Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Cronos Group, Gulfport Energy, Alpha and Omega Semiconductor, and LogicBio Therapeutics and Encourages Investors to Contact the Firm
March 25, 2020 - 6:30 PM EDT
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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Cronos Group, Gulfport Energy, Alpha and Omega Semiconductor, and LogicBio Therapeutics and Encourages Investors to Contact the Firm
NEW YORK, March 25, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Group, Inc. (NASDAQ: CRON), Gulfport Energy Corporation (NASDAQ: GPOR), Alpha and Omega Semiconductor Limited (NASDAQ: AOSL), and LogicBio Therapeutics, Inc. (NADSAQ: LOGC). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Cronos Group, Inc. (NASDAQ: CRON)
Class Period: May 9, 2019 to March 2, 2020
Lead Plaintiff Deadline: May 11, 2020
On February 24, 2020, Cronos stated that it would delay its fourth quarter and fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020.
On this news, Cronos’s share price fell $0.78 per share, or 10.91%, to close at $6.37 on February 24, 2020.
Then, on March 2, 2020, Cronos disclosed that it had requested a 15-day extension for filing a complete Annual Report on Form 10-K with the SEC for its fourth quarter and fiscal year 2019. Cronos attributed the delay to a “review by the Audit Committee of the Company’s Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions.”
On this news, Cronos’s share price fell an additional $0.70 per share, or 11.63%, to close at $5.32 per share on March 3, 2020.
The complaint, filed on March 11, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Cronos had engaged in significant transactions for which its revenue recognition was inappropriate; (ii) the foregoing would foreseeably necessitate reviews that would delay the Company’s ability to timely file its periodic reports; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Gulfport engages in the exploration, development, acquisition, and production of natural gas, crude oil, and natural gas liquids in the U.S.
On February 27, 2020, Gulfport disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.” Gulfport further advised investors that “the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements,” and, “[a]s a result, the Company has determined that a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective.”
On this news, Gulfport’s stock price fell $0.08 per share, or 8.89%, to close at $0.82 per share on February 28, 2020.
The complaint, filed on March 17, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business and operations. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) a material weakness existed in Gulfport’s internal control over financial reporting; (ii) accordingly, Gulfport’s disclosure controls and procedures were ineffective; (iii) as a result, Gulfport’s financial statements contained multiple misstatements; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Alpha and Omega Semiconductor Limited (NASDAQ: AOSL)
Class Period: August 7, 2019 to February 5, 2020
Lead Plaintiff Deadline: May 18, 2020
On February 5, 2020, Alpha and Omega issued a press release announcing its financial results for the second fiscal quarter of 2020. Therein, the Company disclosed that the U.S. Department of Justice “recently commenced an investigation into the Company’s compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (‘Huawei’).” Moreover, “[i]n connection with this investigation, [the Department of Commerce] has requested the Company to suspend shipments of its products to Huawei.” Alpha and Omega stated that “financial performance in the March quarter will be negatively impacted by the Huawei shipment interruption and by additional professional fees incurred in connection with the investigation.”
On this news, Alpha and Omega’s stock price fell $1.48 per share, or 12%, to close at $10.85 per share on February 6, 2020.
The complaint, filed on March 19, 2020, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company’s export control practices were in violation of applicable laws and regulations; (2) that, as a result, the Company was vulnerable to regulatory scrutiny and liability; and (3) 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.
Class Period: December 3, 2018 to February 10, 2020
Lead Plaintiff Deadline: May 18, 2020
On February 10, 2020, LogicBio issued a press release announcing, “that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on [LogicBio’s] Investigational New Drug (IND) submission for LB-001 for the treatment of methylmalonic acidemia (MMA) pending the resolution of certain clinical and nonclinical questions.”
On this news, shares of LogicBio fell $3.34 per share, or almost 32%, to close at $7.11 per share on February 11, 2020.
The complaint, filed on March 18, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) LogicBio’s behind-schedule and rushed Investigational New Drug (“IND”) submission of LB-001 did not answer certain pertinent clinical and nonclinical questions; (2) as a result, the U.S. Food and Drug Administration was likely to hold or deny the IND submission of LB-001 for treatment of methylmalonic acidemia (MMA); and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
