Archives: Recent Securities Class Actions

View, Inc. ("View" or the "Company") is a technology company that manufactures smart building products that are purportedly designed to improve people’s health, productivity, and experience while reducing energy consumption. Its primary product is a proprietary electrochromic or “smart” glass panel that, in combination with the Company’s proprietary network and software, intelligently adjusts in response to the sun by tinting from clear to dark states, thereby reducing heat and glare.  CF Finance Acquisition Corp. II ("CF II") was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On March 8, 2021, CF II and View combined via a Business Combination with View as the surviving, public entity.

Annovis Bio, Inc. is a clinical stage pharmaceutical company that is developing therapies addressing neurodegeneration, such as Alzheimer’s disease (“AD”), Parkinson’s disease (“PD”), and Alzheimer’s disease in Down syndrome (“AD-DS”). Its lead compound is ANVS401 (Posiphen), an orally administrated drug which purportedly inhibited the synthesis of neurotoxic proteins that are the main cause of neurodegeneration.

SelectQuote, Inc. is a direct-to-consumer distribution platform that offers complex senior health, life, and auto & home insurance policies from a curated panel of insurance carriers.

ATI is an outpatient physical therapy company. It owns and operates nearly 900 physical therapy clinics across 25 states. On June 17, 2021, ATI became public via a business combination with Fortress Value Acquisition Corp. II, a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination.

Koninklijke Philips N.V. operates as a health technology company in North America, Greater China, and internationally. The Company’s products include, among others, Bi-Level PAP and CPAP devices, as well as mechanical ventilators.

Yalla Group Limited (formerly known as “FYXTech Corporation”), through its wholly-owned subsidiaries, operates a voice-centric social networking and entertainment platform, mainly in the MENA region. The platform allows individual users free access to the basic functions on the platform. It also provides enhanced experiences for individual users by sales of virtual items and provision of upgrade services on the platform. One of Yalla’s offerings is Yalla Ludo, a chatroom feature in a board game app.

Live Ventures Incorporated is a holding company that, until 2015, focused on providing online marketing solutions for small and medium business. In 2015, the Company changed its focus, acquiring purportedly profitable business in various industries that have demonstrated a strong history of earnings power.

Iterum Therapeutics plc is a clinical-stage pharmaceutical company that engages in developing antiinfectives for multi-drug resistant pathogens in Ireland and the U.S. The Company is developing sulopenem, a novel anti-infective compound with oral and IV formulations that is in Phase III clinical trials for the treatment of, among other medical issues, uncomplicated urinary tract infections (“uUTIs”). In November 2020, Iterum submitted a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for sulopenem etzadroxil/probenecid (oral sulopenem) for the treatment of uUTIs in patients with a quinolone non-susceptible pathogen.

Activision Blizzard purports to be one of the world's largest video game publishers.

Zymergen Inc. uses a process it calls “biofacturing” to create products that purportedly combine the design and manufacturing efficiency of biological processes with technology’s ability to rapidly iterate and control diverse functions. Its first product is called Hyaline, an optical film designed for electronic companies to use for display touch sensors, which will purportedly enable customers to make foldable touchscreens and high density flexible printed circuits. Hyaline was launched in December 2020 but has not generated revenue because it is still in its qualification process with customers. On March 23, 2021, the Company filed its Registration Statement on Form S-1 with the SEC, which forms part of the Registration Statement. On April 21, 2021, the Company filed its final amendment to the Registration Statement with the SEC on Form S-1MEF, which forms part of the Registration Statement. The Registration Statement was declared effective the same day. On April 23, 2021, the Company filed its prospectus on Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, the Company sold approximately 18,549,500 shares of common stock at a price of $31.00 per share.

This action stems from a proposed transaction announced on May 28, 2021, pursuant to which Bowl America, Inc. will be acquired by Bowlero Corp.  On July 13, 2021, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction.

Ardelyx Inc. is a biotechnology company focused on the development of therapies for cardiorenal disorder. Though Ardelyx’s lead product candidate, tenapanor, has been approved by the FDA as a treatment for irritable bowel syndrome associated constipation, the Company has not commercialized it in the United States nor generated any revenue from its sale. Rather, Ardelyx has focused on advancing another indication for the drug, namely for helping to control serum phosphorus in adult CKD patients on dialysis.

Concho Resources Inc. ("Concho" or "the Company") was an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil and natural gas properties, primarily in the Permian Basin of West Texas and Southeast New Mexico. In January 2021 ConocoPhillips acquired Concho in an all-stock transaction valued at $9.7 billion. ConocoPhillips is named in the Complaint as the successor-in-interest to Concho.

AdaptHealth Corp., f/k/a DFB Healthcare Acquisitions Corp. ("DFB"), provides home healthcare equipment, medical supplies, and home and related services in the U.S. DFB was a SPAC, also known as a blank check company, incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. On July 8, 2019, DFB announced that it had entered into a definitive agreement for a business combination with Legacy AdaptHealth, the third largest distributor of home medical equipment ("HME") in the U.S. Upon the closing of the Merger, DFB renamed itself “AdaptHealth Corp.” and its Class A common stock began trading on the NASDAQ under the ticker symbol “AHCO.”

Oatly Group AB describes itself as the world’s original and largest oatmilk company. Oatly was founded in 1994, and its current holding company was incorporated in accordance with Swedish law on October 5, 2016, under the name Goldcup 13678 AB. On December 21, 2016, Oatly changed its name to Havre Global AB and on March 1, 2021, it changed its name to Oatly Group AB. Oatly held its U.S. IPO on or around May 20, 2021, offering and selling 84,376,000 ADSs (including 19,688,000 from certain “selling shareholders”) at a price of $17 per share. Each ADS represents one Oatly ordinary share. The IPO raised $1.4 billion for the Company.

Piedmont Lithium Inc. engages in the exploration and development of resource projects. Of particular note, the Company primarily holds a 100% interest in a lithium project covering 2,322 acres in the North Carolina. Piedmont American Depositary Shares (“ADSs”) were listed on the NASDAQ under the ticker symbol “PLLL” until December 2018. On May 17, 2021, in connection with Piedmont’s redomiciliation from Australia to the United States, Piedmont’s ADS holders received one share of Piedmont common ctock for each ADS.

Coinbase Global, Inc. is a cryptocurrency exchange. On April 14, 2021, Coinbase went public through a direct offering, making available 114,850,769 shares of its Class A common stock to the general public.

CorMedix Inc. is a biopharmaceutical company that focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the U.S. and internationally. The Company is focused on developing its lead product candidate, DefenCath, a purported novel antibacterial and antifungal solution designed to prevent costly and dangerous catheter-related bloodstream infections ("CRBSIs").

BlueCity Holdings Limited operates a platform for the LGBTQ community primarily under the BlueCity brand in China, India, Korea, Thailand, and Vietnam. The Company operates a mobile application, Blued, together with other products and services. The Company’s LGBTQ platforms provide products and services, including social and entertainment, online health consulting and online pharmacy, and assisted reproductive technology service. On June 16, 2020, BlueCity filed a registration statement on Form F-1 with the SEC in connection with the IPO, which, after amendment, was declared effective on July 7, 2020.

RenovaCare, Inc. is a development stage company that has not generated any revenue since its inception and has no commercialized products. Its activities primarily consist of research and development, business development, and capital raises. It owns the CellMist System, which consists of a treatment method for cell isolation for the regeneration of human skin cells and other tissues (the CellMist Solution) and a solution sprayer device to deliver cells to the treatment area (the SkinGun).