Jan 16, 2020 | Securities Class Action Archive
500.com Shareholder Alert – Kehoe Law Firm, P.C. Investigating 500.com Limited
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of 500.com Limited (“500.com” or the “Company”) (NYSE: WBAI) for potential violations of the federal securities laws.
500.com investors who purchased, or otherwise acquired, 500.com securities between April 27, 2018 and December 31, 2019, inclusive (the “Class Period”) are encouraged to contact Kehoe Law Firm, P.C. to discuss the investigation and potential claims.
On January 15, 2020, a class action lawsuit was filed on behalf of persons or entities who purchased, or otherwise acquired, publicly-traded 500.com securities between April 27, 2018 and December 31, 2019, inclusive. The class action lawsuit seeks to recover compensable damages for violations of the federal securities laws under the Securities Exchange Act of 1934.
According to the lawsuit, 500.com Defendants made false and/or misleading statements and/or failed to disclose that: (1) 500.com executives and consultants engaged in a bribery scheme with Japanese officials in an effort to gain favor in a bid to run an upcoming Japanese casino resort; (2) consequently, 500.com was in violation of Japanese anti-bribery laws and its Code of Ethics; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you wish to discuss the class action lawsuit, Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Nov 11, 2019 | Securities Class Action Archive
Adverum Biotechnologies Shareholder Alert – Kehoe Law Firm, P.C. Investigating Potential Securities Claims on Behalf of Investors of Adverum Biotechnologies, Inc. – ADVM
PHILADELPHIA, November 11, 2019 (GLOBE NEWSWIRE) – Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Adverum Biotechnologies (“Adverum” or the “Company”) (NasdaqGS: ADVM) concerning possible violations of the federal securities laws.
Investors of Adverum Biotechnologies who have suffered losses are encouraged to contact John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Kevin Cauley, Director of Business Development, (215) 792-6676, Ext. 802, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
Nov 1, 2019 | Securities Class Action Archive
Casa Systems, Inc. Shareholder Alert – Kehoe Law Firm, P.C. Investigating Potential Securities Claims on Behalf of Investors of Casa Systems – CASA
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Casa Systems, Inc. (“Casa Systems” or the “Company”) (NasdaqGS: CASA) concerning possible violations of the federal securities laws and possible claims of breaches of fiduciary duties by the Board of Directors of the Company.
Casa Systems investors who have suffered losses are encouraged to contact John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected] to learn more about the investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
Oct 17, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Pareteum Corporation (“Pareteum” or the “Company”) (NasdaqCM:TEUM) concerning possible violations of the federal securities laws and possible claims of breaches of fiduciary duties by the Board of Directors of the Company.
Pareteum investors who have suffered losses are encouraged to contact John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or complete the form on the right, learn more about the investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
Oct 3, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is making investors and shareholders of SmileDirectClub, Inc. (“SmileDirectClub” or the “Company”) (NASDAQ: SDC) aware that a class action lawsuit was filed on October 2, 2019 in United States District Court against SmileDirectClub on behalf of persons and entities that purchased, or otherwise acquired, the Class A common stock of SmileDirectClub pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2019 initial public offering (“IPO”). The class action is pursuing claims under Sections 11 and 15 of the Securities Act of 1933.
If you purchased the securities of SmileDirectClub, Inc., pursuant and/or traceable to the registration statement and prospectus issued in connection with SmileDirectClub’s September 2019 IPO, and suffered financial losses, please click Join a Securities Class Action to participate in the lawsuit or 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 lawsuit or the securities investigation.
According to the class action complaint:
On September 13, 2019, the Company filed its prospectus on Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, the Company sold approximately 58.5 million shares of Class A common stock at a price of $23.00 per share. The Company received proceeds of approximately $1.27 billion from the Offering, net of underwriting discounts and commissions. The proceeds from the IPO were purportedly to be used for employee incentive bonuses, certain equity arrangements, and general corporate purposes.
On September 24, 2019, a class action complaint was filed by dentists, orthodontists, and consumers against SmileDirectClub, alleging false advertising, fraud, negligence, and unfair and deceptive trade practices. The complaint disputed the accuracy of several statements in the Registration Statement and highlighted that the Company is subject to litigation for operating as a dentist without proper licensing in several states, as well as other litigation.
