Mar 20, 2020 | Securities Class Action Archive
Class Action Lawsuit Filed Against Alpha and Omega Semiconductor Limited – Alpha and Omega Semiconductor Shareholders Who Purchased AOSL Stock Between August 7, 2019 and February 5, 2020, Both Dates Inclusive, Encouraged To Contact Kehoe Law Firm, P.C. To Discuss Potential Legal Claims
Kehoe Law Firm, P.C. is making investors aware that on March 19, 2020, a class action lawsuit was filed against Alpha and Omega Semiconductor Limited (“Alpha and Omega” or the “Company”) (NasdaqGS: AOSL) and certain officers in United States District Court, Southern District of New York, on behalf of persons and entities that purchased or otherwise acquired Alpha and Omega securities between August 7, 2019 and February 5, 2020, inclusive (the “Class Period”). The Plaintiff is pursuing claims against the Alpha and Omega Defendants under the Securities Exchange Act of 1934.
Kehoe Law Firm, P.C. continues its securities investigation of Alpha and Omega. AOSL investors who purchased, or otherwise acquired, stock shares of Alpha and Omega Semiconductor during the Class Period are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to discuss the AOSL securities investigation, the class action lawsuit or potential legal claims.
According to the class action complaint, throughout the Class Period, the Alpha and Omega 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. Specifically, Defendants failed to disclose to investors: (1) that the Company’s export control practices were in violation of applicable laws and regulations; (2) that, as a result, the Company was vulnerable to regulatory scrutiny and liability; and (3) that, 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.
Department of Justice Investigation Regarding AOSL’s Compliance With Export Control Regulations
On February 5, 2020, AOSL issued a press release which, among other things, stated:
The Company notes that Department of Justice recently commenced an investigation into the Company’s compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (“Huawei”), which were added to the “Entity List” by the Department of Commerce (“DOC”). The Company is cooperating fully with federal authorities in the investigation. The Company has maintained an export control compliance program and has been committed to comply fully with all applicable laws and regulations. In connection with this investigation, DOC has requested the Company to suspend shipments of its products to Huawei, and the Company is currently working with DOC to resolve this issue. Accordingly, [AOSL] expect[s] the financial performance in the March quarter will be negatively impacted by the Huawei shipment interruption and by additional professional fees incurred in connection with the investigation. [AOSL] note[s] that the DOC order applies to only [its] shipment to Huawei and sales to other non-Huawei customers are expected to continue, unaffected by the order. Since this is a pending and confidential matter, the Company does not intend to comment further on the status of this investigation except as required by law. [Emphasis added.]
On this news, AOS’s stock price fell $1.48 per share, or 12%, closing at $10.85 per share on February 6, 2020.
Have You Purchased, Or Otherwise Acquired, Alpha and Omega Semiconductor Stock Between August 7, 2019 and February 5, 2020, Both Dates Inclusive, and Suffered Losses?
AOSL investors who purchased, or otherwise acquired, stock shares of Alpha and Omega Semiconductor during the Class Period are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to discuss the AOSL securities investigation, the class action lawsuit or potential legal claims.
Mar 19, 2020 | Securities Class Action Archive
Adamas Pharmaceuticals Stock – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims on Behalf of ADMS Investors – ADMS Shareholders Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating breach of fiduciary duty claims on behalf of shareholders of Adamas Pharmaceuticals, Inc. (NasdaqGM: ADMS) that presently own the common stock of Adamas Pharmaceuticals, Inc.
On March 16, 2020, a verified shareholder derivative complaint was filed in United States District Court seeking to remedy alleged wrongdoing committed by Adamas Pharmaceuticals’ directors and officers from August 8, 2017 through September 30, 2019.
ADMS investors who currently own shares of Adamas Pharmaceuticals are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to discuss the Adamas Pharmaceuticals investigation or potential legal claims.
