May 27, 2020 | Securities Class Action Archive
Personalis Shareholders Who Have Suffered Losses Greater Than $100K Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating Personalis, Inc. (“Personalis” or the “Company”) (NASDAQ: PSNL) for potential federal securities law violations pursuant to the Company’s June 2019 initial public offering (“IPO”).
Personalis completed its IPO on June 20, 2019, offering shares at $17.00 and raising $140 million in gross proceeds. Four days after the IPO, Personalis stock was trading as high as $31.88 per share.
By April 27, 2020, however, Personalis closed at $10.31 per share, representing a significant decline from the Company’s IPO price and a decline of 67% from its high of $31.88 per share. On May 27, 2020, Personalis closed at $11.94 per share, down 4.10%.
Investors who purchased, or otherwise acquired, Personalis common stock and suffered losses greater than $50K are encouraged to contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
May 27, 2020 | Securities Class Action Archive
Pfenex Inc. Shareholders Who Have Suffered Losses Greater Than $50K Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders Pfenex Inc. (“Pfenex” or the “Company”) (NYSE: PFNX) to determine whether Pfenex and certain of the Company’s officers and/or directors committed securities fraud.
Pfenex, in an April 14, 2020 press release, stated that the FDA “ . . . informed Alvogen Malta Operations Ltd., the Company’s commercialization partner for PF708, via a General Advice letter that additional comparative use human factors (CUHF) data, specifically from Forteo® (teriparatide injection) experienced users, would be required before PF708 Therapeutic Equivalence (TE) could be determined.”
On this news, Pfenex stock dropped $2.49 per share, or 27.85%, to close at $6.45 per share on April 15, 2020.
Pfenex investors who purchased, or otherwise acquired, Pfenex common stock and suffered losses greater than $50K are encouraged to contact Kehoe Law Firm, P.C., John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
May 27, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. Investigating Claims On Behalf of Investors Who Purchased, Or Otherwise Acquired, Sorrento Therapeutics Securities Between May 15, 2020 and May 22, 2020, Both Dates Inclusive, And Suffered Losses Greater Than $100K
Investors of Sorrento Therapeutics should be aware that on May 26, 2020, a class action lawsuit was filed in United States District Court, Southern District of California, on behalf of all investors who purchased, or otherwise acquired, the common stock of Sorrento Therapeutics, Inc. (“Sorrento” or the “Company”) between May 15, 2020 and May 22, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by the Sorrento Defendants’ alleged violations of the federal securities laws and to pursue remedies under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
According to the class action complaint, “[d]uring the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants mispresented and/or failed to disclose that: (i) the Company’s initial finding of ‘100% inhibition’ in an in vitro virus infection will not necessarily translate to to success or safety in vivo, or in person; (ii) the Company’s finding was not a ‘cure’ for COVID-19; and (ii) 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.”
Investors who purchased, or otherwise acquired, Sorrento Therapeutics common stock during the Class Period and suffered losses greater than $100K are encouraged to contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
May 27, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. Investigating Claims On Behalf of Investors Who Purchased, Or Otherwise Acquired, Colony Capital Securities Between August 9, 2019 and May 7, 2020, Both Dates Inclusive, And Suffered Losses Greater Than $100K
Colony Capital investors should be aware that on May 26, 2020, a class action lawsuit was filed in United States District Court, Central District of California, against Colony Capital, Inc. (“Colony Capital,” “Colony” or the “Company”) (NYSE: CLNY) and certain Company executives seeking to recover damages caused by the Colony Defendants’ alleged violations of 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. The class action was brought on behalf of investors who purchased, or otherwise acquired, Colony Capital securities between August 9, 2019 and May 7, 2020, both dates inclusive (the “Class Period”).
According to the class action complaint:
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Colony’s sale of its industrial real estate portfolio and the bifurcation of Colony Credit Real Estate’s portfolio were foreseeably likely to negatively impact Colony’s financial and operating results; (ii) certain of Colony’s remaining portfolio companies carried unsustainable levels of debt secured by hotels and healthcare-related properties and were thus at a significant risk of default; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 8, 2019, Colony announced its financial results for the third quarter of 2019. Among other results, the Company reported a GAAP net loss of $555 million, or $1.15 per share, which ‘notably included reductions of goodwill, real estate and provision for loan losses totaling $540.3 million . . . of which $387.0 million was attributable to the reduction of goodwill primarily as a result of the pending sale of the Company’s industrial investment management business and related real estate portfolio, and the decrease in management fees from Colony Credit Real Estate, Inc. resulting from impairments related to its portfolio bifurcation.’
On this news, Colony’s stock price fell $0.48 per share, or 8.76%, to close at $5.00 per share on November 8, 2019.
Then, on May 8, 2020, Colony issued a press release announcing its financial and operating results for the first quarter of 2020. In the press release, Colony reported that its portfolio companies had defaulted on $3.2 billion of debt secured by hotels and healthcare-related properties and that Colony had received a notice of acceleration covering $780 million of the defaulted debt.
On this news, Colony’s stock price fell $0.08 per share, or 3.81%, to close at $2.02 per share on May 8, 2020. [Emphasis added.]
