NEW YORK, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Green Dot Corporation (GDOT), Trulieve Cannabis Corporation (Other OTC: TCNNF), Forescout Technologies, Inc. (FSCT), and Mohawk Industries, Inc. (MHK). 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.
Green Dot Corporation (GDOT)
Class Period: May 9, 2018 to November 7, 2019
Lead Plaintiff Deadline: February 17, 2020
On November 7, 2019, after market close, Green Dot released its financial and operating results for the third fiscal quarter and nine months period ended September 30, 2019. During the conference call to discuss the results, Green Dot’s CEO revealed that the continuing year-over-year decline of accounts in its active consumer business approximated 620,000 and were mostly “onetime use accounts.”
On this news, the stock price declined from a close of $29.95 per share on November 7, 2019 to a close of $24.54 per share on November 8, 2019, a drop of approximately 18.06%.
The complaint, filed on December 18, 2019, alleges that Green Dot made false and/or misleading statements and/or failed to disclose that: (1) Green Dot's strategy to attract “high-value” long-term customers was at the expense of “one and done” customers; (2) Green Dot’s “one and done” customers represented a significant source of revenues in its legacy segment; (3) consequently, Green Dot’s strategy was self-sabotaging; and (4) as a result of the foregoing, Defendants’ statements about its business and operations were materially false and misleading at all relevant times.
For more information on the Green Dot lawsuit go to: https://bespc.com/gdot-2
Trulieve Cannabis Corporation (Other OTC: TCNNF)
Class Period: September 25, 2018 to December 17, 2019
Lead Plaintiff Deadline: February 28, 2020
On December 17, 2019, Grizzly Research published an article reporting that the majority of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI corruption investigations, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in various undisclosed related party transactions.
On this news, Trulieve’s stock price fell $1.51 per share, or over 12.6%, to close at $10.40 per share on December 17, 2019.
The complaint, filed on December 30, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) 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.
For more information on the Trulieve Cannabis class action go to: https://bespc.com/tcnnf
Forescout Technologies, Inc. (FSCT)
Class Period: February 7, 2019 to October 9, 2019
Lead Plaintiff Deadline: March 2, 2020
On October 10, 2019, during pre-market hours, Forescout issued a press release announcing preliminary third quarter 2019 (“3Q19”) financial results. That press release lowered 3Q19 revenue guidance to $90.6 million to $91.6 million, compared to prior revenue guidance of $98.8 million to $101.8 million, and market consensus of $100.52 million. In explaining these results, defendants cited “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in EMEA.”
On this news, Forescout’s stock price fell $14.63 per share, or 37.32%, to close at $24.57 per share on October 10, 2019.
The complaint, filed on January 2, 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) Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa (“EMEA”); (ii) the foregoing was reasonably likely to have a material negative 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 Forescout class action go to: https://bespc.com/fsct
Mohawk Industries, Inc. (MHK)
Class Period: April 28, 2017 to July 25, 2019
Lead Plaintiff Deadline: March 3, 2020
Through a series of corrective disclosures between July 26, 2018 and July 26, 2019, Mohawk reported disappointing financial results and reduced production to control inventory levels and match its supply with waning customer demand. These disclosures caused the price of Mohawk shares to decline significantly.
The complaint, filed on January 3, 2020, alleges that throughout the Class Period defendants made false and misleading statements about Mohawk’s sales growth and the demand for the Company’s conventional flooring products. The complaint also alleges that defendants falsely reassured investors about the Company’s increasing accounts receivable and inventory levels during the Class Period by deceptively attributing those increases to external factors like rising raw material costs and inflation. According to the complaint, in truth, defendants were engaging in fraudulent channel stuffing, booking fictitious sales of its flooring products.
To learn more about the Mohawk class action go to: https://bespc.com/mhk
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.