Oct 15, 2021 | Filed Securities Cases
InnovAge Holding Corp. (NASDAQ: INNV), Class Period 03.05.2021-09.21.2021, Lead Plaintiff Deadline 12.13.2021.
Class action filed on October 14, 2021 in United States District Court, District Of Colorado, on behalf of persons and entities that purchased, or otherwise acquired, InnovAge common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s March 2021 initial public offering (“IPO”). Plaintiff pursues claims against the Defendants under the Securities Act of 1933.
Class action complaint alleges that the the Registration Statement was materially false and misleading and omitted to state that (1) certain of InnovAge’s facilities failed to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists; (2) as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services; (3) as a result, there as a significant risk that CMS would suspend new enrollments pending an audit of the Company’s services; and (4) as a result of the foregoing, the InnovAge 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, INNV securities during the Class Period and suffered financial losses are encouraged to contact Kehoe Law Firm, P.C., by completing Kehoe Law Firm’s Securities Class Action Questionnaire or by contacting either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected].
Lightning eMotors (NYSE: ZEV), Class Period 05.07.2021-08.16.2021
Federal securities class action filed on October 15, 2021 in United States District Court, District of Colorado, on behalf of a class consisting of all persons and entities other than the Lightning eMotors Defendants that purchased, or otherwise acquired, Lightning eMotors securities between May 7, 2021 and August 16, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
Throughout the Class Period, according to the complaint, the Lightning eMotors Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Lightning eMotors Defendants made false and/or misleading statements and/or failed to disclose that (i) the Company would record a substantially greater net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and would pull its full year guidance for the remainder of 2021; (ii) accordingly, the Company materially overstated its financial position and/or prospects; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Investors who purchased, or otherwise acquired, ZEV securities during the Class Period and suffered financial losses are encouraged to contact Kehoe Law Firm, P.C., by completing Kehoe Law Firm’s Securities Class Action Questionnaire or by contacting either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected].
Oct 13, 2021 | Filed Securities Cases
Purchasers Of Vipshop Holdings American Depositary Shares Between March 22, 2021 And March 29, 2021 Are Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether Goldman Sachs Group Inc. (“Goldman Sachs”) and Morgan Stanley (“Morgan Stanley”) violated federal securities laws.
On October 12, 2021, a class action lawsuit was filed against Goldman Sachs and Morgan Stanley in United States District Court, Southern District of New York, based, according to the complaint, on the alleged, unlawful use of material non-public information by Defendants Goldman Sachs and Morgan Stanley.
According to the class action complaint, Goldman Sachs and Morgan Stanley “avoided billions in losses” by selling shares of Vipshop Holdings Ltd. (“Vipshop”) (NYSE: VIPS) to the Plaintiff and other unsuspecting public shareholders, after confidentially learning that Archegos Capital Management, a family office with $10 billion under management, failed (or was likely to fail) to meet a margin call, requiring it to fully liquidate its position in Vipshop.
INVESTORS OF VIPSHOP HOLDINGS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY’S AMERICAN DEPOSITARY SHARES BETWEEN MARCH 22, 2021 AND MARCH 29, 2021 (THE “CLASS PERIOD”) WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS 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].
Oct 12, 2021 | Filed Securities Cases
Class Action Filed On Behalf Of Faraday Future Investors Who Acquired Their Securities Between January 28, 2021 And November 15, 2021, Both Dates Inclusive
On December 23, 2021, a class action lawsuit was filed in United States District Court, Central District of California, on behalf of persons and entities that purchased, or otherwise acquired, the securities of Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE) between January 28, 2021 and November 15, 2021, both dates inclusive (the “Class Period”).
The class action lawsuit is pursuing claims against the Faraday Future Defendants under the Securities Exchange Act of 1934. According to the class action complaint, throughout the Class Period, the Faraday Future 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 Faraday Future Defendants failed to disclose to investors that (1) the Company had assets in China frozen by courts, (2) a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; (3) the Company’s cars were not as close to production as the Company claimed; (4) that, as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
As a result of the Farady Future Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other class members, according to the complaint. have suffered significant losses and damages.
Faraday Future investors should be aware that J Capital Research recently issued a report, “Move Over Lordstown: There’s a New EV Scam in Town,” which, among other things stated that “[J Capital Research doesn’t] think Faraday Future (FFIE), an EV SPAC, will ever sell a car. So far, it’s nothing but a bucket to collect money from U.S. investors and pour it into the black hole of debt created by its founder, China’s best-known securities fraudster, Jia Yueting.”
The research report also stated that “[a]fter eight years in business, FFIE has failed to deliver a car and is yet again saying ‘next year.’ The company has reneged on promises to build factories in five localities in the U.S. and China and repeatedly delayed the sixth. FFIE is being sued by dozens of unpaid suppliers and has failed to disclose that assets in China have been frozen by courts. And Jia appears to be running the company behind the scenes.”
Additionally, J Capital Research reported that “[g]iven the current bubble environment, FFIE nevertheless managed to raise about $1 bln from U.S. investors via PIPEs and SPAC merger in July. Now it promises to restart its abandoned factory in Hanford, California and mass-produce cars in just seven months. [J Capital Resarch] doubt[s] that timeline will hold: three recent visits to the factory showed little activity, and company formers told us there are still engineering problems to work out.”