Investors who purchased, or otherwise acquired, Colony Capital securities during the Class Period and suffered losses greater than $100K are encouraged to contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
May 26, 2020 | Consumer Protection, Employment & Technology Archive
Data Breach Exposed Personally Identifiable Information Of Clients Contained on PaperlessPay’s Servers and Systems – Payroll Service Clients Acknowledge Being Affected by Data Breach
Kehoe Law Firm, P.C. is making consumers aware that in a “Notice of Data Breach“ filed with the State of California Department of Justice, Office of the Attorney General, Marshall Medical Center (“MMC”) stated that “[o]n March 20, 2020 PaperlessPay contacted MMC that . . . the Department of Homeland Security . . . contacted PaperlessPay [about] an unknown person . . . purporting to sell ‘access’ to PaperlessPay’s client database on the dark web.”
MMC’s data breach notice stated that through a joint FBI and DHS investigation, as well as MMC’s own internal investigation, “. . . PaperlessPay confirmed that an unknown person . . . on February 18, 2020 accessed PaperlessPay’s database where MMC employees’ data was stored.” According to MMC’s breach notification, “[t]he information stored in PaperlessPay’s database regarding MMC employees consists of the data elements that appear on employee pay stubs and tax forms, including name, address, pay and withholdings, and Social Security number.” [Emphasis added.]
In another “Notice of Data Breach” filed with the State of California Department of Justice, Office of the Attorney General, Community Memorial Health System (“CMHS”) stated that they ” . . . were notified by PaperlessPay Corporation . . . in a letter dated March 20, 2020, that on February 19, 2020, they were contacted by the Department of Homeland Security . . . regarding a possible breach of their systems. PaperlessPay is a vendor hired by CMHS to house pay stubs and assist with W-2 forms. DHS notified PaperlessPay that there was an unknown person purporting to sell ‘access’ to their client database on the dark web.” CMHS’s data breach notice also stated that
[t]he impacted server stored pay stub and tax forms that contain name, address, pay and withholdings information, bank account number information (if this appears on [one’s] paystub), and Social Security number. With respect to bank account information, note that bank information for employees who receive a single deposit was not provided to Paperless Pay. Bank account information is, however, provided for those employees who receive multiple deposits. Specifically, for multiple deposit employees, PaperlessPay would have had access to a full bank account number for each account that is being deposited, but not to bank account routing numbers or bank names. [Emphasis added.]
The Orlandosentinel.com reported (“OUC pay stubs, W2s for 2,100 workers target of possible ‘data attack'”) that “[a] data breach may have occurred with payroll information for 2,100 current and former Orlando Utilities Commission employees, according to a warning letter to workers distributed by OUC management.” Reportedly, “. . . in [a] warning email . . . OUC management said that PaperlessPay Corp., after cooperating with federal law enforcement, ‘cannot definitively rule out the possibility’ that employee pay information was taken in a data breach.” [Emphasis added.]
A class action complaint, filed on May 22, 2020 in United States District Court, Middle District of Florida, against PaperlessPay Corporation, Fareway Stores, Inc., Mark Broughton, and Reynolds Cramer, alleged that “PaperlessPay only notified [e]mployers of the Data Breach on approximately March 20, 2020, over a month after the breach was first discovered[,]” and “[w]hile PaperlessPay ultimately notified [e]mployers of the [d]ata [b]reach, PaperlessPay made the deliberate decision not to notify individuals whose data was impacted by the [d]ata [b]reach.”
According to the class action complaint:
[t]he stolen PII [Personally Identifiable Information] has great value to hackers due to the sheer number of individuals affected and the fact that bank account information and Social Security numbers were compromised.
For example, PaperlessPay currently states on its website that it has 2,272,690 users (who are the employees of the affected Employers), thus making it possible that millions of individuals had their PII stolen.
Additionally, although Defendant Fareway Stores, Inc. is just one of PaperlessPay’s customers, Fareway has notified 30,519 individuals in the state of Iowa alone that their PII was compromised.
Based on disclosures made by [e]mployers to certain states, only a handful of [e]mployers have notified their employees that their PII was compromised in the [d]ata [b]reach. These [e]mployers include: Fareway Stores, Inc.; Marshall Medical Center (El Dorado, California); Community Memorial Health System (Claysburg, Pennsylvania); Orlando Utilities Commission (Orlando, Florida); City of Fort Lauderdale; Lee Auto Malls (Auburn, Maine); Spencer Municipal Hospital (Spencer, Iowa); MP Environmental Services, Inc. (Bakersfield, California); Riverwood Healthcare Center (Minneapolis, Minnesota); and PCL Construction, Inc. (Denver, Colorado).
Given the fact that PaperlessPay states it has 1,500 clients, it is likely that hundreds of employers have not yet notified at least tens of thousands of employees that their PII was compromised. [Emphasis added.]
Have You Been Impacted by A Data Breach?
If so, please either contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], complete the form on the right or e-mail [email protected] for a free, no-obligation case evaluation of your facts to determine whether your privacy rights have been violated and whether there is a basis for a data privacy class action.
Examples of the type of relief sought by data privacy class actions, include, but are not limited to, reimbursement of identity theft losses and of out-of-pocket costs paid by data breach victims for protective measures such as credit monitoring services, credit reports, and credit freezes; compensation for time spent responding to the breach; imposition of credit monitoring services and identity theft insurance, paid for by the defendant company; and improvements to the defendant company’s data security systems.
Data privacy class actions are brought on a contingent-fee basis; thus, plaintiffs and the class members do not pay out-of-pocket attorney’s fees or litigation costs. Subject to court approval, attorney’s fees and litigation costs are derived from the recovery obtained for the class.