Mar 19, 2020 | Securities Class Action Archive
Securities Investigation On Behalf of Shareholders of Apyx Medical Corporation – NASDAQ: APYX – Apyx Medical Will Restate Financials Which Can No Longer Be Relied Upon
Kehoe Law Firm, P.C. is making investors aware that it is investigating securities claims on behalf of investors of Apyx Medical Corporation (“Apyx Medical” or the “Company”) to determine whether Apyx Medical issued materially false or misleading business information to investors.
Apyx Medical Corporation Concludes That Its Previously Filed Financial Statements For The 12 Months Ended December 31, 2018 and The Quarterly Statements For The Three and Nine Months ended September 30, 2018 and Three Months Ended March 31, 2019 Can No Longer Be Relied Upon
On March 16, 2020, Apyx Medical stated (“Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review“):
On March 12, 2020, [Apyx Medical’s] Management and the Audit Committee of the Board of Directors, following discussion with our predecessor independent registered public accounting firm, concluded that the Company’s previously filed financial statements for the twelve months ended December, 31 2018 and the quarterly statements for the three and nine months ended September 30, 2018 and three months ended March 31, 2019, can no longer be relied upon as the result of the aggregation of errors identified by Management and the Company’s new accounting personnel during 2019 related to the following:
-The elimination of markup on intercompany sales from our subsidiary in Bulgaria,
-The collection and remission of employee’s income and payroll taxes related to the exercise of stock options in 2018 and 2019,
-Reporting the incorrect amount of income to employees on their form W-2 for both non-qualified and incentive stock option exercises and misclassification of some non-qualified stock option exercises as incentive stock option exercises,
-Accounting for stock-based compensation expense (related to forfeitures, vesting periods, modifications, fair value measurements and other miscellaneous items)
-Accounting for revenue and deferred expenses related to pre-developments activities in some of its OEM contracts
Additionally, on March 12, 2020 the Audit Committee of the Board of Directors discussed with the predecessor independent registered public accounting firm the matters to be disclosed in this 8-K.
As a result of the aforementioned items, the financial statements for the year ended December 31, 2018, and the three- and nine-month periods ended September 30, 2018 and three-month period ended March 31, 2019 will be restated. The Company anticipates filing the restated financial statements within the extension period allowed in accordance with Form 12b-25, however the time required to complete the restatements cannot be stated with full certainty at this time. [Emphasis added.]
On this news, Apyx Medical’s securities fell $0.23 per share, or more than 5%, to close at $4.36 per share on March 17, 2020.
Are You An Apyx Medical – APYX- Investor Who Has Suffered Losses?
Apyx Medical investors who have suffered losses are encouraged to contact Kehoe Law Firm, P.C, Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to discuss potential legal claims.
Mar 18, 2020 | Securities Class Action Archive
Investigation of Securities Claims Against Commercial Vehicle Group, Inc. – CVGI
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Commercial Vehicle Group, Inc. (“Commercial Vehicle” or the “Company”) (NASDAQ: CVGI) resulting from allegations that Commercial Vehicle Group may have issued materially misleading business information to the investing public.
On March 16, 2020, after the market closed, Commercial Vehicle issued a press release announcing its fourth quarter and full year 2019 financial results. Commercial Vehicle disclosed that certain financial statements for the fiscal year ended December 31, 2018 and certain 2019 quarterly periods should no longer be relied upon due to misstatements.
The Company, among other things, stated:
On March 12, 2020, the Audit Committee of the Board of Directors of the Company, after considering the recommendations of management, and discussing such recommendations with outside SEC counsel and KPMG LLP, the Company’s independent registered public accounting firm, concluded that our audited consolidated financial statements as of and for the fiscal year ended December 31, 2018, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and our unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018, included in our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2019, June 30, 2019 and September 30, 2019, should no longer be relied upon due to misstatements (the “restatement”).
