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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against NetApp, SAExploration, Nektar Therapeutics, and Valaris and Encourages Investors to Contact the Firm

NEW YORK, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of NetApp, Inc. (NTAP), SAExploration Holdings, Inc. (SAEX), Nektar Therapeutics, Inc. (NKTR), and Valaris Plc (VAL). 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.

NetApp, Inc. (NTAP)

Class Period: May 22, 2019 to August 1, 2019

Lead Plaintiff Deadline: October 15, 2019

On August 1, 2019, the company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Moreover, the company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.

On this news, the company’s share price fell $11.67 per share, to close at $46.04 per share on August 2, 2019.

The complaint, filed on August 14, 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 made false and/or misleading statements and/or failed to disclose: (1) that the company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the company’s revenue would be materially impacted; (3) that, as a result, the company would lower its fiscal 2020 guidance; 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.

To learn more about the NetApp class action go to: https://bespc.com/NTAP

SAExploration, Inc. (SAEX)

Class Period: March 15, 2016 to August 15, 2019

Lead Plaintiff Deadline: October 17, 2019

On August 15, 2019, SAExploration revealed that certain accounting matters that arose in 2015-2016 were under investigation by the SEC. The company stated that they would restate its previously issued financial statements for fiscal years 2015 through 2018 and delay filing its 10-Q for the quarter ended June 30, 2019. The company’s Chief Executive Officer was placed on administrative leave, and its Chief Financial Officer was terminated from his position.

On this news, SAExploration’s share price fell over 33% on August 16, 2019, closing at $2.22. per share.

The complaint, filed August 18, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the company improperly did not classify Alaska Seismic Ventures, LLC ("ASV") as a variable interest entity; (2) the company had a controlling financial interest in ASV, which required the company to consolidate ASV in its financial statements; (3) the company had deficient internal controls over financial reporting; (4) these practices were likely to lead to an investigation of the company by the SEC; (5) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (6) as a result, defendants' statements about SAExploration's business, operations and prospects were materially false  and misleading and/or lacked a reasonable basis at all relevant times. 

To learn more about the SAExploration class action go to: https://bespc.com/saex 

Nektar Therapeutics (NKTR)

Class Period: February 15, 2019 to August 8, 2019

Lead Plaintiff Deadline: October 18, 2019

On August 8, 2019, the company revealed that a manufacturing issue caused two batches of bempegaldesleukin to differ from the other twenty batches that were produced. Furthermore, these batches resulted in variable clinical benefit with respect to the other batches used in the Company’s PIVOT-02 clinical trial.

On this news, the Company’s share price fell $8.65, or nearly 30%, to close at $20.92 per share on August 9, 2019.

The complaint, filed on August 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: (1) that the Company did not comply with current good manufacturing practices; (2) that, as a result, batches of NKTR-214 were not produced consistently and differed meaningfully; (3) that clinical results from PIVOT-02 differed based on the batch of NKTR-214 used in the study; (4) that, as a result, the PIVOT-02 study did not produce statistically significant results to support a finding of clinical benefit; and (5) 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.

To learn more about the Nektar class action go to: https://bespc.com/nktr-2

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 dayrate 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

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. 

Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com