Jun 29, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of ProAssurance Corporation (“ProAssurance” or the “Company”) (NYSE: PRA) to determine whether ProAssurance engaged in securities fraud or other unlawful business practices.
ProAssurance investors who purchased, or otherwise acquired, the Company’s securities between April 26, 2019 and May 7, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $50,000 are encouraged to contact Kehoe Law Firm, P.C.
ProAssurance investors should be aware that a class action lawsuit was filed seeking to recover damages on behalf of investors who purchased, or otherwise acquired, ProAssurance securities during the Class Period. According to the class action complaint, throughout the Class Period, defendants, allegedly, misrepresented the Company’s underwriting and reserve standards and failed to adequately reserve for losses. Defendants, allegedly, made false and/or misleading statements and/or failed to disclose that: (1) ProAssurance lacked adequate underwriting process and risk management controls necessary to set appropriate loss reserves in its Specialty Property and Casualty segment; (2) ProAssurance failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten; and (3) as a result, ProAssurance was subject to materially heightened risk of financial loss and reserve charges.
Investors who purchased, or otherwise acquired, ProAssurance securities and suffered losses greater than $50,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected], to discuss the securities investigation or potential legal claims.
Jun 26, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Ideanomics, Inc. (“Ideanomics” or the “Company”) (NASDAQ: IDEX) to determine whether Ideanomics engaged in securities fraud or other unlawful business practices.
Ideanomics investors who purchased, or otherwise acquired, the Company’s common stock between March 20, 2020 and June 25, 2020 (the “Class Period”) and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected], to discuss the securities investigation or potential legal claims.
According to a class action complaint filed on behalf of investors of Ideanomics, throughout the Class Period, 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. Defendants, allegedly, failed to disclose to investors (1) that Ideanomics’ MEG Center in Qingdao was not “a one million square foot EV expo center”; (2) that the Company had been using doctored or altered photographs of the purported MEG Center in Qingdao; (3) that the Company’s electric vehicle business in China was not performing nearly as strong as Ideanomics had represented; and (4) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
On June 25, 2020, SeekingAlpha reported (“Ideanomics sinks as Hindenburg says it’s short”) that “Ideanomics . . . falls 13.6% to $2.67 after Hindenburg Research says it’s short and sees shares heading towards the March lows of $0.30.” According to SeekingAlpha, “[t]he short seller accuses Ideanomics of doctoring vehicle photos in press releases to suggest that it owned or operated the facility, which is actually operated by almost 100 unrelated sales groups.”
On this news, Ideanomics stock price fell approximately 21% in a day, down to $2.44 per share from the Company’s June 24, 2020 close of $3.09 per share. During intraday trading on June 26, 2020, shares of Ideanomics were down over 40%, trading at $1.20 per share.
Jun 24, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential breaches of fiduciary duty claims involving certain officers and/or directors of Morgan Stanley (“Morgan Stanley” or the “Company”) (NYSE: MS).
The investigation concerns whether certain officers and/or directors of Morgan Stanley breached their fiduciary duties by making and/or causing the Company to issue materially false and misleading statements regarding Morgan Stanley’s business, operations, and compliance.
If you have continuously held Morgan Stanley stock since at least January 2015 and wish to discuss Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Jun 19, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of the American Depositary Receipts (“ADRs”) of Wirecard AG (“Wirecard” or the “Company”) (OTC: WCAGY and OTC: WRCDF) to determine whether the Company engaged in securities fraud or other unlawful business practices.
On July 7, 2020, a class action lawsuit was filed in United States District Court alleging that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion of cash in a trust account that was missing; (2) Wirecard overstated its financial results during the Class Period, including revenue and EBITDA; (3) Wirecard did not have adequate risk management or countermeasures; (4) Wildcard’s external auditor failed to audit Wirecard in accordance with applicable auditing principles; and (5) as a result, Defendants’ statements about Wirecard’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On June 19, 2020, Bloomberg reported that “Wirecard’s lenders are demanding more clarity from the company in return for the extension of almost $2 billion in financing after it breached terms on the loan, people familiar with the matter said.” Further, according to Bloomberg, “[a]t least 15 commercial banks who have lent to Wirecard, including Commerzbank AG and ABN Amro, are in hectic negotiations about the steps to take after the German payments company said on Thursday it’s unable to release its annual report because it can’t locate 1.9 billion euros in cash ($2.1 billion) . . . .”