With respect to the impact of the restatement on the Consolidated Statements of Operations for 2018 and for the nine months ended September 30, 2019, cost of revenues were understated by $3.9 million and $4.6 million, respectively, net income was overstated by $3.0 million and $3.5 million, respectively, and diluted earnings per share was overstated by $0.10 and $0.11, respectively. Total Assets in the Consolidated Balance Sheets as of December 31, 2018 and as of September 30, 2019 were overstated by $5.4 million and $9.0 million, respectively. Costs relating to an independent investigation, which is complete, arising from the restatement referenced above are estimated to be $3 million and were incurred in the first quarter of 2020. [Emphasis added.]
On this news, Commercial Vehicle’s share price fell as much as $0.33 per share, or more than 13%, during intraday trading on March 17, 2020, thereby injuring investors.
Are You a Commercial Vehicle Group Investor Who Has Suffered Losses?
Commercial Vehicle Group investors who purchased, or otherwise acquired, CVGI securities and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to learn about potential legal claims.
Mar 17, 2020 | Securities Class Action Archive
Gulfport Energy Corporation Class Action Lawsuit Filed On Behalf GPOR Investors Who Purchased, Or Otherwise Acquired, Gulfport Energy Securities Between May 3, 2019 and February 27, 2020, Both Dates Inclusive – Kehoe Law Firm, P.C. Investigating Securities Claims On Behalf of GPOR Shareholders
Kehoe Law Firm, P.C. is making investors aware that a class action lawsuit was filed on March 17, 2020 in United States District Court, Southern District of New York, on behalf of all persons, other than Defendants, who purchased, or otherwise acquired, the securities of Gulfport Energy Corporation (“Gulfport Energy” or the “Company”) (NASDAQ: GPOR) between May 3, 2019, and February 27, 2020, both dates inclusive (the “Class Period”).
The class action lawsuit seeks to recover damages caused by the Gulfport Energy Defendants’ alleged violations of the 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.
According to the class action complaint, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business and operations. The Gulfport Energy Defendants, allegedly, made false and/or misleading statements and/or failed to disclose that: (i) a material weakness existed in Gulfport Energy’s internal control over financial reporting; (ii) accordingly, Gulfport Energy’s disclosure controls and procedures were ineffective; (iii) as a result, Gulfport Energy’s financial statements contained multiple misstatements; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Gulfport Energy Files Form 8-K – Discloses That Previously Issued Financial Statements For The Three and Nine Months Ended September 30, 2019 Should No Longer Be Relied Upon
In a February 27, 2020 Form 8-K filed with the SEC, Gulfport Energy disclosed that “. . . management of Gulfport Energy Corporation . . . concluded, and the Audit Committee . . . of the Company’s Board of Directors . . . concurred, that [Gulfport Energy’s] previously issued unaudited consolidated financial statements for the three and nine months ended September 30, 2019, which were included in [Gulfport Energy’s] Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which was originally filed with the Securities and Exchange Commission . . . on November 1, 2019 . . . should no longer be relied upon due to material misstatements.” [Emphasis added.]
Gulfport Energy stated that
[i]n the course of preparing the consolidated financial statements for the year ended December 31, 2019, the Company identified a misstatement of its depreciation, depletion and amortization and impairment of oil and gas properties as of September 30, 2019 of approximately $554 million ($436 million net of the tax benefit) related to unrecorded transfers of its unevaluated oil and natural gas properties into the amortization base. This error impacted the related calculations of [Gulfport Energy’s] depreciation, depletion and amortization and impairment of oil and natural gas properties for the three and nine month periods ended September 2019. Net (loss) income and income tax (benefit) expense have also been impacted.
Additionally, Gulfport Energy stated that it
. . . has determined that a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective. Therefore, the Company’s previous evaluation of its disclosure controls and procedures as of September 30, 2019 should no longer be relied upon.
Shares of Gulfport Energy declined $0.08 per share, or 8.89%, closing at $0.82 per share on February 28, 2020.
