Feb 9, 2018 | Securities Class Action Archive
Class Action Filed on Behalf of SMCI Shareholders Who Purchased Super Micro Securities Between January 27, 2017 and January 30, 2018, Both Dates Inclusive
Kehoe Law Firm, P.C continues its investigation of California-based Super Micro Computer, Inc., “a global leader in high performance, high efficiency server technology and innovation” which “develop[s] and provide[s] end-to-end green computing solutions to the data center, cloud computing, enterprise IT, big data, high performance computing, or HPC, and embedded markets.”
A class action lawsuit was recently filed against Super Micro Computer, Inc. (NASDAQ:SMCI) and certain of its officers in United States District Court, Northern District of California, on behalf of a class of investors who purchased, or otherwise acquired, SMCI securities to try to recover compensable damages caused by the SMCI defendants’ alleged violations of the Securities Exchange Act of 1934.
According to the class action complaint, throughout the January 27, 2017 to January 30, 2018 Class Period, SMCI defendants allegedly made materially false and misleading statements regarding Super Micro’s business, operational and compliance policies. Specifically, the Super Micro defendants made false and/or misleading statements and/or failed to disclose that Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions; as such, Super Micro’s internal controls were not effective. Further, Super Micro allegedly lacked the capability to timely review and assess the impact of the foregoing issues, and, as a result, Super Micro’s public statements were materially false and misleading at all relevant times.
Super Micro Computer’s Stock Price Drops Between August 2017 and January 2018
According to the class action complaint:
On August 29, 2017, post market, Super Micro filed a Notice of Late Filing with the SEC advising that it was not able to file a Form 10-K for the fiscal year ended June 30, 2017. On this news, Super Micro’s share price fell $1.35, or 4.96%, to close at $25.85 on August 30, 2017.
On October 26, 2017, post-market, Super Micro reaffirmed the delay in filing the Form 10-K, and Super Micro told investors that the transaction at issue “was originally recorded as revenue during the quarter ended December 31, 2016. However, prior to review by the Company’s independent auditors and prior to the Company’s public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017.” On this news, Super Micro’s share price fell $1.23, or 5.65%, to close at $20.48 on October 27, 2017.
On January 30, 2018, post-market, Super Micro announced the resignation of three executives, as well as that Super Micro’s “Audit Committee has completed the previously disclosed investigation,” and that “[a]dditional time is required to analyze the impact, if any, of the results of the investigation on the Company’s historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017.” Following this news, Super Micro’s share price fell $1.83, or 7.4%, to close at $22.83 on January 31, 2018.
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Super Micro Computer Shareholders and Investors
If you purchased Super Micro Computer Securities Between January 27, 2017, and January 30, 2018, both dates inclusive, and have questions or concerns about your potential legal rights or claims, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right, or e-mail [email protected].
Feb 9, 2018 | Securities Class Action Archive
Class Action Lawsuit Filed on Behalf of Ballard Power Systems Inc. Shareholders who Purchased Ballard Power Securities Between September 30, 2016, and January 25, 2018, Both Dates Inclusive
Kehoe Law Firm, P.C. continues its investigation on behalf of BLDP stock shareholders. BLDP investors should be aware that a class action lawsuit has been filed against Ballard Power Systems, Inc. (NASDAQ: BLDP) and certain of its officers in United States District Court, Southern District of New York, on behalf of a class consisting of investors who purchased, or otherwise acquired, Ballard Power securities, to try to recover damages caused by the Ballard Power Defendants’ alleged violations of the federal securities laws.
According to the lawsuit, the Ballard Defendants, throughout the September 30, 2016 to January 25, 2018 Class Period, made false and/or misleading statements and/or failed to disclose that Ballard Power overstated the operations of its China-based partners Broad Ocean and Synergy JV; Ballard’s technologies had not been deployed in China to the extent Ballard Power represented; and as a result, Ballard Power’s stock shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
Ballard Power Systems
Ballard Power is a “world leader in proton exchange membrane . . . fuel cell development and commercialization,” whose stated vision is to “be the leading global provider of innovative clean energy solutions” with a mission to “use [its] extensive fuel and systems know-how to profitably deliver innovative clean energy solutions to [its] customers, create rewarding opportunities for [its] team, and provide extraordinary value to [its] shareholders.”
