Securities Class Actions – Page 34 – ClaimsFiler

Case Type: Securities Class Actions

On November 05, 2021, Silverback Therapeutics was sued for violations of the federal securities laws in the Western District of Washington on behalf of investors who purchased shares pursuant or traceable to the Company’s Registration Statement and Prospectus (together, the “Offering Documents”) issued in connection with the Company’s December 2020 Initial Public Offering.

On November 05, 2021, American Century Capital Portfolios and others were sued for violations of the federal securities laws in the Northern District of California on behalf of purchases of the Fund’s shares pursuant to the Fund’s untrue and misleading offering documents.

On August 12, 2021, post-market, the Company disclosed that the Company’s largest third-party payer, which accounted for 80% of its accounts receivables and was “basically administrating on behalf of the federal government,” had not paid on submitted claims since March 1, 2021.  On this news, the Company’s share price fell $8.00, or over 24%, to close at $24.70 per share on August 13, 2021, on unusually heavy trading volume.
Then, on September 22, 2021, post-market, the Company disclosed that “it is the target of a criminal investigation by the U.S. Department of Justice related to insurance reimbursement claims the Company has submitted on behalf of customers covered by federal employee health plans,” and as a result was withdrawing its financial guidance for the fiscal year ending Dec. 31.

ON24 and certain of its executives are charged with failing to disclose material information in the Company’s IPO Registration Statement and Prospectus, violating federal securities laws.  Specifically, the Complaint alleges that the Registration Statement and Prospectus failed to disclose, among other things, that the surge in customers leading up to the IPO consisted of a significant number that, driven by  COVID-19 related demand, did not fit the Company’s traditional customer profile, and, as a result, were significantly less likely to renew their contracts leading to an increase in churn.

On October 29, 2021, Camber Energy was sued for violations of the federal securities laws in the Southern District of Texas on behalf of investors who purchased the Company’s securities between February 18, 2021 and October 4, 2021. The case stems from a transaction executed in February 2021 to effect the full combination of Camber and Viking Energy Group, Inc.

On October 28, 2021, TMC the metals company was sued for violations of the federal securities laws in the Eastern District of New York on behalf of investors who purchased the Company’s securities between March 4, 2021 and October 5, 2021. On March 4, 2021, DeepGreen Inc. (“DeepGreen”) announced that it had entered into a business combination agreement with Sustainable Opportunities Acquisition Corporation (“SOAC”), special purpose acquisition company (“SPAC”) with a dedicated Environmental, Social, and Governance (“ESG”) focus. Upon closing of the merger, the combined company was renamed TMC the metals company Inc.

On July 27, 2021, the Company disclosed that its quarterly cash distribution had been slashed from $0.44 per common unit to $0.01 per common unit, that its revolving credit line would not be extended when it matured on January 1, 2023, and that its parent company would have very limited capacity to provide additional future support, among other things.

On October 25, 2021, Reconnaissance Energy Africa was sued for violations of the federal securities laws in the Eastern District of New York on behalf of investors who purchased the Company’s securities between February 28, 2019 and September 7, 2021.

On October 22, 2021, BioMarin was sued for violations of the federal securities laws in the Northern District of California on behalf of investors who purchased the Company’s securities between January 13, 2020 and September 3, 2021.

On October 21, 2021, CONSOL Coal Resources (“CCR”) was sued for violations of the federal securities laws in the Western District Court of Pennsylvania on behalf of public unitholders (each a “Unitholder”) of CONSOL Coal. The case stems from a proposed transaction announced on October 23, 2020, pursuant to which CONSOL Coal Resources, L.P. would be acquired by CONSOL Energy, Inc. On December 29, 2020, CCR unitholders voted to approve the Merger.

On June 21, 2021, investors learned that the Supreme Court rejected the Company’s bid to revive its Vascepa patents in favor of the generic companies in the company’s patent litigation.

On August 26, 2021, the Company disclosed that revenue for 2Q2021 grew only a disappointing 5.2% and that EBITDA was “negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products.”

On October 15, 2021, Lightning eMotors was sued for violations of the federal securities laws in the District of Colorado on behalf of investors who purchased securities of Lightning eMotors, Inc between May 7, 2021 and August 16, 2021. On May 6, 2021, the merger between the Company (f/k/a GigCapital3) and Lightning Systems was completed with the Company changing its name GigCapital3, Inc. to Lightning eMotors, Inc.

On October 14, 2021, InnovAge Holding was sued for violations of the federal securities laws in the District of Colorado on behalf of investors who purchased shares issued in connection with the Company’s March 2021 initial public offering (“IPO”). In March 2021, InnovAge completed its IPO, selling approximately 18,995,901 shares of common stock at a price of $21.00 per share. On September 21, 2021, after the market closed, InnovAge revealed that the Centers for Medicare and Medicaid Services (“CMS”) had “determined to freeze new enrollments at [the Company’s] Sacramento center based on deficiencies detected in [a recent] audit.” It stated that these “deficiencies relate to failures to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists, among others.”

On October 6, 2021, Bristol-Myers Squibb Motors was sued for violations of the federal securities laws in the Southern District of New York on behalf of investors who received Contingent Value Rights (“CVRs”) (NYSE: BMY.RT) in exchange for their shares of Celgene Corporation (NASDAQ: CELG) pursuant to BMS’ acquisition of Celgene on November 20, 2019.

On October 05, 2021, Nano-X Imaging was sued for violations of the federal securities laws in the Eastern District of New York on behalf of investors who purchased the Company’s securities between June 17, 2021 and August 18, 2021.

On September 30, 2021, Hyzon Motors was sued for violations of the federal securities laws in the Western District of New York on behalf of investors who purchased the Company’s securities between February 9, 2021 and September 27, 2021. On July 16, 2021, the merger between the Company and Decarbonization Plus Acquisition Corporation was completed with Decarbonization changing its name to Hyzon Motors Inc., and on July 19, 2021, Hyzon common stock began trading under the ticker symbol “HYZN” and Hyzon warrants began trading under the ticker symbol “HYZNW.” Before the merger, Hyzon Motors securities traded under the ticker symbols “DCRBU” for Units, “DCRB” for common stock, and “DCRBW” for warrants.

On September 24, 2021, AppHarvest was sued for violations of the federal securities laws in the Southern District of New York on behalf of investors who purchased the Company’s securities between May 17, 2021 and August 10, 2021. On August 11, 2021, the Company announced its 2Q 2021 financial results, disclosing a $32.0 million net loss and lowered its full year sales guidance to $7M to $9M, from a prior range of $20M to $25M, due to “operational headwinds with the ramp up to full production at the company’s first CEA facility, including labor and productivity challenges related to the training and development of the new workforce and historically low market prices for tomatoes.”

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