Jan 7, 2022 | Shareholder Investigations
Kehoe Law Firm, P.C. is investigating whether Honeywell International Inc. (“Honeywell” or the “Company”) (NASDAQ: HON) violated federal securities laws or engaged in other unlawful business practices.
October 22, 2021, Honeywell reported that it
. . . continue[s] to cooperate with investigations by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Brazilian authorities relating to [the Company’s] use of third parties who previously worked for [Honeywell’s] UOP business in Brazil in relation to Petróleo Brasileiro S.A. (Petrobras) in connection with a project awarded in 2010. The investigations focus on compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (the UOP Matters), and involve, among other things, document production and interviews with former and current management and employees. The DOJ and the SEC are also examining a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011. [Honeywell continues] to be engaged in discussions with the authorities with respect to a potential comprehensive resolution of these matters.
As the discussions are both ongoing and at different stages with regards to each respective authority, there can be no assurance as to whether [Honeywell] will reach a resolution with such authorities or as to the potential timing, terms, or collateral consequences of any such resolution. As a result, [Honeywell] cannot predict the ultimate outcome of these UOP Matters or the potential impact on the Company. Based on available information to date, [Honeywell] estimate[s] that a potential comprehensive resolution of these UOP Matters would result in a probable loss of at least $160 million, and [Honeywell has] recorded a charge in this amount in [the Company’s] Consolidated Statement of Operations, and have accrued a corresponding liability on the Consolidated Balance Sheet. [Emphasis added.]
On this news, shares of Honeywell stock dropped $7.12 per share, closing at $217.40 per share.
Jan 6, 2022 | Shareholder Investigations
Kehoe Law Firm, P.C. is investigating whether Embark Technology, Inc. (“Embark Technology” or the “Company”) (NASDAQ: EMBK) violated federal securities laws.
Embark Technology investors should be aware that according to a report by The Bear Cave, “Embark’s current valuation appears to be based on puffery rather than actual substance. The company holds no patents, has only a dozen or so test trucks, and may be more bark than bite.” Further, The Bear Cave reported that “[m]ore troubling is that Embark appears to lack true economic substance.”
On this news, Embark Technology’s stock price dropped significantly and was down more than 17% during intraday trading on January 6, 2022.
EMBARK TECHNOLOGY INVESTORS WHO HAVE LOST MONEY ON THEIR INVESTMENT ARE ALSO ENCOURAGED TO CONTACT JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], [email protected], TO DISCUSS THE EMBARK TECHNOLOGY CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Jan 3, 2022 | Shareholder Investigations
APLT Investors Who Have Suffered Financial Losses Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether Applied Therapeutics, Inc. (“Applied Therapeutics” or the “Company”) (NASDAQ: APLT) violated federal securities laws.
Investors of Applied Therapeutics should be aware that on January 3, 2022, Applied Therapeutics advised that “[f]ollowing discussions with the FDA at the end of the year, the Company has decided to hold on submitting an NDA for AT-007 for treatment of Galactosemia pending additional discussions with the agency. Although the Galactosemia program had previously been discussed in the context of an NDA for Accelerated Approval based on reduction in galactitol, the FDA has now indicated that clinical outcomes data will likely be required for approval.”
On this news, the stock price of Applied Therapeutics was down pre-market on January 3, 2021 more than 25%.
Dec 29, 2021 | Shareholder Investigations
MEDALLION FINANCIAL CORP. SECURITIES CLASS ACTION INVESTIGATION – MFIN INVESTORS WITH SIGNIFICANT LOSSES ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C.
Kehoe Law Firm, P.C. is investigating whether Medallion Financial Corp. (“Medallion”, “Medallion Financial” or the “Company”) (NASDAQ: MFIN) violated federal securities laws.
The Securities and Exchange Commission has charged Medallion Financial Corp., a Delaware company headquartered in New York, NY, and its President and Chief Operating Officer, Andrew Murstein (“Murstein”) of New York, NY, with illegally engaging in two schemes in an effort to reverse the Company’s plummeting stock price.
According to the SEC’s complaint, Medallion’s core business was making loans backed by taxicab medallions to taxicab owners and operators. However, the popularity of ride-sharing companies like Uber and Lyft led to a decline in the value of taxicab medallions and of Medallion’s stock price. Murstein and Medallion allegedly directed two separate schemes to inflate the Company’s stock price, in part with the help of California-based media strategy company, Ichabod’s Cranium, Inc., and its owner, Lawrence Meyers (“Meyers”), both of whom were also charged by the SEC with fraud.
The complaint, filed in United States District Court, alleges that Murstein and Medallion engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the Company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com. With Murstein’s knowledge, Meyers and others created fake identities so their opinion pieces would appear credible to potential investors. The complaint further alleges that Medallion and Murstein fraudulently increased the carrying value of Medallion Bank (the “Bank”), a wholly owned subsidiary of Medallion, to offset losses relating to the taxicab medallion loans. The complaint alleges that when the existing valuation firm refused to cave to Murstein’s pressure to increase the Bank’s valuation, Murstein fired the firm and hired a new firm to provide an inflated valuation of the Bank.
MEDALLION FINANCIAL INVESTORS WHO HAVE LOST MONEY ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], [email protected], TO DISCUSS THE MEDALLION FINANCIAL SECURITIES CLASS INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Dec 3, 2021 | Shareholder Investigations
ReneSola Investors Who Have Suffered Financial Losses Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether ReneSola Ltd. (“ReneSola” or the “Company”) (NYSE: SOL) violated federal securities laws or engaged in other unlawful business practices.
On December 2, 2021, SeekingAlpha reported that “ReneSola . . . dropped 17% after a new short report from Grizzy Research, which sees 40% downside for the shares.” SeekingAlpha reported that ReneSola Ltd., according to Grizzly Research, “. . . is ‘drastically’ overrepresenting its project pipeline and it claims that legal difficulties with SOL’s biggest shareholder will cause ‘significant issues’ for shareholders.”
RENESOLA INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY’S SECURITIES AND SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE
INVESTORS ARE ALSO 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 SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Dec 2, 2021 | Shareholder Investigations
WeWork To Restate Financials – Company Discloses Material Weakness In Internal Control Over Financial Reporting Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether WeWork, Inc. (“WeWork” or the “Company”) (NYSE: WE) violated federal securities laws or engaged in other unlawful business practices.
In a December 1, 2021 Form 8-K, WeWork disclosed that it “. . . plans to restate . . . financial statements as of December 31, 2020 in an amendment to the 2020 Form 10-K/A and the unaudited interim financial statements as of March 31, 2021, June 30, 2021, and September 30, 2021 in an amendment to the Q3 Form 10-Q, both to be filed with the SEC.”
The Company also stated that its “. . . management has concluded that . . . there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain complex features of the Public Shares.”
On this news, WeWork’s stock dropped, thereby injuring investors.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY’S SECURITIES AND SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE
WEWORK INVESTORS ARE ALSO 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 SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