Ballard Power Systems Shareholders
If you are a shareholder who purchased Ballard stock between September 30, 2016, and January 25, 2018, both dates inclusive, and have questions or concerns about your potential legal rights or claims, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Feb 8, 2018 | Securities Class Action Archive
Quantum Stock Price Drops Significantly During Intraday Trading on February 8, 2018
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of purchasers of the securities of Quantum Corporation (NYSE:QTM) resulting from allegations that Quantum may have issued materially misleading business information to the investing public.
On February 8, 2018, Quantum, “a leading expert in scale-out tiered storage, archive and data protection,” announced that it received a subpoena from the Securities and Exchange Commission on January 11, 2018 regarding its accounting practices and internal controls related to revenue recognition for transactions commencing April 1, 2016. Quantum further stated it was postponing the release of its fiscal third quarter 2018 results and earnings conference call so that its audit committee could complete an investigation into Quantum’s accounting matters and related internal controls.
Quantum Corporation Postpones Its Earnings Conference Call
Quantum Corporation’s earnings postponement announcement stated that QTM is
. . . postponing release of its fiscal third quarter 2018 results and its earnings conference call, which were scheduled for this afternoon. [Quantum] is taking this action so that Quantum’s audit committee, in keeping with its strong corporate governance practices, can complete an investigation into accounting matters and related internal controls that were raised in response to a recent inquiry by the Securities and Exchange Commission (SEC).
Further, Quantum stated that
On Jan. 11, 2018, Quantum received a subpoena from the SEC regarding its accounting practices and internal controls related to revenue recognition for transactions commencing April 1, 2016. Following receipt of the SEC subpoena, [Quantum’s] audit committee began an independent investigation with the assistance of independent advisors, which is currently in process. Because the audit committee’s investigation is ongoing, Quantum decided it was prudent to postpone its quarterly results release and conference call, pending conclusion of the investigation. [Quantum] is cooperating with the SEC and cannot predict the timing of completion or outcome of either the audit committee’s investigation or the SEC’s inquiry at this time. (Emphasis added.)
On this news, the price of Quantum stock shares fell sharply during intraday trading on February 8, 2018.
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Quantum Corporation Investors
If you purchased shares of Quantum Corporation and have questions or concerns about the securities investigation or your potential legal rights, please contact John A. Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Feb 8, 2018 | Securities Class Action Archive
Credit Suisse Announces VelocityShares™ Daily Inverse VIX Short-Term ETN (NASDAQGM:XIV) Trading Will Stop February 20, 2018
CNBC reported (“Credit Suisse says it will end trading in the volatility security that’s become the focus of this sell-off”) that February 20, 2018 will be the last day of trading for VelocityShares™ Daily Inverse VIX Short-Term ETN (XIV), a security which fell approximately 85% in after-hours trading on February 5, 2018 and closed 93% down on February 6, 2018.
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According to CNBC, “Credit Suisse said it will end trading in a security that some investors believed was exaggerating movements in volatility futures markets and even the overall stock market.” CNBC reported that Credit Suisse
. . . is triggering this liquidation because the product during these last three volatile days could not keep up with the scenario it was supposed to track: a calm market.
The security is supposed to give the opposite return of the Cboe Volatility index (VIX), the market’s widely followed turbulence gauge. The VIX’s value exploded higher, topping 50 Tuesday, which in theory should have wiped out most of the value of the VelocityShares ETN.
Multiple exchange-traded securities that are also supposed to be bets on calm markets were halted Tuesday after losing the majority of their value overnight.
[Emphasis added]
Yahoo! Finance published an ETF Trends.com article (“Amid Volatility Surge, Credit Suisse Terminates VelocityShares ETN”) which reported that
[o]ne of the hottest trades in recent memory, shorting volatility, evaporated in a heartbeat on Monday. In the aftermath of an unexpected volatility explosion, Credit Suisse is moving to terminate the VelocityShares Daily Inverse VIX Short-Term ETN (XIV).
The VIX, or so-called fear index, is a widely observed indicator for investor sentiment in the stock market and measures the expected or implied volatility of large-cap stock options traded on the S&P 500 index. ETPs that track VIX futures allow investors to profit during rising volatility or hedge against short-term turns.
Amid Monday’s plunge in U.S. stocks, the VIX surged, but volatility exchange traded notes, such as XIV have a unique feature: The indexes these products track settle after the close of U.S. markets. In after-hours trading Monday, XIV suffered catastrophic losses. The ETN’s market closing Monday was $99, but its closing indicative price as listed on the VelocityShares website was just $4.22.