On this news, Wirecard’s stock dropped significantly, thereby injuring investors.
Wirecard investors who purchased, or otherwise acquired, the Company’s American Depositary Receipts between August 17, 2015 and June 24, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $50,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected], to discuss the securities investigation or potential legal claims.
Jun 18, 2020 | Consumer Protection, Employment & Technology Archive
FTC Sends Additional Warning Letters To 30 More Marketers Nationwide To Stop Making Unsubstantiated Claims That Their Products And Therapies Can Treat Or Prevent COVID-19, The Disease Caused By the Novel Coronavirus
Kehoe Law Firm, P.C. is making consumers aware that on June 18, 2020, the FTC announced that it has sent a seventh set of warning letters to 30 more marketers nationwide as part of the FTC’s ongoing efforts to protect consumers from health-related COVID-19 scams. In total, thus far, the FTC has sent similar letters to 250 companies and individuals.
Most of the letters sent by the FTC target “treatments” the FTC has warned companies about previously, including intravenous (“IV”) Vitamin C and D infusions, supposed stem cell therapy, vitamin injections, essential oils, and CBD products. Other letters sent recently challenged claims that infrared heat, oral peroxide gel, and oxygen therapy can treat or cure COVD-19. However, currently there is no scientific evidence that these, or any, products or services can treat or cure the disease.
The FTC’s most recent letters announced on June 18, 2020 were sent to the companies and individuals listed below, and the recipients are grouped based on the type of therapy, product, or service they pitched as preventing or treating COVID-19.
CBD
Essential Oils
Infrared Heat
Intravenous (IV) Vitamin and Ozone/Oxygen Therapies
- Arlington Integrative Medical Center (Arlington, Texas)
- Dr. Miguel Gonzalez (Thousand Oaks, California)
- Joyce Palmer (Tucson, Arizona)
- Koi Wellbeing (La Jolla, California)
- NewSkin Laser Center (Northridge, California)
- Taylor Medical Wellness, Weight Loss and Aesthetic Group (Atlanta, Georgia)
- The Grossgold Clinic (Clearwater, Florida)
- The Remedy Room (New Orleans, Louisiana)
- Utopia Wellness (Oldsmar, Florida)
Oral Peroxide Gel
Pulsed Electromagnetic Field Therapy
Stem Cell Treatments
Supplements, Vitamins, and Colloidal Silver
- Dr. Laura E. Koniver (Fort Mill, South Carolina) and Intuition Physician, LLC (Haymarket, Virginia)
- Herbal Arc (Langhorne, Pennsylvania)
- Encode Nutrition (Las Vegas, Nevada)
- Fussy Body
- Huber Personalized Medicine, LLC (Cincinnati, Ohio)
- Integrative Medicine Center of Western Colorado (Grand Junction, Colorado)
- Joy Wellness Partners (San Diego, California)
- Loudoun Holistic Health Partners (Leesburg, Virginia)
- The Herb Doctor (Fountain, Colorado)
In the letters, the FTC states that one or more of the efficacy claims made by the marketers are unsubstantiated, because they are not supported by scientific evidence, and, therefore, violate the FTC Act. The letters advise the recipients to immediately stop making all claims that their products can treat or cure COVID-19, and to notify the FTC within 48 hours about the specific actions they have taken to address the agency’s concerns. The letters also note that if the false claims do not cease, the FTC may seek a federal court injunction and an order requiring money to be refunded to consumers. In April, the FTC announced its first case against a marketer of such products, Marc Ching, doing business as Whole Leaf Organics.
Source: Federal Trade Commission – FTC.gov
