Latest news with #HagensBerman
Globe and Mail
15 hours ago
- Business
- Globe and Mail
Why Iovance Biotherapeutics Stock Dove by Almost 15% This Week
There's nothing like a top-level management departure to get investors worried about a publicly traded company. Investors in biotech stock Iovance Therapeutics (NASDAQ: IOVA) were served a strong reminder of the company's latest executive departure earlier in the week. With that headwind blowing in its face, Iovance's shares lost almost 15% of their value during the week, according to data compiled by S&P Global Market Intelligence. Bye-bye, says executive Hagens Berman Sobol Shapiro, one of the numerous law firms currently investigating Iovance's activities, was behind the reminder. It pointed out that CFO Jean-Marc Bellemin stepped down from his post earlier in June. His resignation is effective this coming July 10. The law firm hinted that the cancer-focused biotech company's legal headaches were at least partially responsible for this. It wrote in a press release that "Bellemin's exit comes at a tumultuous time, as the company is grappling with a recent commercial setback for its flagship drug, Amtagvi, and the specter of a class action securities lawsuit." Iovance originally disclosed the CFO's resignation on Friday, June 13 in a tersely worded regulatory filing with the Securities and Exchange Commission (SEC). It said only that Bellemin made the move "to pursue other opportunities." It did not elaborate on this. Adding to the struggles Besides its legal headaches, Iovance is struggling to produce impressive fundamentals. Although it delivered decent top-line growth -- thanks to Amtagvi, a melanoma drug -- it made quite a drastic cut to its product-revenue guidance for the entirety of this year. I don't think Iovance is in a good place just now. However, Amtagvi still has much potential, and the biotech is a player to watch in the cancer space. It might just be worthy of a buy for investors with a large appetite for risk. Should you invest $1,000 in Iovance Biotherapeutics right now? Before you buy stock in Iovance Biotherapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Iovance Biotherapeutics wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $704,676!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $950,198!* Now, it's worth noting Stock Advisor 's total average return is1,048% — a market-crushing outperformance compared to175%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 23, 2025
Associated Press
a day ago
- Business
- Associated Press
Rocket Pharmaceuticals, Inc. (RCKT) Faces Securities Class Action Amid Protocol Change and FDA's Clinical Hold on Gene Therapy Trial
SAN FRANCISCO, June 27, 2025 (GLOBE NEWSWIRE) -- A securities class action lawsuit styled Ho v. Rocket Pharmaceuticals, Inc., et al., No. 3:25-cv-10049 (D. N.J.) has been filed and seeks to represent investors who purchased or otherwise acquired Rocket Pharmaceuticals securities between February 27, 2025 and May 26, 2025. The lawsuit comes after investors saw the price of their shares in Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) crash over 60% on May 27, 2025 as a result of the company's announcement that the FDA put a clinical hold on its Phase 2 pivotal trial for RP-A501, an experimental therapy intended to treat patients with a rare gene disorder called Danon disease. Hagens Berman urges Rocket Pharmaceuticals investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys. Class Period: Feb. 27, 2025 – May 26, 2025 Lead Plaintiff Deadline: Aug. 11, 2025 Visit: Contact the Firm Now: [email protected] 844-916-0895 The Rocket Pharmaceuticals, Inc. (RCKT) Securities Class Action: The litigation focuses on the propriety of Rocket Pharmaceutical's disclosures about the trial protocol being implemented in the RP-A501 Phase 2 trial. More specifically, the complaint alleges that Rocket Pharmaceuticals made materially false and misleading statements while failing to disclose to investors: (1) the true state of RP-A501's safety and clinical trial protocol; (2) that the company knew Serious Adverse Events ('SAEs'), including patient's deaths, were at risk; and (3) that the company amended the trials protocol to introduce a novel immunomodulatory agent to the pretreatment regimen. Investors learned the truth on May 27, 2025, when the company revealed that the FDA put a clinical hold on its Phase 2 study after a patient suffered a SAE and ultimately died. During the May 27, 2025 update call, in response to analysts' questions, management revealed that the company amended the trial protocol 'several months ago[.]' The analysts were seemingly unaware of the company's amendments before this update call. This news drove the price of Rocket Pharmaceutical's shares crashing $3.94 (-62%) the same day. 'We're investigating claims that Rocket Pharmaceuticals may have misled investors about its Phase 2 protocol and whether it secretly amended it without first notifying the FDA and investors,' said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in Rocket Pharmaceuticals and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the Rocket Pharmaceuticals case and our investigation, read more» Whistleblowers: Persons with non-public information regarding Rocket Pharmaceuticals should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw. Contact: Reed Kathrein, 844-916-0895
