Oct 23, 2020 | Securities Class Action Archive
Super Micro Computer Investors Who Have Held Their Stock Continuously Since At Least October 2017 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential breaches of fiduciary duty claims involving certain officers and/or directors of Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SCMI).
The investigation concerns whether certain officers and/or directors of Super Micro breached their fiduciary duties by, among other things, improperly recognizing revenue, concealing sales and accounting misconduct, and issuing false statements regarding the accuracy of the Company’s financial reporting.
If you have continuously held Super Micro stock since at least October 2017 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], [email protected], to learn more about the investigation or potential legal claims.
Oct 22, 2020 | Securities Class Action Archive
Zosano Pharma Investors Who Have Suffered Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Zosano Pharma Corporation (NASDAQ: ZSAN) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Zosano investors who purchased, or otherwise acquired, the Company’s 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], [email protected], [email protected], to discuss the securities investigation or potential legal claims.
On September 30, 2020, Zosano disclosed that it “. . . received a discipline review letter (‘DRL’) from the U.S. Food and Drug Administration (‘FDA’) in connection with the Qtrypta™ (zolmitriptan transdermal microneedle system) 505(b)(2) New Drug Application (‘NDA’).” According to Zosano, the FDA “. . . raised questions regarding unexpected high plasma concentrations of zolmitriptan observed in five study subjects from two pharmacokinetic studies, and how the data from these subjects affect the overall clinical pharmacology section of the application.” The FDA also “. . . raised questions regarding differences in zolmitriptan exposures observed between subjects receiving different lots of Qtrypta in the Company’s clinical trials.”
On this news, Zosano’s stock price fell $0.92 per share, or 57%, to close at $0.70 per share on October 1, 2020.
On October 21, 2020, Zosano announced receipt of a Complete Response Letter (“CRL”) from the FDA. According to Zosano, “[t]he CRL cited inconsistent zolmitriptan exposure levels observed across clinical pharmacology studies, which had been previously identified in the FDA’s discipline review letter received by the Company in September. Specifically, the CRL noted differences in zolmitriptan exposures observed between subjects receiving different lots of Qtrypta in the Company’s trials and inadequate pharmacokinetic bridging between the lots that made interpretation of some safety data unclear.”
Further, Zosano reported that “[t]he CRL referenced unexpected high plasma concentrations of zolmitriptan observed in five study subjects enrolled in the Company’s pharmacokinetic studies. The FDA recommended that the Company conduct a repeat bioequivalence study between three of the lots used during development. The NDA included data on a total of 774 subjects across 5 trials who were administered or dosed with Qtrypta.”
On this news, Zosano’s stock price fell $0.17 per share, or 27%, to close at $0.4441 per share on October 21, 2020.
Oct 19, 2020 | Securities Class Action Archive
Evolus Investors Who Have Suffered Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Evolus investors who purchased, or otherwise acquired, the Company’s securities between February 1, 2019 and July 6, 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 Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
A class action lawsuit was filed against Evolus and certain of its officers in United States District Court, Southern District of New York, seeking to recover damages for investors caused by the Evolus 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, against the Company and certain of its top officials.
According to the class action complaint, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies.
The Evolus Defendants, according to the class action complaint, made false and/or misleading statements and failed to disclose to investors that: (i) the real source of botulinum toxin bacterial strain, as well as the manufacturing processes used to develop Jeuveau,™ originated with and were misappropriated from Medytox; (ii) sufficient evidentiary support existed for the allegations that Evolus misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau™; (iii) as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™; which, in turn, (iv) seriously threatened Evolus’ ability to commercialize Jeuveau™ in the United States and generate revenue; and (v) any revenues generated from the sale of Jeuveau™ were based on Evolus’ unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox.
Oct 14, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Loop investors who purchased, or otherwise acquired, the Company’s securities between September 24, 2018 and October 12, 2020, both dates inclusive (the “Class Period”), and suffered significant losses 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], [email protected], [email protected], to discuss the securities investigation or potential legal claims.
On October 13, 2020, a class action complaint was filed against Loop in United States District Court, Southern District of New York, pursuing claims on behalf of Loop investors under the Securities Exchange Act of 1934.
According to the class action complaint, throughout the Class Period, the Loop 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 that: (1) Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) as a result of the foregoing, the Loop Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
As a result of the Loop Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members, according to the complaint, have suffered significant losses and damages.
On October 13, 2020, Hindenburg Research issued a report, “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show[.]”
According to the Hindenburg Research report, “Loop Industries has never generated revenue, yet calls itself a technology innovator with a ‘proven’ solution that is ‘leading the sustainable plastic revolution’[;] Our research indicates that Loop is smoke and mirrors with no viable technology.”
Hindenburg Research’s report also stated that “[a] former Loop employee told [Hindenburg Research] that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. [Hindenburg Research has] obtained internal documents and photographs to support their claims.”
The Hindenburg Research report also stated that “[a]ccording to a former employee, Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible[.]'”
Further, the Hindenburg Research report stated that “[e]xecutives from a division of key partner Thyssenkrupp, [which] Loop entered into a ‘global alliance agreement’ with in December 2018, told [Hindenburg Research] their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”
On this news, shares of Loop were down as much as 32.73% during intraday trading on October 13, 2020.
Oct 9, 2020 | Securities Class Action Archive
Investors of ACM Research With Losses Greater Than $100,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of ACM Research Inc. (“ACM” or the “Company”) (NASDAQ: ACMR) to determine whether ACM engaged in securities fraud or other unlawful business practices.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE SECURITIES OF ACM RESEARCH BETWEEN MARCH 6, 2019 AND OCTOBER 7, 2020, BOTH DATES INCLUSIVE (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], [email protected], [email protected], TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
A class action lawsuit has been filed seeking to recover damages on behalf of investors who purchased, or otherwise acquired, ACM securities during the Class Period and suffered losses.
According to the class action complaint, throughout the Class Period, the ACM Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. The ACM Defendants, allegedly, made false and/or misleading statements and failed to disclose to investors that (i) the Company’s revenue and profits had been diverted to undisclosed related parties; (ii) accordingly, the Company had materially overstated its revenues and profits; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On October 8, 2020, J Capital Research reported, among other things, that “ACMR reports industry-beating gross margins of 47%. [J Capital Research] believe[s] the real gross margins are half that at best. That would wipe out the company’s net profit.” J Capital Research also reported that it “. . . estimate[s] that revenue is overstated by 15-20%[,]” and that it has “. . . evidence that undisclosed related parties are diverting revenue and profit from the company[.]”
Additionally, J Capital Research reported that the “[k]ey means by which ACMR tunnels over-reported profit out of the company may be through about $20 mln in overstated inventory costs and through cash that is inflated or just compromised. We think [at] least $11 mln in warranty and service costs are understated.”
On this news, ACM’s stock price dropped $1.09 per share to close at $70.79, thereby injuring investors.
Oct 5, 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 Honeywell International, Inc. (“Honeywell” or the “Company”) (NYSE: HON).
The investigation concerns whether certain officers and/or directors of Honeywell breached their fiduciary duties, wasted corporate assets, were unjustly enriched and/or contributed to violations of federal securities laws, resulting in significant damage to Honeywell’s reputation, goodwill, standing in the business community, and potential exposure to millions of dollars in liability for violations of federal securities laws.
If you have continuously held Honeywell stock since at least February 1, 2018 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.
