Kehoe Law Firm, P.C. is investigating whether certain executives or board members of Seritage Growth Properties (“Seritage Growth”) (NYSE: SRG) breached their fiduciary duties and whether the company and its shareholders were harmed.

If you own Seritage Growth stock, you may have legal claims and be able to seek remedies for any misconduct by the company’s directors and officers.

The investigation concerns whether certain officers or directors made materially false and misleading statements and failed to disclose material adverse facts about SGP’s business, operations, and prospects by failing to disclose that SGP lacked proper internal controls over financial reporting. This failure may have caused SGP to overlook impairment indicators for its real estate investments, leading to the overvaluation of certain real estate assets. 

To help us assess your legal options, please complete our securities questionnaire.

Alternatively, if you would like to discuss the investigation and your legal rights, click here to send us a message or contact Michael Yarnoff, Esq., at (215) 792-6676, Ext. 804, or by email at [email protected] or [email protected], for a free, no-obligation evaluation of your potential claims.

Kehoe Law Firm, P.C. is a leading, multidisciplinary plaintiff-side class action law firm committed to protecting investors from securities fraud, breaches of fiduciary duty, and corporate misconduct. The firm’s partners have collectively served as Lead Counsel or Co-Lead Counsel in high-profile cases that have secured over $10 billion in recoveries for both institutional and individual investors.

For more information, visit our website at Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is investigating whether certain executives or board members of Regeneron Pharmaceuticals, Inc. (“Regeneron”) (NASDAQ: REGN) breached their fiduciary duties and whether the company and its shareholders were harmed.

If you own Regeneron stock, you may have legal claims and be able to seek remedies for any misconduct by the company’s directors and officers.

To help us assess your legal options, please complete our securities questionnaire.

Alternatively, if you would like to discuss the investigation and your legal rights, click here to send us a message or contact Michael Yarnoff, Esq., at (215) 792-6676, Ext. 804, or by email at [email protected] or [email protected], for a free, no-obligation evaluation of your potential claims.

U.S. Department of Justice Sues Regeneron

On April 10, 2024, the United States Department of Justice (“DOJ”) announced it had filed a complaint under the False Claims Act (FCA) against Regeneron, a company which manufactures and sells Eylea, an anti-vascular endothelial growth factor inhibitor approved by the FDA to treat, among other conditions, neovascular Age-Related Macular Degeneration.

The DOJ complaint alleged that Regeneron fraudulently inflated Medicare reimbursement rates for Eylea by knowingly submitting false average sales price reports to the Centers for Medicare and Medicaid Services that excluded certain price concessions.

In particular, the DOJ alleged that Regeneron knowingly failed to report price concessions in the form of credit card processing fees Regeneron paid to specialty drug distributors to benefit its customers. According to the DOJ complaint, Regeneron paid these credit card fees so that distributors would accept credit cards for Eylea purchases while still charging a lower, cash price for the drug, and so that Regeneron’s customers — typically retina and ophthalmic practices — could receive credit card benefits for their purchases, such as “cash back” and other credit card rewards.

“The government alleges that Regeneron manipulated Medicare’s drug pricing process, by knowingly failing to report its payment of credit card processing fees as price concessions to its customers,” said Acting U.S. Attorney Joshua S. Levy for the District of Massachusetts. “By doing so, Regeneron greatly inflated the costs of its drug to Medicare over many years and enhanced its revenues. Falsely reported average sales prices cost the Medicare system hundreds of millions of dollars and we will make every effort to prevent such practices.”

Regeneron’s Q3 2024 Financial Results & Stock Drop

On the news of the DOJ lawsuit, Regeneron’s stock price dropped, and on October 31, 2024, Regeneron reported disappointing Q3 2024 financial results, reporting, among other things, that “[n]et product sales of EYLEA in the third quarter of 2024 were adversely impacted by a lower net selling price compared to the third quarter of 2023.” 

Kehoe Law Firm, P.C. is a leading, multidisciplinary plaintiff-side class action law firm committed to protecting investors from securities fraud, breaches of fiduciary duty, and corporate misconduct. The firm’s partners have collectively served as Lead Counsel or Co-Lead Counsel in high-profile cases that have secured over $10 billion in recoveries for both institutional and individual investors.

For more information, visit our website at Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is invesigating whether certain executive officers or board members of Comerica Inc. (“Comerica”) (NYSE: CMA) failed to manage Comerica in an acceptable manner, in breach of their fiduciary duties to Comerica, and whether Comerica and its shareholders were harmed as a result.

CURRENT INVESTORS OF COMERICA STOCK ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. FOR A FREE EVALUATION OF POTENTIAL LEGAL CLAIMS.

CFPB v. Comerica Bank

On December 6, 2024, the Consumer Financial Protection Bureau (“CFPB”) sued Comerica Bank, a subsidiary of publicly traded Comerica Inc., for systematically failing its 3.4 million Direct Express cardholders – primarily unbanked Americans receiving federal benefits.

Comerica Bank, according to the CFPB, deliberately disconnected 24 million customer service calls, impeding cardholders from exercising their rights under the law, charged illegal ATM fees to over 1 million cardholders, and mishandled fraud complaints while providing federal benefits through the Direct Express prepaid debit card program.

Key CFPB Lawsuit Allegations About How Comerica Harmed its Customers:

• Deliberately disconnecting customer service calls: Comerica’s vendors intentionally dropped more than 24 million calls from customers before they could reach a representative. Customers whose calls were not dropped were routinely forced to endure excessively long wait times—often in excess of several hours—to speak with a representative to get help with unauthorized transactions, charge disputes, and lost or stolen cards.
• Charging consumers illegal ATM fees: Over one million Direct Express cardholders were charged ATM fees to access their government benefits in situations where they were legally entitled to free withdrawals.
• Misleading fraud victims: When consumers contacted Comerica alleging they had been fraudulently enrolled into the Direct Express program, the bank’s vendors frequently advised the consumers that “no error occurred” where the bank had determined that there was, in fact, enrollment fraud.
• Imposing illegal terms of service on consumers seeking to stop payments: Comerica led its consumers to agree to waive their consumer protections by requiring cardholders to contact and request merchants to stop pre-authorized payment transfers from their account in situations where the law in fact required the bank to stop the transfers itself.
• Failing to investigate account problems: Under federal law, when a customer notifies a bank about an incorrect or potentially fraudulent charge on their account, the bank must take steps to investigate the error within a specified time period. The CFPB’s investigation found that Comerica failed to meet this requirement more than 20,000 times. And when they did investigate, they frequently provided vague and confusing findings or blew off customers altogether.
• Forcing consumers to close accounts, which often resulted in additional fees: The bank’s vendors required thousands of cardholders to close their accounts to stop a preauthorized payment, resulting in consumers incurring additional fees to expedite receipt of their new debit cards to regain access to their government benefits.

Read the CFPB complaint by clicking CFPB v. Comerica Bank.

COMERICA SHAREHOLDERS ALSO CAN CLICK HERE, EMAIL [email protected], OR CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected] TO LEARN MORE ABOUT THE COMERICA BREACH OF FIDUCIARY DUTIES INVESTIGATION.

PHONE

Tel: 215-792-6676

EMAIL

[email protected]