[ad_1]
NEW YORK, Oct. 26, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action has been commenced on behalf of shareholders of Latch, Inc. (NASDAQ: LTCH). ), Azure Power Global Limited (NYSE: AZRE ), Abbott Laboratories (NYSE: ABT ), and TuSimple Holdings, Inc. (NASDAQ: TSP). Shareholders have until the deadlines below to ask the court to act as lead plaintiff. More information on each case can be found at the link provided.
Latch, Inc. (NASDAQ: LTCH)
Class period: 31 May 2021 – 25 August 2022
Lead Plaintiff Deadline: October 31, 2022
On August 25, 2022, after the market closed, Latch disclosed that it would restate financial statements for 2021 and the first quarter of 2022 due to revenue recognition errors related to the sale of hardware. Specifically, the Company stated that “certain revenue recognition errors occurred as a result of unreported sales arrangements due to sales activity that was inconsistent with the Company’s internal controls and procedures.”
On this news, Latch shares fell $0.13, or 12.2%, to close at $0.95 per share on August 26, 2022, due to unusually heavy trading volume.
The complaint filed in this class action alleges that during the Class Period, Defendants made materially false and/or misleading statements, and also failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors: (1) that there were unreported sales arrangements related to hardware; (2) that, as a result, the Company improperly recognized revenue during fiscal 2021 and first quarter 2022; (3) that there were material weaknesses in Latch’s internal control over financial reporting related to revenue recognition; (4) that, as a result of the foregoing, Latch would restate financial statements for fiscal 2021 and first quarter 2022; and (5) that, 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.
For more information about the Latch class action go to: https://bespc.com/cases/LTCH
Azure Power Global Limited (NYSE: AZRE)
Class period: June 15, 2021 – August 26, 2022
Lead Plaintiff Deadline: October 31, 2022
On August 29, 2022, Azure announced the resignation of its CEO, less than two months after his appointment. The Company also disclosed that it “received a whistleblower complaint in May 2022, alleging possible procedural irregularities and misconduct by certain employees at a factory belonging to one of its subsidiaries.” During the Company’s review of these allegations, Azure “discovered deviations from security and quality standards” and “also identified evidence of manipulation of project data and information by certain employees.”
According to this news, the Company’s stock fell $4.61, or 44%, to close at $5.85 per share on August 29, 2022, due to unusually heavy trading volume.
The complaint filed in this class action alleges that during the Class Period, Defendants made materially false and/or misleading statements, and also failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors: (1) that there were procedural irregularities, including deviations from safety and quality standards, at one of Azure’s plants; (2) that certain project data has been manipulated; (3) that, as a result of the foregoing, the Company’s internal controls and procedures were not effective; (4) that Azure received a credible report from a whistleblower alleging such misconduct; and (5) that, 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.
For more information about the Azure class action go to: https://bespc.com/cases/AZRE
Abbott Laboratories (NYSE: ABT)
Class period: February 19, 2021 – June 8, 2022
Lead Plaintiff Deadline: October 31, 2022
Abbott produces various forms of infant formula including formula sold under the brand names Similac, Alimentum, and EleCare. By February 2022, Abbott produced 40% of America’s infant formula. Of that amount, nearly half was produced in its manufacturing facility in Sturgis, MI.
On February 17, 2022, the US Food and Drug Administration (“FDA”) announced that it was investigating four consumer complaints of childhood illness related to powdered infant formula manufactured by Abbott in Sturgis. The FDA stated that it initiated an on-site inspection at the facility and so far has found several positive contamination results of environmental samples for bacteria, Cronbacter sakazakii (“Cronbacter“), linked to childhood illnesses and death. On the same day, Abbott issued a recall of certain infant formula products including the popular brands Similac, Alimentum, and EleCare, all manufactured in Sturgis.
On this news, the price of Abbott common stock fell by more than 3%.
Then, on March 22, 2022, the FDA released reports of its three inspections of the Sturgis facility conducted in September 2019, September 2021, and most recently between January 31, 2022 and March 18, 2022 .The FDA stated that these reports “do”. does not constitute final FDA determinations” of specific violations, but highlighted that during its most recent inspection that (a) Abbott did not establish process controls “designed to ensure that infant formula does not fail due to the presence of microorganisms in the formula or in the formula. the processing environment” and (b) Abbott failed to “ensure that all surfaces that contacted infant formula were kept to produce infant formula from being contaminated by any source.”
On this news, Abbott’s stock price fell another 4%.
On April 28, 2022, the FDA released a redacted copy of a whistleblower complaint submitted to the FDA in October 2021, revealing that the issues disclosed in February and March 2022 were in fact known to Abbott management much earlier. The whistleblower complaint identified numerous serious examples of misconduct by Abbott management at Sturgis including the falsification of testing records, the release of untested infant formula to the market, efforts to mislead the FDA during its 2019 inspection review, the continuation of known deficiencies testing procedures, and an inability to track products to properly implement recalls of affected pallets of formula.
On this news, Abbott’s stock price fell almost 4%.
Finally, on June 8, 2022, investors learned that Abbott was aware of the whistleblower’s formal allegations in early 2021, when it was reported that the FDA whistleblower filed a complaint in February 2021 with the Occupational Safety and Health Administration of the United States Department of Labor (“OSHA”) and that OSHA delivered that complaint to Abbott and the FDA during the same month.
On this news, Abbott’s stock price fell another 3.5%, further hurting investors.
The Abbot class action lawsuit alleges that defendants put profitability before the safety of children. During the Class Period, Abbott engaged in a scheme to maximize revenues and inflate its stock price by ignoring and then covering up lapses in safety protocols that were ultimately linked to serious childhood illnesses and even deaths.
For more information about the Abbott class action go to: https://bespc.com/cases/ABT
TuSimple Holdings, Inc. (NASDAQ: TSP)
Class period: April 15, 2021 – August 1, 2022 or pursuant to the Company’s April 15, 2021 IPO
Lead Plaintiff Deadline: October 31, 2022
TuSimple is the subject of a Wall Street Journal article published on August 1, 2022. The article claims that one of the Company’s autonomously driven trucks left its travel lane without warning before striking a cement barricade. The article states that the accident “highlights concerns that the autonomous trucking company is risking safety on public roads in a rush to bring driverless trucks to market.” Although the Company tried to blame human error, the Newspaper points out that “it was the autonomous driving system that turned the wheel and that blaming the whole accident on human error is misleading.” The article also reveals that the Federal Automobile Safety Administration has launched a “safety compliance investigation.”
Based on this news, shares of TuSimple fell $0.97, or 9.7%, during intraday trading to close at $8.99 per share on August 1, 2022.
According to the complaint, the Company made false and misleading statements to the market. TuSimple has exaggerated its commitment to security and hidden significant problems with its technology. The Company has been quick to test its autonomous driving systems to take its competitors to market. The Company fostered a corporate culture that ignored safety in favor of ambitious delivery schedules. That culture made accidents during road testing more likely. Based on these facts, the company’s public statements were false and materially misleading during the class period. When the market found out the truth about TuSimple, investors suffered damages.
For more information about the TuSimple class action go to: https://bespc.com/cases/TSP
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Contact information:
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
[ad_2]
Source link