Jul 7, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Elanco Animal Health Incorporated (“Elanco” or the “Company”) (NYSE: ELAN) to determine whether Elanco may have violated federal securities laws.
Investors who purchased, or otherwise acquired, securities of Elanco between January 10, 2020 and May 6, 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], to discuss the investigation or potential legal claims.
According to a class action lawsuit filed on behalf of Elanco investors, defendants, allegedly, made materially false and/or misleading statements and/or failed to disclose that: (1) after consolidating its distributors from eight to four, Elanco increased the amount of inventory, including companion animal products, held by each distributor; (2) Elanco’s distributors were not experiencing sufficient demand to sell through the inventory; (3) Elanco’s revenue was reasonably likely to decline; (4) as a result of the foregoing, Elanco would reduce its channel inventory with respect to companion animal products; and (5) as a result of the foregoing, defendants’ positive statements about Elanco’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must move the Court no later than July 20, 2020. To be a member of the class action, you do not need to take any action at this time; you may retain counsel of your choice; or you can take no action and remain an absent member of the class action. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel, unless you retain an attorney. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Jul 6, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Ryder System, Inc. (“Ryder System” or the “Company”) (NYSE: R) to determine whether Ryder System may have violated federal securities laws.
Investors who purchased, or otherwise acquired, securities of Ryder System between July 23, 2015 and February 13, 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], to discuss the investigation or potential legal claims.
According to a class action lawsuit filed on behalf of Ryder System investors, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that the Company’s financial results were inflated as a result of the Company’s practice of overstating the residual values of the vehicles in its fleet, because there was no reasonable basis to believe that Ryder System would sell its used vehicles for the amounts that it had assigned to them; and as a result, the Company’s residual values for its fleet of vehicles exceeded the expected future values that would be realized upon the sale of those vehicles by such a degree that Ryder System ultimately took a $357 million depreciation charge in 2019 related to the Company’s reduction of its residual values to align them with the amounts for which they could realistically be sold.
If you wish to serve as lead plaintiff, you must move the Court no later than July 20, 2020. To be a member of the class action, you do not need to take any action at this time; you may retain counsel of your choice; or you can take no action and remain an absent member of the class action. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel, unless you retain an attorney. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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.