On November 15, 2021, Faraday Future filed a Form 8-K which stated that “. . . the Company will be unable to timely file its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2021 or its amended Registration Statement on Form S-1 (File No. 333-258993) and (ii) certain business and operational updates from the third quarter of 2021.”
Faraday Future’s stock has declined since its November 15, 2021 closing price and was down more than 6% during intraday trading on November 24, 2021.
FARADAY FUTURE INVESTORS WHO ACQUIRED THEIR SECURITIES DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO CONTACT 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 FARADAY FUTURE SECURITIES CLASS INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Oct 6, 2021 | Filed Securities Cases
Investors Of Ginkgo Bioworks Who Have Suffered Losses Greater Than $100,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether Ginkgo Bioworks (“Ginkgo” or the “Company”) (NYSE: DNA) violated federal securities laws.
Ginkgo investors should be aware that Scorpion Capital issued a report on October 6, 2021 which, among other things, stated that “Ginkgo Bioworks is a colossal scam, a Frankenstein mash-up of the worst frauds of the last 20 years. At $23B market cap, it is rare to see a related-party scheme on Ginkgo’s scale in the US markets – it is, quite simply, the US version of the ‘China Hustle.’”
Scorpion Capital reported that it “. . . conducted an intensive investigation into Ginkgo’s business model and practices, with a particular focus on the related-party entities that drive the bulk of its revenue. [Scorpion Capital] completed 21 research interviews, encompassing a broad sample of former employees and executives of Ginkgo, as well as individuals who are currently employed at its related party ‘customers.’ [Scorpion Capital’s] research leads [Scorpion Capital] to conclude that Ginkgo is a house of cards – in [Scorpion Capital’s] opinion, one of the most brazen frauds of the last 20 years.”
The Scorpion Capital report further stated that “Ginkgo’s business model is based on a dubious shell game. The majority of its foundry revenue, an absurd 72% in 2020, and essentially 100% of its deferred revenue are derived from related-party ‘customers’ it created, funded, controls, or influences via its ownership position and board seats. Investments into these entities by Ginkgo and its largest investors are recycled back to Ginkgo and recorded as deferred or current revenue. The scheme reflects its woeful, decade-long failure to derive real revenue from third-party customers, forcing it to cover it up with a ploy that [Scorpion Capital] believe[s] to be enabled by its largest holders.”
On this news, shares of Ginkgo were down almost 17% during intraday trading on October 6, 2021, thereby injuring Ginkgo investors.
GINKGO BIOWORKS INVESTORS WITH LOSSES GREATER THAN $100,000 WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD CONTACT KEVIN CAULEY, DIRECTOR, CLIENT RELATIONS, (215) 792-6676, EXT. 802, [email protected], [email protected], OR COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE.
Oct 5, 2021 | Filed Securities Cases
Kehoe Law Firm, P.C. is investigating whether Camber Energy, Inc. (“Camber” or the “Company”) (NYSE American: CEI) violated federal securities laws.
Camber investors should be aware that on October 5, 2021, Kerrisdale Capital issued a report which stated, among other things, that “Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. Its only real asset is a 73% stake in Viking Energy, an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans. (For a time, it also had a fake CFO – long story.)”
On this news, shares of Camber dropped almost 51% to close at $1.53 per share. Post-market on October 5, 2021, Camber’s share price dropped another 17.65% to $1.26 per share, thereby further injuring Camber investors.
CAMBER ENERGY INVESTORS WITH LOSSES GREATER THAN $25,000 WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD 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].
Oct 5, 2021 | Filed Securities Cases
Kehoe Law Firm, P.C. is investigating whether Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT) violated federal securities laws.
During the morning of October 4, 2021, Owlet stock fell more than 30%, on the news that the Company notified investors that Owlet received an FDA warning letter concerning the improper marketing of its Smart Sock medical device product.
The Company stated in an SEC filing that “[o]n October 1, 2021, Owlet . . . received a Warning Letter, dated October 1, 2021 (the ‘Warning Letter’), from the United States Food and Drug Administration (‘FDA’).”
According to Owlet:
The Warning Letter asserts that the Company’s marketing of its Owlet Smart Sock product (the ‘Smart Sock’) in the United States renders the Smart Sock a medical device requiring premarket clearance or approval from FDA, and that the Company has not obtained such clearance or approval in violation of the Federal, Food, Drug, and Cosmetic Act. The Warning Letter requests that the Company take prompt action to address the alleged violations. Among other things, the Warning Letter requests the Company cease commercial distribution of the Smart Sock for uses in measuring blood oxygen saturation and pulse rate where such metrics are intended to identify or diagnose desaturation and bradycardia using an alarm functionality to notify users that measurements are outside of preset values. The Warning Letter also identifies certain marketing claims that FDA believes render the Smart Sock a medical device.
OWLET INVESTORS WITH SIGNIFICANT FINANCIAL LOSSES WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD 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].
