NEW YORK, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Omnicell, Inc. (OMCL), Ideanomics, Inc. (IDEX), Eagle Bancorp, Inc. (EGBN), and Karyopharm Therapeutics, Inc. (KPTI). 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.
Omnicell, Inc. (OMCL)
Lead Plaintiff Deadline: September 16, 2019
Class Period: October 25, 2018 to July 11, 2019
The complaint, filed on July 18, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Omnicell recognized revenue for certain transactions before fulfilling its performance obligations; (2) Omnicell engaged in improper accounting practices to meet revenue targets; (3) the company experienced weaker demand for new product lines than it had previously projected; (4) consequently, Omnicell would be required to write-off certain inventory; (5) Omnicell misclassified certain expenses as capitalized expenditures; and (6) 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 Omnicell class action go to: https://bespc.com/omcl
Ideanomics, Inc. (IDEX)
Lead plaintiff Deadline: September 17, 2019
Class Period: May 15, 2017 to November 13, 2018
The complaint, filed on July 19, 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) costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance; (ii) as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance; (iii) Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable; and (iv) as a result, Ideanomics’ public statements were materially false and misleading at all relevant times.
For more information on the Ideanomics class action go to: https://bespc.com/idex
Eagle Bancorp, Inc. (EGBN)
Lead Plaintiff Deadline: September 23, 2019
Class Period: March 2, 2015 to July 17, 2019
The complaint, filed on July 24, 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) Eagle Bancorp’s internal controls and procedures and compliance policies were inadequate; (ii) the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for the Company to undertake its own internal investigations; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On July 17, 2019, Eagle Bancorp disclosed rising legal costs stemming from ongoing internal and government investigations of “the Company’s identification, classification and disclosure of related party transactions; the retirement of certain former officers and directors; and the relationship of the Company and certain of its former officers and directors with a local public official.”
On this news, Eagle Bancorp’s stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019.
For more information on the Eagle Bancorp class action go to: https://bespc.com/EGBN
Karyopharm Therapeutics, Inc. (KPTI)
Lead Plaintiff Deadline: September 23, 2019
Class Period: March 2, 2017 to February 22, 2019
The complaint, filed on July 23, 2019, alleges that during the Class Period defendants falsely represented the safety and efficacy of selinexor, a pharmaceutical drug intended for the treatment of various types of cancer that Karyopharm was in the process of developing. Specifically, defendants' material misrepresentations and omissions center on defendants' claims regarding results from clinical trials for selinexor's treatment of patients with certain types of blood cancer. During the Class Period, defendants claimed that selinexor studies showed that selinexor was "well-tolerated" by patients and explained that there were "no new clinically significant adverse events in the patients receiving selinexor." The Company repeatedly touted the commercial prospects for selinexor and consistently described selinexor as having a "predictable and manageable tolerability profile" and a "very nice safety profile." In reality, selinexor was unsafe with limited efficacy.
The truth was revealed on February 22, 2019, when the Federal Drug Administration ("FDA") released a briefing document that expressed serious concerns with selinexor. Specifically, the FDA revealed that, contrary to Karyopharm's assurances, one of the previously cancelled selinexor trials had resulted in "worse overall survival" for certain patients treated with selinexor, which "highlight[ed] the toxicity of this drug." The FDA unambiguously concluded that "[t]reatment with selinexor is associated with significant toxicity" and has "limited efficacy." These disclosures caused the Company's stock price to decline from $8.97 per share to $5.07 per share, or more than 43%.
For more information on the karyopharm class action go to: https://bespc.com/KPTI
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.