May 25, 2017 | Securities Class Action Archive
Shareholder Alert – Investigation on Behalf of Avinger Shareholders
Kehoe Law Firm, P.C. announces the commencement of a securities class action lawsuit on behalf of Avinger, Inc. (NASDAQ: AVGR) shareholders who purchased shares pursuant and/or traceable to Avinger’s Stock Offering on or about January 30, 2015.
Allegations of False & Misleading Statements in AVGR IPO Documents
Avinger designs, manufactures, and sells medical devices used to treat patients with peripheral arterial disease. Avinger focuses on introducing products based on its lumivascular platform, which is an intravascular image-guided system.
The class action complaint alleges that the Registration Statement and Prospectus filed for the Company’s Initial Public Offering contained materially false and misleading statements and/or failed to disclose that:
(1) Avinger did not have adequate sales and marketing personnel to increase sales of its lumivascular platform products and to commercialize Pantheris;
(2) the Company already experienced problems with the robustness of its lumivascular platform devices, including Pantheris;
(3) physicians and hospitals were requiring more extensive and comprehensive training and education on the benefits of Avinger’s products to convince them to adopt and implement its lumivascular platform products compared to competing products and procedures available in the market;
(4) the Company would not be able to achieve a rapid ramp rate for increased sales of its lumivascular platform; and
(5) as a result, Avinger was experiencing lower sales and revenues.
Avinger priced its IPO at $13 per share on January 30, 2015. Since the IPO, Avinger stock has fallen to a recent close of $0.36 per share on May 25, 2017.
AVGR Stock Losses?
If you purchased or otherwise acquired Avinger shares pursuant or traceable to the IPO and would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
May 25, 2017 | Securities Class Action Archive
Shareholder Alert – Investigation of Potential Securities Claims on Behalf of Investors of Petrofac Ltd. (OTC: POFCY)
Kehoe Law Firm, P.C. is investigating potential claims on behalf of purchasers of Petrofac Ltd. involving possible securities law violations related to a bribery, corruption and money laundering investigation by the UK Serious Fraud Office.
Bribery, Corruption and Money Laundering Investigation
On May 12, 2017, the U.K.’s Serious Fraud Office announced that it has launched an investigation into Petrofac’s activities, on suspicion of “bribery, corruption and money laundering.” Following this news, Petrofac’s stock dropped significantly to its lowest level since June 2016.
Then, on May 25, 2017, Petrofac announced the UK Serious Fraud Office had arrested and questioned the company’s CEO and COO. Both were released without charge. In addition, the Company’s board suspended the COO and precluded the CEO from involvement in any matters connected to the SFO investigation.
On this news, the price of Petrofac securities fell by nearly 30%.
Petrofac Stock Losses?
If you purchased or otherwise acquired Petrofac shares before May 25, 2017 and would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Apr 6, 2017 | Securities Class Action Archive
BofI Holding, Inc. – New York Post Reports Federal Probe into Possible Money Laundering at Bank of Internet
Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who purchased securities or common stock in online lender Bank of Internet, also known as BofI, publicly traded as BofI Holding, Inc. under the ticker symbol BOFI (NASDAQ: BOFI).
Department of Justice and Office of Comptroller of Currency Investigate BofI
On March 31, 2017, in an article titled “Feds Probe Bank of Internet for Possible Money Laundering,” the New York Post reported a probe by federal agents into possible money laundering at BofI. The newspaper reported that sources said the Justice Department, leading the investigation, has interviewed at least one former BofI employee and that one focus of the probe is BofI’s CEO, Gregory Garrabrants. Although there were no accusations of criminal activity, the New York Post reported that, according to people familiar with the investigation, part of the probe focuses on regulatory filings BofI submitted by to the Office of Comptroller of Currency, which is also part of the investigation.
Other Lawsuits Filed Regarding BofI’s Accounting and Money Laundering Controls
According to the New York Post, “BofI’s accounting and money laundering controls have been the subject of lawsuits for at least two years – since a former auditor, Charles Erhart, accused Garrabrants in a separate civil suit of flouting disclosure rules.”
BofI’s Stock Drop & What Investors Can Do?
Following the news of the federal probe, BofI’s stock declined. Kehoe Law Firm, P.C. is investigating whether BofI and certain of its officers may have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. If you have information regarding the investigation, purchased BofI shares, or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 30, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who invested in Trecora Resources (NYSE: TREC) common stock, concerning errors in the Company’s accounting for reported equity in earnings from its investment in the Al Masane Al Kobra Mining Company (“AMAK”) in the second and third quarters of 2016, thereby impacting reported net income for those two quarters.
On March 1, 2017, after the markets closed for trading, Trecora Resources issued a press release announcing financial results for the fourth quarter and year ended December 31, 2016, and disclosed that the Company’s Audit Committee, “following consultation with management and discussion with the company’s independent registered public accounting firm . . . concluded that there were errors in the accounting for its equity in earnings from its investment in AMAK in Q2 and Q3 2016.”
Trecora Resources also determined that “it has a material weakness related to its controls surrounding the accounting for its investment in AMAK” and that “as a result of this material weakness, management will be unable to conclude that the Company’s internal controls over financial reporting are effective as of December 31, 2016.” Trecora Resources reported that it expects “the remediation of this material weakness will be completed prior to the filing of its first quarter 2017 Form 10-Q.”
On this news, shares of Trecora Resources fell over 3% during intraday trading on March 2, 2017.
If you purchased or otherwise acquired Trecora Resources securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 30, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who invested in Citizens Financial Group Inc. (NYSE: CFG) common stock or other securities, and whether Citizens Financial Group Inc. misstated the success of its so-called “Citizens Checkup” program.
On January 20, 2017, the bank reported that the programme had “resulted in approximately 400,000 scheduled appointments in 2016, with high levels of customer satisfaction.”
On March 29, 2017, in an article titled “Former Citizens Bankers Say They Faked Data for Customer-Meeting Program,” The Wall Street Journal reported that
As part of its turnaround plan, Citizens Financial Group Inc. has touted a program that invites customers into branches for what the bank calls a financial checkup. It said 400,000 such meetings were scheduled last year.
Eleven current and former Citizens branch employees in five states claim that information about some meetings was fabricated by those employees or others as they struggled to meet goals set by the bank.
On March 29, 2017, a Financial Times online article titled “Citizens Financial to conduct probe into fake customer data reports,” reported that:
Under the programme, branch employees are expected to make about 25 to 30 calls to customers each week, according to a person familiar with the basic framework. Those calls are expected to yield one or two kept appointments per week, per employee. Some bankers were under much greater pressure, according to the WSJ report. Often told to make 25 calls per day, they urged customers to consider a trip to a Citizens branch as they would consider a check-up with a doctor or a dentist.
Citizens Financial Group’s share price fell $0.54, or 1.54%, to close at $34.49 on March 29, 2017.
If you purchased or otherwise acquired Citizens Financial securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 29, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential claims on behalf of purchasers of Fang Holdings Limited (NYSE: SFUN) securities concerning whether Fang Holdings and certain of its officers or directors may have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 29, 2017, Bloomberg News reported that Beijing City’s housing commission canceled the brokerage license of a unit of Fang Holdings, “because the unit posted fake online information for property sales, the commission says in statement.” Fang Holding’s American depositary shares (ADS) are listed and trade on the New York Stock Exchange and closed down $0.06, or 2.17%, on March 29, 2017 following this news.
If you purchased or otherwise acquired Fang Holdings securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
