Jun 21, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of Pintec Technology Holdings Limited shareholders concerning Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ:PT) and possible violations of federal securities laws.
If you purchased Pintec securities and suffered losses, please click Join a Securities Class Action or 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 securities investigation.
In October 2018, Pintec completed its initial public offering (“IPO”), during which it sold more than 3.7 million American Depositary Shares (or “ADS”) at $11.88 per share.
On April 30, 2019, Pintec disclosed that it was unable to file its first Annual Report since going public on Form 20-F for the period ended December 31, 2018 on a timely basis.
Since Pintec’s IPO, Pintec’s stock has traded as low as $2.80 per share, well below the $11.88 offering price.
Jun 21, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. announces that class action lawsuits were filed in United States District Court for the Northern District of California against Pivotal Software, Inc. (“Pivotal” or the “Company”) (NYSE: PVTL) and certain of its officers.
The class actions seek to recover damages on behalf of classes consisting of all persons and entities who purchased, or otherwise acquired, i) Pivotal common stock pursuant or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Pivotal’s April 2018 initial public offering (“IPO”) and/or ii) Pivotal securities between April 24, 2018 and June 4, 2019, both dates inclusive (the “Class Period”).
If you purchased Pivotal securities pursuant to the IPO and/or during the Class Period and suffered damages, please click Join a Securities Class Action or 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 class action lawsuit. Pivotal investors have until August 20, 2019 to move the Court to serve as lead plaintiff.
In April 2018, Pivotal commenced its IPO, issuing over 42 million shares of Pivotal common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement, raising more than $638 million in gross proceeds.
One of the class action complaints alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the Company’s Pivotal Application Service (“PAS”) product was not compatible with the industry-standard Kubernetes platform; (2) that, as a result, the PAS product faced reduced demand as the industry shifted away from the outdated product; (3) that the Company’s Pivotal Container Service (“PKS”) product, though compatible with Kubernetes, was severely limited and could not meet large enterprises’ needs; (4) that, as a result, Pivotal could not adequately meet industry demand for a Kubernetes-compatible product that met customers’ wide range of needs; (5) that, as a result of the foregoing, Pivotal was experiencing deferred sales, lengthening sales cycles, and diminished growth; (6) that, as a result, Pivotal would be forced to reengineer its flagship PAS product to be compatible with Kubernetes; and (7) that, as a result of the foregoing, the Pivotal Defendants’ positive statements about Pivotal’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Post-market, on June 4, 2019, Pivotal reported its “First Quarter Fiscal Year 2020 Financial Results,” advising, among other things, that “. . . sales execution and a complex technology landscape impacted the quarter.”
On June 5, 2019, MarketWatch reported that
Wedbush analyst Daniel Ives called the quarter a “train wreck” and dubbed Pivotal’s . . . deferred revenue and billings numbers “disastrous” in downgrading the shares . . . .”
‘While management blamed a “complex technology landscape,” which negatively impacted the quarter, it is clear . . . that this management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which give us concern that this quarter will be the start of some “dark days ahead” for Pivotal (and its investors),’ wrote Ives, who cut his rating on the [Pivotal] stock to neutral from outperform and lowered his target to $15 from $26. [Emphasis added.]
On this news, Pivotal’s stock price dropped $7.65 per share, or more than 40%, to close at $10.89 per share on June 5, 2019, thereby injuring investors.
Kehoe Law Firm, P.C.
Jun 20, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Equity Bancshares, Inc. (“Equity Bancshares” or the “Company”) (NasdaqGS: EQBK). The Kehoe Law Firm’s investigation concerns whether Equity Bancshares and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices.
A shareholder class action complaint has been filed against Equity Bancshares on behalf of investors who purchased shares of the Company’s stock between May 11, 2018 and April 22, 2019 (the “Class Period”).
If you purchased EQBK securities during the Class Period and suffered damages, please click Join a Securities Class Action or 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 class action lawsuit or Kehoe Law Firm’s securities investigation. Investors of Equity Bancshares have until July 15, 2019 to move the Court to serve as lead plaintiff.
According to the class action complaint, during the Class Period, the defendants made a series of false and misleading statements to investors, and failed to disclose that: (1) the Company lacked adequate internal controls to assess credit risk; (2) that certain of the Company’s loans posed an increased risk of loss; and (3) as a result of the foregoing, Equity Bancshares was reasonably likely to incur significant losses for certain substandard loans.
On January 24, 2019, the Company disclosed that, during fourth quarter 2018, one credit relationship was downgraded to Watch and Substandard for $19 million and $9 million, respectively. On this news, the Company’s share price fell $2.14 per share, or more than 6% in value, to close on January 24, 2019 at $32.15 per share.