Associated Press
a day ago
- Business
- Associated Press
Compass Diversified (CODI) Situation Worsens, Admits Accounting Irregularities During 2022 - 2024, Expanded Class Period In Amended Securities Class Action Complaint
SAN FRANCISCO, June 27, 2025 (GLOBE NEWSWIRE) -- After hours on June 25, 2025, Connecticut-based private equity firm Compass Diversified (NYSE: CODI) filed a report with the SEC warning investors not to rely on previously issued financial statements for its fiscal years ended- and interim periods within- December 31, 2022 and 2023, citing an expanded scope of previously disclosed accounting irregularities. The firm is navigating a turbulent period marked a precipitous stock decline, burgeoning class-action lawsuits, and recent accounting malfeasance revelations at one of its portfolio companies now spanning its 2022 through 2024 fiscal years. Recently, the plaintiff in the action styled Moreno v. Compass Group Diversified Holdings LLC, Case No. 3:25-cv-00758 (D. Conn.) filed an amended complaint that now seeks to represent purchasers or acquirers of Compass Diversified Holdings' publicly traded securities during an expanded Class Period -- February 24, 2022 through May 7, 2025. Hagens Berman is investigating the claims and urges investors who purchased Compass shares and suffered substantial losses to submit your losses now. Expanded Class Period: Feb. 24, 2022 – May 7, 2025 Lead Plaintiff Deadline: July 8, 2025 Visit: Contact the Firm Now: [email protected] 844-916-0895 Compass Diversified's June 25, 2025 Admission To Accounting Irregularities: After hours on June 25, 2025, Compass Diversified filed a Form 8-K with the SEC expanding on the company's initial (May 7, 2025) warning that, due to irregularities at its Lugano Holding subsidiary, investors should no longer rely on its full-year and interim financial statements for the year ended December 31, 2024. The June 25 filing discloses that, in addition to the 2024 false financial statements, 'the identified irregularities also existed during fiscal years 2022 and 2023' and investors should no longer rely on those annual and quarterly financial statements. Compass Diversified (CODI) Securities Class Actions: The company's May 7, 2025 disclosure of 2024 accounting irregularities ignited several securities class action lawsuits alleging that Compass Diversified made false and misleading statements while failing to disclose critical information to investors, including: On May 7, 2025, investors began to learn the truth, when Compass Diversified revealed that it 'preliminarily identified irregularities in Lugano's non-CODI financing, accounting, and inventory practices.' Following discussions with senior leadership and investigators, the Audit Committee of CODI's Board concluded that 'previously issued financial statements for 2024 require restatement and should no longer be relied upon.' The company also announced its intention to delay the filing of its first-quarter 2025 Form 10-Q. The market's immediate response was severe, with the price of Compass Diversified's stock plummeting by more than 62% on the news. Hagens Berman's Investigation Hagens Berman, a national investor rights law firm, has announced it is conducting its own investigation into potential securities violations by Compass Diversified. 'The cascade of events, from the restatement of financials to the drastic measures to conserve cash, suggests a deeply entrenched issue at Lugano that Compass Diversified seemingly failed to adequately oversee,' said Reed Kathrein, the partner at Hagens Berman leading the firm's probe. If you invested in Compass Diversified and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the Compass Diversified case and our investigation, read more» Whistleblowers: Persons with non-public information regarding Compass Diversified should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw. Contact: Reed Kathrein, 844-916-0895
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
CTO Realty Growth, Inc. (CTO) Shares Decline Amid Wolfpack Report- Hagens Berman
CTO Investors with Losses Encouraged to Contact Hagens Berman SAN FRANCISCO, June 26, 2025 /PRNewswire/ — On June 25, 2025 investors in CTO Realty Growth, Inc. (NYSE: CTO) saw the price of their shares significantly decline after Wolfpack Research published CTO: The B. Riley Of REITS, accusing CTO of misleading investors about its dividend sustainability and engaging in dubious financial activities. This report has prompted national shareholders rights firm Hagens Berman to open an investigation into the allegations and whether CTO may have violated the securities laws. The firm urges CTO investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys. Visit: Contact the Firm Now: CTO@ 844-916-0895 CTO Realty Growth, Inc. (CTO) Investigation: CTO represents itself as a 'self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties[.]' The investigation is focused on the propriety of CTO's assurances