NEW YORK, March 18, 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 PharmaCielo, Ltd. (Other OTC: PCLOF), Tilray, Inc. (TLRY), World Wrestling Entertainment, Inc. (WWE), and NMC Health PLC (Other OTC: NMHLY). 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.
PharmaCielo Ltd. (Other OTC: PCLOF)
Class Period: June 21, 2019 to March 2, 2020
Lead Plaintiff Deadline: May 5, 2020
On March 2, 2020, Hindenburg Research published a report explaining that PharmaCielo had failed to disclose: (i) transactions with related parties; (ii) misleading business transactions and loans with General Extract LLC and XPhyto Therapeutics Corp. (“XPhyto”); (iii) the delayed state of its Research Technology and Processing Centre’s construction; and (iv) the poor state of its Rionegro Growing Facility.
On this news, shares of PharmaCielo fell $0.5132 per share over the next two trading days, or 36.14%, to close at $0.9068 per share on March 3, 2020.
The complaint, filed on March 6, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) PharmaCielo engaged in an undisclosed related party transactions with General Extract; (2) PharmaCielo engaged in misleading transactions and loans with General Extract and XPhyto; (3) PharmaCielo’s Research Technology and Processing Centre was never on-schedule and is delayed; (4) the Rionegro facility is located on a floodplain and contaminated with mold and pesticides from its previous tenants; (5) PharmaCielo’s Cauca Department land has never been utilized by the Company and is idle; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
For more information on the PharmaCielo class action go to: https://bespc.com/PCLOF
Tilray, Inc. (TLRY)
Class Period: January 15, 2019 to March 2, 2020
Lead Plaintiff Deadline: May 5, 2020
On March 2, 2020, Tilray issued a press release announcing the Company’s financial results for the fourth quarter and full year 2019. Among other results, Tilray reported a net loss for the year of $321.2 million, or $3.20 per share, compared to $67.7 million, or $0.82 per share, for 2018. In addition, Tilray disclosed that “the Company recorded non-cash charges of $112.1 million related to impairment of the Authentic Brands Group LLC (‘ABG’) agreement as well as $68.6 million in inventory reserves.”
On this news, Tilray’s stock price fell $2.33 per share, or 15.18%, to close at $13.02 per share on March 3, 2020.
The complaint, filed on March 6, 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) the purported advantages of the ABG Agreement were significantly overstated; (ii) the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company’s financial results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times
For more information on the Tilray class action go to: https://bespc.com/TLRY
World Wresting Entertainment, Inc. (WWE)
Class Period: Stockholders who purchased Class A common stock between February 7, 2019 and February 5, 2020
Lead Plaintiff Deadline: May 5, 2020
WWE is an integrated media and entertainment company primarily known for its scripted professional wrestling shows. In recent years, WWE has entered into important strategic relationships with the Kingdom of Saudi Arabia, including a multi-year television distribution rights agreement with the Orbit Showcase Network (“OSN”), a Saudi-controlled direct broadcast satellite provider, and a 10-year partnership with the Saudi General Sports Authority to host live events in Saudi Arabia.
The problems with WWE’s relationship with the Saudis began to be revealed in a series of partial disclosures.
On April 25, 2019, the Company disclosed disappointing financial results and fiscal guidance, which several analysts connected to potential hiccups in the Company’s dealings with the Saudis.
On October 31, 2019, in connection with the release of the Company’s third quarter 2019 financial results, WWE revealed significant underperformance across key metrics and revealed that the media rights deal had been indefinitely delayed. Around this same time, it was reported that the Saudi government had withheld tens of millions of dollars in payments owed to WWE. The dispute continued to escalate, culminating in a decision by WWE to cut a broadcasting feed of a live event held in the country. In retaliation, the Saudi government temporarily refused to allow several WWE wrestlers to leave the country in what was later described as akin to a “hostage situation” under the pretense of mechanical airplane issues.
Then, on January 30, 2020, WWE revealed that two of its longest serving senior executives – defendants George A. Barrios and Michelle D. Wilson – had been ousted. Shortly thereafter, on February 6, 2020, WWE again disclosed disappointing financial performance due to its failure to secure a favorable broadcasting deal with the Saudis and revealed that the Saudi media rights deal would not be included in the Company’s financial forecasting.
As a result of these disclosures, the price of WWE Class A common stock plummeted from a Class Period high of more than $100 per share to as low as $40.24 per share on February 6, 2020, representing a 60% share price decline.
The complaint, filed on March 6, 2020, alleges that during the Class Period defendants made false and misleading statements and/or failed to disclose adverse information regarding WWE’s business and operations. Specifically, defendants failed to disclose that WWE was experiencing rising tension with the Saudi government and a breakdown in negotiations over a renewed broadcasting distribution deal; that the Saudi government and its affiliates had failed to make millions of dollars in payments owed to WWE pursuant to existing contractual commitments between the parties; that OSN had terminated the broadcast of WWE programming in the first quarter of 2019, despite a contractual obligation to continue such broadcasts, and that this cancellation was symptomatic of a deterioration in the business relationship between the parties; that OSN had rebuffed efforts to renew a distribution rights agreement on terms acceptable to WWE; and that WWE did not have the ability to expand its operations in the Middle East or within Saudi Arabia as had been represented to investors.
For more information on the WWE class action go to: https://bespc.com/WWE
NMC Health PLC (Other OTC: NMHLY)
Class Period: March 13, 2016 to March 10, 2020
Lead Plaintiff Deadline: May 11, 2020
On December 17, 2019, Muddy Waters Capital LLC published a report explaining that NMC had misled investors and failed to disclose: (i) its lack of internal controls; (ii) (de facto) related party transactions; (iii) its true debt burden; (iv) its true cash-on-hand and asset values; and (v) its use of reverse factoring.
On this news, NMC’s share price fell $11.68, per share or over 33.6%, to close at $23.00 per share on December 17, 2019, from its December 16, 2019 close at $34.68.
Then, on March 10, 2020, the Financial Times published the article titled “NMC Health Discovers Almost $3bn of Debt Hidden from Its Board” which continued to disclose NMC’s lack of internal controls and under reporting of debt reporting. Further on March 10, 2020, Bloomberg published the article titled “Abu Dhabi Insurer Steps In to Help NMC Health Pay Salaries” reporting that an insurer was assisting to pay NMC’s expenses.
On this news, NMC’s share price fell $3.28 per share, or almost 64%, to close at $1.85 per share on March 10, 2020.
The complaint, filed on March 10, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal controls and risk management; (2) the Company engaged in undisclosed and extensive related party and de facto related party transactions; (3) NMC’s debts were significantly understated and obfuscated; (4) NMC’s cash-on-hand figures were overstated; (5) NMC’s principal shareholders were not accurately reporting or accounting their interests or stakes in the Company; (6) NMC did not review or know their principal shareholders interests or stakes in the Company; (7) consequently, the Company was not enforcing its Relationship Agreement with the principal shareholders; and (8) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the NMC Health class action go to: https://bespc.com/NMHLY
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.