Feb 1, 2022 | Filed Securities Cases
Class Action Lawsuit Filed On Behalf Of Investors Who Purchased, Or Otherwise Acquired, The Securities Of Electric Last Mile Solutions, Inc. (“Electric Last Mile” or the “Company”) (NASDAQ: ELMS) Between March 31, 2021 And February 1, 2022, Both Dates Inclusive (the “Class Period”).
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE SECURITIES OF ELECTRIC LAST MILE SOLUTIONS DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO DISCUSS JOINING THE CLASS ACTION LAWSUIT BY CLICKING JOIN THE SECURITIES CLASS ACTION OR SECURITIES CLASS ACTION QUESTIONNAIRE.
Electric Last Mile Files Form 8-K Reporting Non-Reliance on Previously Issued Financial Statements
After the market closed for trading on February 1, 2022, Electric Last Mile filed a Form 8-K which, among other things, stated that “[o]n January 26, 2022, on the basis of the Special Committee investigation . . . the Board concluded that the previously issued consolidated financial statements of Electric Last Mile, Inc. as of December 31, 2020 and the period from August 20, 2020 (inception) through December 31, 2020 included in the Company’s Registration Statement on Form S-1 . . . (the ‘Audited Financial Statements’) should be restated and, therefore, should no longer be relied upon.”
Electric Last Mile also reported that “[i]n addition, the Board concluded that the Company’s financial statements as of and for the six months ended June 30, 2021 included in its Quarterly Report on Form 10-Q . . . filed on August 13, 2021 and the Company’s financial results as of and for the nine months ended September 30, 2021 included in its Quarterly Report on Form 10-Q . . . filed on November 12, 2021 should no longer be relied upon (together with the Audited Financial Statements, the ‘Non-Reliance Periods’).” [Emphasis added.]
On this news, the stock price of Electric Last Mile Solutions was down more than 21% in after-hours trading on February 1, 2022.
ELECTRIC LAST MILE INVESTORS WHO ACQUIRED THEIR SECURITIES DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES ARE ALSO ENCOURAGED TO CONTACT JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], [email protected], TO DISCUSS THE ELECTRIC LAST MILE CLASS ACTION LAWSUIT OR POTENTIAL LEGAL CLAIMS.
Jan 20, 2022 | Filed Securities Cases
Securities Class Action Lawsuit Filed On Behalf Of Investors Of TaskUs, Inc.
Kehoe Law Firm, P.C. is investigating whether TaskUs, Inc. (“TaskUs,” “TASK,” or the “Company”) (NASDAQ: TASK) violated federal securities laws.
On February 23, 2022, a securities class action lawsuit was filed in United States District Court, Southern District of New York, against TaskUs on behalf of all persons and entities that purchased or acquired TaskUs publicly-traded securities between June 11, 2021 and January 19, 2022, inclusive (the “Class Period”).
INVESTORS OF TASK STOCK WHO ACQUIRED THEIR SECURITIES DURING THE CLASS PERIOD AND LOST MONEY ARE ENCOURAGED EITHER TO CLICK HERE TO PROVIDE INFORMATION ABOUT THEIR TASKUS INVESTMENT LOSSES OR CLICK HERE TO DISCUSS JOINING THE CLASS ACTION LAWSUIT.
According to the complaint, the TaskUs defendants’ statements were materially false and misleading, as (1) TaskUs was experiencing severe financial strain and business challenges, particularly with its most important customer Facebook; (2) the Content Security market was smaller than Defendants represented and Defendants’ representations were based on outdated market data; (3) TaskUs improperly recognized revenue from certain key contracts; (4) Defendants overstated the size of TaskUs’ workforce as well as employee retention rates, and understated attrition rates; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
To request a copy of the class action complaint, please CLICK HERE.
TaskUs investors should also be aware that Spruce Point Capital Management issued a report on January 20, 2022 which, among other things, stated, that “[a]fter conducting a forensic financial and accounting review, Spruce Point believes shares of TaskUs . . . a highly promoted business process outsourcing (BPO) firm to digital and emerging technology companies, has a pattern of exaggerated and inflated business claims, including revenue, and is covering-up financial strain with reduced disclosures, cherry-picked market data, and non-standard key performance metrics.”
On this news, the stock price of TaskUs dropped significantly and traded down more than 20% during intraday trading on January 20, 2022. The TASK stock price closed at $30.13, down 15.34% on January 20, 2022.
TASKUS INVESTORS WHO ACQUIRED THEIR SECURITIES DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES ARE ALSO ENCOURAGED TO 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 DISCUSS THE TASKUS CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Jan 7, 2022 | Filed Securities Cases
Kehoe Law Firm, P.C. is investigating whether Talis Biomedical Corporation (“Talis” or the “Company”) (NASDAQ: TLIS) violated federal securities laws.
TLIS INVESTORS WHO ACQUIRED THEIR SECURITIES PURSUANT AND/OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH THE COMPANY’S FEBRUARY 2021 INITIAL PUBLIC OFFERING (“IPO”) ARE ENCOURAGED TO DISCUSS JOINING THE CLASS ACTION BY CLICKING “JOIN THE CLASS ACTION” OR “SECURITIES CLASS ACTION QUESTIONNAIRE.”
On January 7, 2022, a class action lawsuit was filed in United States District Court, Northern District of California, on behalf of persons and entities that purchased, or otherwise acquired, Talis common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 2021 IPO.
