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NEW YORK, NY / ACCESSWIRE / September 16, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Vasta Platform Limited ("Vasta" or the "Company") (NASDAQ:VSTA). Investors who purchased Vasta securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/vsta.
The investigation concerns whether Vasta and certain of its officers and/or directors have violated federal securities laws.
On or around July 30, 2020, Vasta conducted its initial public offering ("IPO"), selling 18,575,492 of its Class A common shares priced at $19.00 per share. Then, on August 20, 2020, Vasta issued a press release announcing the Company's financial results for the second quarter and first half of 2020. Among other results, Vasta announced a second quarter net loss of 54.9 million reais and revenue of 120.23 million reais, representing a revenue decline of 12.9% from the year-ago quarter. Vasta also advised investors that adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA"), excluding non-recurring effects, was negative by 1.7 million reais in the second quarter, and that "[t]he different seasonality in revenue recognition seen in 2020 on account of a greater concentration of invoices at the start of the commercial cycle (4Q and 1Q) ended up having a negative impact on the basis of comparison against the same period last year." The Company further advised that negative EBITDA of 10.9 million reais in the second quarter was "due to the extraordinary effects seen in the period, such as the different seasonality of revenue together with the impact of Covid-19 on the operation, as well as the inventory adjustment and higher marketing expenses." On this news, Vasta's common share price fell $1.63 per share, or 8.81%, to close at $16.88 per share on August 21, 2020, representing an 11.16% decline from the IPO price.
If you are aware of any facts relating to this investigation, or purchased Vasta shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/vsta. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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