Kehoe Law Firm, P.C. is investigating whether the investment strategies utilized by investment firms were appropriate for XIV investors, margin loans collateralized by XIV or other investment advice related to XIV investments. If you invested in VelocityShares™ Daily Inverse VIX Short-Term ETN (NASDAQGM:XIV) and have questions or concerns, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Feb 7, 2018 | Securities Class Action Archive
Federal Securities Class Action Filed Against Bellicum Pharmaceuticals
Kehoe Law Firm, P.C. continues its investigation of Bellicum Pharmaceuticals (NASDAQ:BLCM) and reports that on February 6, 2018, a class action lawsuit was filed in United States District Court, Southern District of Texas, Houston Division, against Bellicum Pharmaceuticals and certain BLCM officers to recover damages for the Bellicum Defendants’ alleged violations of the federal securities laws.
The class action lawsuit was brought on behalf of a class consisting of all persons (other than the Defendants) who purchased, or otherwise acquired, Bellicum’s securities between May 8, 2017 and January 30, 2018, both dates inclusive (the “Class Period”).
According to the class action complaint:
[Bellicum’s] lead clinical product candidate, BPX-501, is an adjunct T-cell therapy administered after allogeneic hematopoietic stem cell transplantation (“HSCT”). Bellicum has represented that BPX-501 is currently being evaluated in multiple Phase 1/2 clinical trials.
Throughout the Class Period, [the Bellicum] Defendants made materially false and misleading statements regarding [Bellicum’s] business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a substantial undisclosed risk of encephalopathy was associated with [Bellicum’s] lead product candidate BPX-501; and (ii) as a result of the foregoing, Bellicum’s public statements were materially false and misleading at all relevant times.
On January 30, 2018, post-market, Bellicum issued a press release entitled “Bellicum Pharmaceuticals Announces Clinical Hold on BPX-501 Clinical Trials in the United States,” announcing that it had “received notice from the U.S. Food and Drug Administration (FDA) that U.S. studies of BPX-501 have been placed on a clinical hold following three cases of encephalopathy deemed as possibly related to BPX-501.”
On this news, Bellicum’s share price fell $2.12, or 25.85%, to close at $6.08 on January 31, 2018.
[Emphasis added]
Bellicum Pharmaceuticals Shareholders and Investors
If you purchased, or otherwise acquired, BLCM securities between May 8, 2017 and January 30, 2018, both dates inclusive, and wish to discuss your potential legal rights or claims, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Feb 7, 2018 | Securities Class Action Archive
NQ Mobile – “Price Target $0”; Doubts About NQ’s “Purported Values”
On February 6, 2018, a report (“NQ Mobile: Undisclosed Transfer Of Subsidiaries To Chairman Introduces Significant Risks – Price Target $0”) was published by Rota Fortunae on SeekingAlpha stating, among other things, that
Chinese corporate records lead us to believe that insiders control Tongfang Investment Fund, the firm that recently acquired NQ’s mobile gaming and video businesses.
One day after the deal with Tongfang was announced and eight months before it closed, NQ transferred its interest in FL Mobile and Showself to its Chairman, Vincent Wenyong Shi.
Our research leads us to doubt every aspect of the transaction, including the cash payments and the $270 million note receivable, which together represents over 100% of NQ’s market cap.
We find alarming similarities between NQ and Ambow Education, and we think NQ is likely to default when its convertible debt comes due in October 2018.
The US phone number listed on press releases has been disconnected; the US HQ is for lease.
[Emphasis added]
The Rota Fortunae report on SeekingAlpha also stated that
[d]espite being called a zero, NQ’s market cap has hovered around $400 million, ostensibly supported by hundreds of millions in cash and the value of its mobile gaming business. But we have serious doubts about their purported values, and we recently uncovered an undisclosed transaction with NQ’s chairman that leads us to believe the end is finally near.
[Emphasis added]
On this news, shares of NQ Mobile (NYSE:NQ) fell sharply during intra-day trading on February 6, 2018.
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NQ Mobile Shareholders and Investors
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of purchasers of NQ Mobile securities. If you own shares of NQ Mobile and have questions/concerns about the investigation or your potential legal rights, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Kehoe Law Firm, P.C.