On this news, [SmileDirectClub’s] share price fell $1.47, or nearly 9%, to close at $15.68 per share on September 24, 2019, on unusually heavy trading volume. The price stock continued to decline over the next two trading sessions by $2.74, or over 17%, to close at $12.94 per share on September 26, 2019, on unusually heavy trading volume.
By the commencement of [the class action], the Company’s stock was trading as low as $12.94 per share, a nearly 44% decline from the $23 IPO price. [Emphasis added.]
According to the class action complaint:
[t]he Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that administrative personnel, rather than licensed doctors, provided treatment to the Company’s customers and monitored their progress; (2) that, as a result, [SmileDirectClub’s] practices did not qualify as teledentistry under applicable standards; (3) that, as a result, the Company was subject to regulatory scrutiny for the unlicensed practice of dentistry; (4) that the efficacy of [SmileDirectClub’s] treatment was overstated; (5) that the Company had concealed these deceptive marketing practices prior to the IPO; and (6) 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. [Emphasis added.]
SmileDirectClub, Inc. investors who bought SmileDirectClub securities, pursuant and/or traceable to the registration statement and prospectus issued in connection with SmileDirectClub’s September 2019 IPO, and suffered financial losses, are encouraged to click Join a Securities Class Action to participate in the lawsuit or 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 lawsuit or the securities investigation.
Sep 16, 2019 | Securities Class Action Archive
A class action lawsuit has been filed in United States District Court on behalf of purchasers of the common stock of MacroGenics, Inc. (“MacroGenics” or the “Company”) (NASDAQ: MGNX) during the period between February 6, 2019 and June 3, 2019, both dates inclusive, (the “Class Period”).
The class action lawsuit seeks to recover damages and pursue remedies under the Securities Exchange Act of 1934 against MacroGenics and certain of the Company’s officers who, allegedly, made materially false and misleading statements during the Class Period.
If you purchased the securities of MacroGenics during the Class Period February 6, 2019 through June 3, 2019, both dates inclusive, and suffered financial losses, please click Join a Securities Class Action to participate in the lawsuit or 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 lawsuit or the securities investigation.
According to the complaint, MacroGenics, “a clinical stage biopharmaceutical company focused on the development of antibody-based therapeutics designed to control the human immune response for the treatment of cancer in the United States,” has a “pipeline of immune-oncology product candidates,” which “includes margetuximab, an investigational monoclonal antibody that targets the HER2 oncoprotein. HER2 is expressed by tumor cells in breast, gastroesophageal and other solid tumors.”
The complaint states that “[t]he SOPHIA study is a randomized, open-label Phase III clinical trial evaluating margetuximab plus chemotherapy compared to trastuzumab plus chemotherapy in patients with HER2-positive metastic breast cancer.”
Throughout the Class Period, the MacroGenics defendants, according to the complaint:
. . . violated the federal securities laws by disseminating false and misleading statements to the investing public and/or failing to disclose adverse facts pertaining to the Company’s Phase III SOPHIA trial. Specifically, defendants concealed material information and/or failed to disclose that: (a) the Company had conducted the PFS [“progression-free survival”] and first interim OS [“overall survival”] analyses for the SOPHIA trial by no later than October 10, 2018; (b) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (c) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves crossed in several spots (thereby violating the constant hazard assumption) and separated late. [Emphasis added.]
According to the lawsuit, the defendants’ conduct during the Class Period resulted in the common stock of MacroGenics to trade at artificially inflated prices, including at $25.60 per share on February 6, 2019.
On May 13, 2019, the American Society of Clinical Oncologists, according to the complaint, posted a SOPHIA study abstract on the Internet disclosing the October 2018 PFS analysis resulting in a 0.9 month improvement in progression-free survival.
On this news, the price of MacroGenics stock declined 7% to close at $16.25 per share on May 13, 2019.
On June 4, 2019, MacroGenics disclosed additional SOPHIA trial data which, according to the complaint, revealed that MacroGenics had conducted the PFS and OS analyses in October 2018, and the overall survival analyses for the SOPHIA trial demonstrated Kaplan-Meier curves crossing at several spots with late separation.
On this news, the price of MacroGenics stock declined 17% to close at $15.58 per share on June 4, 2019.