to investors that it adheres to applicable accounting rules and its use of certain non-GAAP accounting metrics. CTO's statements may have come into question on June 25, 2025, when Wolfpack published its report based, in part, on interviews with former employees and whistleblowers, in which it accuses CTO's management team of: '[L]ying to investors about the sustainability of their dividend while enriching themselves[;]' and '[E]ngag[ing] in accounting shenanigans like using a sham loan to cover up a top tenant's failure.' In contrast to CTO's assurances of 'high-quality retail and mixed-use' exposures, Wolfpack identified a subset of CTO properties in extreme financial distress and concluded that CTO is focused on buying and managing aging shopping centers, has not generated sufficient cash to pay its recurring capex, and relies on dilution to cover a $38 million dividend shortfall. The 'linchpin of management's deception,' according to Wolfpack, is its 'manipulative definition of Adjusted Funds From Operation (AFFO) where they exclude recurring capex, unlike all of their self-identified shopping center REIT peers[]' and management 'uses the same non-GAAP metric for 70% of its performance pay, inflating $8 million in bonuses we think they never should have received[.]' 'We're investigating whether CTO may have misled investors about the quality of its real estate portfolio, the reported asset values, and/or the propriety of its use of AFFO,' said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in CTO Realty Growth and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the CTO investigation, read more » Whistleblowers: Persons with non-public information regarding CTO Realty Growth should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CTO@ About Hagens BermanHagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw.
Associated Press
18-06-2025
- Business
- Associated Press
SelectQuote (SLQT) Shares Slide Further on Disappointing Earnings Amidst DOJ Scrutiny
SLQT Investors with Losses Encouraged to Contact the Firm SAN FRANCISCO, CA / ACCESS Newswire / June 17, 2025 / SelectQuote Inc. (NYSE:SLQT) faced renewed investor pressure on Monday, May 12, 2025, as its shares tumbled another 12% following the release of quarterly results that fell short of earnings and revenue expectations. This decline compounds the over 19% drop experienced on May 1st after the U.S. Department of Justice (DOJ) announced a lawsuit alleging violations of the False Claims Act against the insurance brokerage and several major health insurers. Hagens Berman is investigating potential violations of the U.S. securities laws and encourages SelectQuote investors who suffered substantial losses to submit your losses now. The firm also urges persons with knowledge who may be able to assist in the investigation to contact its attorneys. Visit: Contact the Firm Now: [email protected] 844-916-0895 Earnings Miss Adds to Investor Woes For the quarter ended March 2025, SelectQuote reported earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share. The company also posted revenues of $408.16 million, falling short of the Zacks Consensus Estimate of $417.01 million by 2.12%. Mounting Troubles Weigh on Investor Confidence This financial disappointment adds to the headwinds facing SelectQuote, which is already grappling with serious legal allegations. The DOJ lawsuit, unveiled on May 1st, accuses SelectQuote, along with other brokers and health insurance giants Aetna, Anthem, and Humana, of False Claims Act violations related to the marketing of Medicare Advantage (MA) plans. The lawsuit alleges that, from 2016 through at least 2021, insurers paid significant sums to SelectQuote and other brokers for Medicare Advantage enrollments. The DOJ contends that, rather than providing unbiased guidance, SelectQuote and other brokers steered beneficiaries toward plans offering the highest commissions, potentially disregarding the suitability of those plans. The complaint further details allegations of incentivizing sales based on these commissions, establishing dedicated sales teams for specific high-commission plans, and instances of allegedly refusing to sell plans from insurers with lower commission structures. Discrimination against MA beneficiaries with disabilities is also alleged. Hagens Berman's Investigation The confluence of a weaker-than-anticipated earnings report and ongoing legal entanglements has amplified anxieties surrounding SelectQuote's financial stability and operational integrity. According to Reed Kathrein, the Hagens Berman partner spearheading an inquiry into the company, 'The recent earnings figures underscore our existing concerns about SelectQuote's alleged steering tactics in light of the DOJ's allegations.' If you invested in SelectQuote and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the SelectQuote investigation, read more » Whistleblowers: Persons with non-public information regarding SelectQuote should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. # # # About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw. Contact: Reed Kathrein, 844-916-0895 SOURCE: Hagens Berman Sobol Shapiro LLP press release