Are You A Gulfport Energy Corporation Investor Who Purchased, Or Otherwise Acquired, GPOR Securities During The Class Period And Suffered Losses?
Gulfport Energy investors who purchased, or otherwise acquired, the securities of Gulfport Energy Corporation between May 3, 2019, and February 27, 2020, both dates inclusive, are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to learn more about the Gulfport Energy securities investigation, the class action lawsuit or potential legal claims.
Mar 17, 2020 | Securities Class Action Archive
Cronos Group Files Announces That Its Previously Issued Unaudited Interim Financial Statements For First, Second and Third Quarters of 2019 Will Be Restated And Should No Longer Be Relied Upon
Kehoe Law Firm, P.C. is making investors aware that on March 17, 2020, Cronos Group Inc. (“Cronos” or the “Company”) (NasdaqGS: CRON) issued a press release announcing that Cronos Group
. . . determined, on the recommendation of the Audit Committee of the Company’s Board of Directors and after consultation with KPMG LLP, the Company’s independent registered public accounting firm, that Cronos Group’s previously issued unaudited interim financial statements for first, second and third quarters of 2019 prepared in accordance with International Financial Reporting Standards as filed on SEDAR, and with the U.S. Securities and Exchange Commission on Form 6-K, will be restated and reissued and should no longer be relied upon.
As previously announced, the Audit Committee of the Company’s Board of Directors has been conducting a review of certain bulk resin purchases and sales of products through the wholesale channel, and the restatement is being made to eliminate certain of these transactions through the wholesale channel. The Company will reduce revenue for the three months ended March 31, 2019 by C$2.5 million and the three months ended September 30, 2019 by C$5.1 million.
Cronos Group intends to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, including its audited annual financial statements for the fiscal year ended December 31, 2019, no later than March 30, 2020. However, no assurance can be given that the anticipated timing of filing will be met due to the impact of COVID-19, as well as the need for the Company’s auditors to complete their audit work, among other things. In connection with the restatement, the Company anticipates that it will report one or more material weakness in internal control over financial reporting when it files its Form 10-K. [Emphasis added.]
Cronos Group Inc. Class Action Lawsuit Filed Seeking To Recover Damages On Behalf of CRON Investors
Kehoe Law Firm, P.C. previously advised investors that a class action lawsuit has been filed in United States District Court against Cronos Group Group Inc. and certain Cronos officers on behalf of Cronos shareholders who purchased, or otherwise acquired, Cronos securities between May 9, 2019 and March 2, 2020 (the “Class Period”).
The class action seeks to recover damages against the Cronos Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The class action complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Cronos had engaged in significant transactions for which its revenue recognition was inappropriate; (2) the foregoing would foreseeably necessitate reviews that would delay the Company’s ability to timely file its periodic reports; and (3) as a result, the public statements of Cronos were materially false and misleading at all relevant times.
According to the class action complaint:
On February 24, 2020, Cronos stated that it would delay its fourth quarter and fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020.
On this news, Cronos’s share price fell $0.78 per share, or 10.91%, to close at $6.37 on February 24, 2020.
Then, on March 2, 2020, after the market closed, Cronos disclosed that it had requested a 15-day extension for filing a complete Annual Report on Form 10-K with the SEC for its fourth quarter and fiscal year 2019. Cronos attributed the delay to a ‘review by the Audit Committee of the Company’s Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions.’
On this news, Cronos’s share price fell an additional $0.70 per share, or 11.63%, to close at $5.32 per share on March 3, 2020. [Emphasis added.]
Are You a Cronos Group Investor Who Purchased, Or Otherwise Acquired, CRON Securities During The Class Period And Suffered Losses?
Cronos investors who purchased, or otherwise acquired, the publicly-traded securities of Cronos during the Class Period between May 9, 2019 and March 2, 2020, both dates inclusive, and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to learn more about the Cronos class action lawsuit or potential legal claims.