The Registration Statement, according to the complaint, was materially false and misleading and omitted to state (1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test; (2) as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) as a result, the Company’s commercialization timeline would be significantly delayed; and (4) as a result of the foregoing, the Talis Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Jan 5, 2022 | Filed Securities Cases
Class Action Filed On Behalf Of Investors Of Meta Materials Inc. – MMAT Investors With Financial Losses Encouraged To Contact Kehoe Law Firm, P.C.
On January 3, 2021, a class action lawsuit was filed in United States District Court, Eastern District of New York, against Meta Materials Inc., f/k/a Torchlight Energy Resources, Inc., (“Meta Materials” or the “Company”) (NASDAQ: MMAT) on behalf of individuals or entities that purchased, or otherwise acquired, the publicly-traded securities of the Company between September 21, 2020 and December 14, 2021, both dates inclusive (the “Class Period”).
According to the complaint, the Meta Materials defendants made materially false and/or misleading statements, because they misrepresented and failed to disclose adverse facts pertaining to the Company’s business, operational, and financial results, which were known to the Meta Materials Defendants or recklessly disregarded by them.
According to the class action complaint, the Meta Materials Defendants made false and/or misleading statements and/or failed to disclose that (1) the business combination with Metamaterial Inc. would result in an SEC investigation and subpoena in the matter captioned In the Matter of Torchlight Energy Resources, Inc.; (2) the Company has materially overstated its business connections and dealings; (3) the Company has materially overstated its ability to produce and commercialize its products; (4) the Company has materially overstated its products’ novelty and capabilities; (5) the Company’s products did not have the potential to be disruptive because, among other things, the Company priced its products too high; and (6) as a result, the Meta Materials Defendants’ public statements were materially false and/or misleading at all relevant times.
Investors who purchased, or otherwise acquired, the securities of Meta Materials during the Class Period and suffered financial losses are encouraged to contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
Dec 22, 2021 | Filed Securities Cases
Class Action Filed On Behalf Of Redwire Corporation Investors Who Acquired Redwire Securities Between August 11, 2021 And November 14, 2021, Both Dates Inclusive.
Kehoe Law Firm, P.C. is investigating whether Redwire Corporation, formerly known as Genesis Park Acquisition Corp., (“Redwire” or the “Company”) (NYSE: RDW) violated federal securities laws or engaged in other unlawful business dealings.
On December 17, 2021, a class action lawsuit was filed in federal court on behalf of persons and entities that purchased, or otherwise acquired, Redwire securities between August 11, 2021 and November 14, 2021, inclusive (the “Class Period”). The class action is pursuing claims against the Redwire Defendants under the Securities Exchange Act of 1934.
Throughout the Class Period, the Redwire Defendants, according to the class action complaint, made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Redwire Defendants, allegedly, failed to disclose to investors (1) that there were accounting issues at one of Redwire’s subunits; (2) as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (2) as a result of the foregoing, the Redwire Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Investors who purchased, or otherwise acquired, Redwire securities during the Class Period and suffered financial losses are encouraged to 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 discuss the Redwire securities investigation or potential legal claims.
Dec 13, 2021 | Filed Securities Cases
KEHOE LAW FIRM, P.C. IS INVESTIGATING WHETHER EXICURE, INC. (“EXICURE” OR THE “COMPANY”) (NASDAQ: XCUR) VIOLATED FEDERAL SECURITIES LAWS.
On December 13, 2021, a class action lawsuit was filed against Exicure in United States District Court, Northern District of Illinois, on behalf of persons and entities that purchased, or otherwise acquired, Exicure securities between March 11, 2021 and November 15, 2021, both dates inclusive (the “Class Period”).
According to the class action complaint throughout the Class Period, the Exicure Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Exicure Defendants failed to disclose to investors (1) that there had been certain improprieties in Exicure’s preclinical program for the treatment of Friedreich’s ataxia; (2) that, as a result, there was a material risk that data from the preclinical program would not support continued clinical development; and (3) as a result of the foregoing, the Exicure Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
TO VIEW A COPY OF THE CLASS ACTION COMPLAINT, PLEASE CLICK EXICURE COMPLAINT.
On November 15, 2021, Exicure filed a Form 12b-25 with the SEC which stated that the Company “. . . is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the “Q3 2021 10-Q”) with the Securities and Exchange Commission . . . within the prescribed time period without unreasonable effort or expense.”
Exicure stated that “[o]n November 9, 2021, the Audit Committee of the Board of Directors of the Company was notified of a claim made by a former Company senior researcher regarding alleged improprieties that researcher claims to have committed with respect to the Company’s XCUR-FXN preclinical program for the treatment of Friedreich’s ataxia. The Audit Committee has retained external counsel to conduct an internal investigation of the claim. The Company is currently unable to predict the timing or outcome of the investigation. Despite working diligently in an effort to timely file its Q3 2021 10-Q, the Company requires additional time to complete certain disclosures and procedures, including disclosures relating to the internal investigation.”
On this news, the price of Exicure’s stock dropped significantly, thereby injuring investors.
During intraday trading on December 13, 2021, Exicure’s stock price was down almost 35%.
Investors who purchased, or otherwise acquired, Exicure securities during the Class Period and suffered financial losses are encouraged to 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 discuss the Exicure securities class investigation or potential legal claims.
