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Livent Corporation (“Livent” or the “Company”). The investigation concerns whether Livent (NYSE: LTHM) and certain officers and/or directors engaged in securities fraud or other unlawful business practices.
On May 22, 2019, a securities class action lawsuit was filed on behalf of individuals who purchased, or otherwise acquired, Livent securities pursuant and/or traceable to the registration statement and prospectus issued in connection with Livent’s October 2018 initial public offering (“IPO”). The class action lawsuit alleges that the Defendants violated the Securities Act of 1933.
Livent investors have until July 22, 2019 to move the Court to seek appointment as lead plaintiff in the securities class action. Livent shareholders who have suffered losses are encouraged to 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 Livent investigation or participating in the class action lawsuit.
According to the class action complaint:
In October 2018, Livent completed its initial public offering (“IPO”), selling 23 million shares of common stock priced at $17.00 per share. Livent received $369 million from the IPO, net of underwriting discounts and commissions.
On February 11, 2019, Livent released its fourth quarter 2018 financial results that missed top-line sales targets, citing difficulties negotiating contracts with existing customers.
On this news, Livent’s stock price fell $0.57 per share, over 4%, to close at $12.55 per share on February 12, 2019.
On May 8, 2019, Livent announced disappointing financial results for the first quarter of 2019, citing further customer issues.
On this news, Livent’s stock price fell $1.70 per share, nearly 16%, to close at $9.03 per share on May 8, 2019.
The class action complaint alleges that Livent’s IPO Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, the Livent Defendants failed to disclose to investors: (1) that a supply contract with Nemaska Lithium Inc. had been terminated; (2) that, as a result, Livent would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) that Livent had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of Livent’s existing contracts; (4) that Livent’s margins were squeezed due to the customer’s increased orders; and (5) that, as a result of the foregoing, the Livent Defendants’ positive statements about Livent’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Livent shareholders who suffered losses are encouraged to 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 Livent investigation or participating in the class action lawsuit.
Jun 18, 2019 | Securities Class Action Archive
A class action lawsuit was recently filed in United States District Court for the Northern District of California, on behalf of persons and entities that purchased, or otherwise acquired, Box, Inc. (NYSE: BOX) (“Box” or the “Company”) securities between November 28, 2018 and June 3, 2019, inclusive (the “Class Period”). The Plaintiff is pursuing claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Investors have 60 days from June 6, 2019 to move the Court to serve as lead plaintiff in the securities class action lawsuit. If you are a Box shareholder who has suffered losses, please click Join a Securities Class Action to participate in the class action lawsuit or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], [email protected].
On February 27, 2019, Box reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals.
On this news, the Company’s share price fell $4.64, or nearly 19%, to close at $20.24 on February 28, 2019, thereby injuring investors.
Subsequently, on June 3, 2019, Box lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, once again citing longer sales cycles for its larger deals.
On this news, the share price of Box fell as much as $1.30, or more than 7%, to close at $17.18 per share on June 4, 2019, thereby injuring investors further.
The class-action complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the business, operations, and prospects of Box. Specifically, the Box Defendants failed to disclose: (1) that Box was unable to close large deals within the quarter; (2) and, as a result, the Company’s revenue would be materially impacted; and (3) as a result of the foregoing, the Box Defendants’ positive statements about the business, operations, and prospects of Box were materially misleading and/or lacked a reasonable basis.
Again, investors who purchased Box stock during the Class Period and suffered damages have 60 days from June 6, 2019 to seek appointment as lead plaintiff. Box investors can click Join a Securities Class Action to participate in the lawsuit.
Please note that no class has been certified in the above action, and until a class is certified, you are not represented by counsel unless you retain an attorney of your choice. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may serve together as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Jun 10, 2019 | Consumer Protection, Employment & Technology Archive
On June 10, 2019, cpomagazine.com reported that “First American, the largest real estate title insurance company in the United States, just won a particularly awful silver medal. An ongoing data leak at the company appears to have exposed the transaction records of about 900 million customers, which would make it the second-largest data breach in history behind the 3 billion accounts that were impacted by the Yahoo! hack of 2013.”
Cpomagazine.com reported that
Brian Krebs of KrebsOnSecurity broke the story, reporting that the documents involve mortgage deals and date back 16 years to 2003. Krebs reports that the leaked documents include bank account numbers and transaction records, Social Security numbers, driver’s license images, tax records and more. The leaked documents are a treasure trove for cyber criminals in terms of both personal identity theft and business email compromise attacks.
The worst part of all this is that this devastating leak wasn’t the result of a phishing scam, or even an insecure Amazon bucket. First American appears to have failed to secure unique URLs to these documents properly, using a sequential system and allowing anyone to access customers information simply by entering the right URL into a web browser.
Additionally, cpomagazine.com reported that
[t]he First American data leak is likely to have a long reach and cause a lot of pain. Millions of Americans may now have their most sensitive personal financial details available on the dark web; the company also has clients in Canada and Europe that may have been exposed. First American has retained an outside security firm to determine the extent of the data leak access, but it will likely be difficult given that exfiltration was as simple as knowing the correct master URL. [Emphasis added.]
First American stated in a recent SEC Form 8-K filing that “First American Financial Corporation advises that it shut down external access to a production environment with a reported design defect that created the potential for unauthorized access to customer data. The company is working diligently to address the defect and restore external access.”
A state regulator is, reportedly, investigating First American’s security vulnerability.
