NEW YORK, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Valaris Plc (VAL), Sarepta Therapeutics, Inc. (SRPT), Canada Goose Holdings, Inc. (GOOS), and Meredith Corporation (MDP). 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.
Valaris Plc (VAL)
Class Period: April 11, 2019 to July 31, 2019
Lead Plaintiff Deadline: October 21, 2019
On July 31, 2019, Valaris issued a press release announcing its second quarter 2019 financial results—its first earnings report post-merger reflecting the results of the combined company—which missed market expectations (the “2Q 2019 Press Release”). Upon issuance of the 2Q 2019 Press Release, Seeking Alpha published an article on August 2, 2019, entitled “Valaris PLC - Off To A Bad Start” (the “Seeking Alpha Article”), noting that Valaris’s results “shock[ed] investors with massive cash usage [and] . . . surprisingly weak outlook for the ultra-deep water segment with further day rate recovery likely delayed until at least the second half of next year.” The Seeking Alpha Article further criticized the company’s free cash flow for the quarter, which was “negative by a whopping $375 million causing the company’s remaining pro forma cash balance adjusted for roughly $741 million in payments related to the recent debt tender offer to decline to just $353 million.”
On this news, Valaris’s stock price fell $3.25 per share, or approximately 39%, to close at $5.02 per share on August 2, 2019.
The complaint, filed on August 20, 2019, 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 that: (i) the Company was plagued by a weak ultra-deepwater segment, massive cash usage, and significant negative cash flow; (ii) the foregoing was reasonably likely to have a material negative impact on the Company’s second quarter 2019 results; (iii) the merger leading to Valaris’s establishment could not deliver on its touted benefits; and (iv) as a result, the company’s public statements were materially false and misleading at all relevant times.
To learn more about the Valaris class action go to: https://bespc.com/val
Sarepta Therapeutics, Inc. (SRPT)
Class Period: September 2, 2017 to August 19, 2019
Lead Plaintiff Deadline: October 29, 2019
On August 19, 2019, Sarepta announced receipt of a Complete Response Letter (“CRL”) from the FDA regarding the company’s NDA seeking accelerated approval of golodirsen for the treatment of DMD. Sarepta disclosed that “[t]he CRL generally cites two concerns: the risk of infections related to intravenous infusion ports and renal toxicity seen in pre-clinical models of golodirsen and observed following administration of other antisense oligonucleotides.”
On this news, Sarepta’s stock price fell $18.24 per share, or 15.16%, to close at $102.07 per share on August 20, 2019.
The complaint, filed on August 30, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding Sarepta’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) golodirsen posed significant safety risks to patients; (ii) consequently, the NDA package for golodirsen’s accelerated approval was unlikely to receive FDA approval; and (iii) as a result, Sarepta’s public statements were materially false and misleading at all relevant times.
For more information on the Sarepta class action go to: https://bespc.com/srpt
Canada Goose Holdings, Inc. (GOOS)
Class Period: March 16, 2017 to August 1, 2019
Lead Plaintiff Deadline: November 4, 2019
The complaint, filed on September 3, 2019, 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) Canada Goose sourced the down and fur used in its clothing products in a way that treated animals in an unethical and inhumane manner; (ii) Canada Goose was thus non-compliant with relevant FTC regulations pertaining to false advertising with respect to its sourcing practices; (iii) accordingly, Canada Goose was the subject of an ongoing FTC investigation regarding false advertising; and (iv) as a result, the company’s public statements were materially false and misleading at all relevant times.
On November 2, 2017, the non-profit organization People for the Ethical Treatment of Animals (PETA) issued a press release alleging that Canada Goose suppliers used unethical measures to obtain the down and fur used in creating the company’s clothing merchandise (the PETA Press Release). The PETA Press Release also stated that PETA had issued a complaint to the FTC regarding these practices because the company represented in communications and promotional materials that its clothing was produced with down and fur from sources that treated the animals used in sourcing those materials ethically and humanely.
On this news, Canada Goose’s stock price fell $0.70 per share, or roughly 3.27%, to close at $20.72 per share on November 2, 2017. Nevertheless, even after the PETA Press Release, Canada Goose continued to represent that the down and fur used in producing its clothing products were collected using humane and ethical practices.
Then, on June 17, 2019, the United States Federal Trade Commission (FTC) issued a closing letter to Canada Goose’s legal counsel. The FTC Closing Letter stated that the FTC had investigated Canada Goose’s advertising practices for possible violations of the Federal Trade Commission Act (FTC Act), citing concern[s] that Canada Goose may have made false or misleading representations about the treatment of geese whose down is used in Canada Goose’s apparel.
On this news, Canada Goose’s stock price fell $0.50 per share, or 1.36%, to close at $36.17 per share on June 17, 2019. According to an article published on July 12, 2019 by Truth In Advertising (TINA) a well-known watchdog for deceptive marketing practices Canada Goose continued to deny that it had changed the substance of its prior statements. At least in part as a result of Canada Goose’s refusal to admit it had changed the substance of its prior marketing materials and communications, the company’s securities continued to trade at artificially inflated prices throughout the Class Period.
Finally, on August 1, 2019, the New York Post published an article entitled Canada Goose pulls claims about its ethical treatment of animals (the New York Post Article). According to the New York Post Article, Canada Goose had abandoned its claims of ethical treatment of animals used in making its winter jackets and clothing in response to the FTCs regulatory review. The New York Post article also reported PETAs assertion that its complaint to the FTC in 2017 had precipitated the FTCs investigation into Canada Goose for potential violations of the FTC Act.
On this news, Canada Goose’s stock price fell $2.21 per share, or over 4.7%, to close at $44.58 per share on August 1, 2019
To learn more about the Canada Goose class action, go to: https://bespc.com/goos
Meredith Corporation (MDP)
Class Period: January 31, 2018 to September 5, 2019
Lead Plaintiff Deadline: November 5, 2019
On September 5, 2019, the company stated that it expected fiscal 2020 adjusted EBITDA in the range of $640 million to $675 million, which was well below analysts’ expectations of $793 million. Meredith planned to increase spending to improve operations of Time, Inc., which the company had acquired in January 2018, because the business was not as profitable as originally anticipated.
On this news, the company’s share price fell $10.14 per share, or over 23%, to close at $33.68 per share on September 5, 2019.
The complaint, filed September 6, 2019, 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) the Time, Inc. acquisition was not as profitable as the company had claimed; (2) that the company would incur additional costs for strategic investments to improve the Time business; (3) that, as a result, the company’s earnings would be materially and adversely impacted; and (4) 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 on the Meredith Corporation class action go to: https://bespc.com/MDP
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.