On April 22, 2019, Equity Bancshares disclosed a $14.5 million provision for loss against the credit relationship, resulting in a $4.1 million net loss for first quarter 2019. On this news, the Company’s share price fell an additional $4.76 per share, or more than 16% in value, to close on April 23, 2019 at $24.71 per share.
Jun 20, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is conducting an investigation on behalf of investors of Diebold Nixdorf, Incorporated concerning possible violations of the federal securities laws by Diebold Nixdorf (“Diebold Nixdorf” or the “Company”).
If you are a Diebold Nixdorf (NYSE: DBD) shareholder who suffered damages, please click Join a Securities Class Action or 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 securities investigation.
On July 2, 2019, a class action lawsuit was filed on behalf of purchasers of the securities of Diebold Nixdorf from May 4, 2017 through July 4, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Diebold Nixdorf investors under the federal securities laws.
Shareholders of Diebold Nixdorf have until September 3, 2019 to move the Court to serve as lead plaintiff.
According to the class action lawsuit, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Diebold Nixdorf was experiencing delays in systems rollouts, as well as a longer customer decision-making process and order-to-revenue conversion cycle; (2) the foregoing issues were negatively impacting Diebold Nixdorf’s services business and operations; and (3) as a result, the statements of the defendants about Diebold Nixdorf’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 5, 2017, Diebold Nixdorf disclosed that the Company expected a wider net loss than prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss. Diebold Nixdorf attributed the lowered expectations to a “delay in systems rollouts,” as well as “a longer customer decision-making process and order-to-revenue conversion cycle.”
On this news, the share price of Diebold Nixdorf dropped $6.28, or almost 23%, to close at $21.20 per share on July 5, 2017, thereby injuring investors.
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 on behalf of institutional and individual investors.
Jun 20, 2019 | Securities Class Action Archive
A class action lawsuit was filed on behalf of purchasers of the securities of Mammoth Energy Services, Inc. (NasdaqGS: TUSK) from October 19, 2017 through June 5, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors of Mammoth Energy Services, Inc. (“Mammoth Energy” or the “Company”) caused by the Mammoth Energy Defendant’s violations of the federal securities laws under the Securities Exchange Act of 1934.
If you purchased Mammoth Energy securities during the Class Period and suffered damages, please click Join a Securities Class Action or 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 class action lawsuit. Mammoth Energy investors have until August 6, 2019 to move the Court to serve as lead plaintiff.
According to the complaint, during the Class Period, the Mammoth Energy Defendants made false and/or misleading statements and/or failed to disclose that: (1) Mammoth Energy’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants’ statements about Mammoth Energy’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Jun 19, 2019 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Livent Corporation (“Livent” or the “Company”). The investigation concerns whether Livent (NYSE: LTHM) and certain officers and/or directors engaged in securities fraud or other unlawful business practices.
On May 22, 2019, a securities class action lawsuit was filed on behalf of individuals who purchased, or otherwise acquired, Livent securities pursuant and/or traceable to the registration statement and prospectus issued in connection with Livent’s October 2018 initial public offering (“IPO”). The class action lawsuit alleges that the Defendants violated the Securities Act of 1933.
Livent investors have until July 22, 2019 to move the Court to seek appointment as lead plaintiff in the securities class action. Livent shareholders who have suffered losses are encouraged to click Join a Securities Class Action or 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 Livent investigation or participating in the class action lawsuit.
According to the class action complaint:
In October 2018, Livent completed its initial public offering (“IPO”), selling 23 million shares of common stock priced at $17.00 per share. Livent received $369 million from the IPO, net of underwriting discounts and commissions.
On February 11, 2019, Livent released its fourth quarter 2018 financial results that missed top-line sales targets, citing difficulties negotiating contracts with existing customers.
On this news, Livent’s stock price fell $0.57 per share, over 4%, to close at $12.55 per share on February 12, 2019.
On May 8, 2019, Livent announced disappointing financial results for the first quarter of 2019, citing further customer issues.
On this news, Livent’s stock price fell $1.70 per share, nearly 16%, to close at $9.03 per share on May 8, 2019.
The class action complaint alleges that Livent’s IPO Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, the Livent Defendants failed to disclose to investors: (1) that a supply contract with Nemaska Lithium Inc. had been terminated; (2) that, as a result, Livent would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) that Livent had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of Livent’s existing contracts; (4) that Livent’s margins were squeezed due to the customer’s increased orders; and (5) that, as a result of the foregoing, the Livent Defendants’ positive statements about Livent’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Livent shareholders who suffered losses are encouraged to click Join a Securities Class Action or 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 Livent investigation or participating in the class action lawsuit.
