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CLASS ACTION UPDATE for EBS, GOEV, SOS: HAGENS BERMAN Updates Investors on Securities Class Actions, Advises Investors with Losses to Contact the Firm Now

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·6 min read
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SAN FRANCISCO, CA / ACCESSWIRE / May 14, 2021 / Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including important upcoming deadlines, can be found at the links provided.

EBS Investors Click Here.

GOEV Investors Click Here.

SOS Investors Click Here.

Emergent BioSolutions (NYSE:EBS) Securities Fraud Class Action:

Class Period: July 6, 2020 - Mar. 31, 2021

Lead Plaintiff Deadline: June 18, 2021

Visit:www.hbsslaw.com/investor-fraud/ebs

Contact an Attorney Now:EBS@hbsslaw.com

844-916-0895

­Throughout the class period, Defendants touted Emergent's deals with J&J and AstraZeneca to produce their vaccine candidates and separate production contract with the U.S. government. Defendants also emphasized its "proven manufacturing capabilities in place" at its Baltimore, Maryland facility.

In truth, the company failed to disclose a multitude of issues at its Baltimore facility that would detrimentally affect its ability to manufacture the vaccines.

On Mar. 31, 2021, media reports revealed the company mixed up ingredients for J&J's and AstraZeneca's vaccines, contaminating up to 15 million J&J vaccine doses.

This news caused Emergent shares to decline. Notably, shortly before this disclosure, Emergent's CEO sold $10 million of his shares.

On Apr. 6, 2021, the New York Times reported that "[p]reviously undisclosed internal documents and interviews with current and former federal officials and former company employees depict a factory operation that was ill-equipped to take on such a mammoth manufacturing task." The NYT reported that audits and investigations - including ones conducted by J&J, AstraZeneca, two federal agencies and Emergent - found that Emergent had not followed basic industry standards at its Baltimore facility. AstraZenica's audit highlighted risks of viral cross-contamination. The NYT further reported that beginning in Oct. 2020, Emergent discarded five lots of the AstraZenica vaccine and one lot of the J&J vaccine because of contamination or spoliation.

"We're focused on investors' losses and proving Emergent lied about its vaccine production capabilities," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are an Emergent investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.

Canoo Inc. (NASDAQ:GOEV) Securities Fraud Class Action:

Class Period: Aug. 18, 2020 - Mar. 29, 2021

Lead Plaintiff Deadline: June 1, 2021

Visit:www.hbsslaw.com/investor-fraud/GOEV

Contact An Attorney Now:GOEV@hbsslaw.com

844-916-0895

The complaint alleges Canoo misled investors before and after going public through a SPAC closing on Dec. 21, 2020.

Specifically, Defendants repeatedly touted a three-pronged strategy to generate revenue and growth: (i) an engineering services segment; (ii) the sales of subscriptions of vehicles to consumers; and (iii) the sale of vehicles to other businesses. Canoo also emphasized its agreements with established OEMs, including with Hyundai for the co-development of a future EV platform

In truth, defendants concealed that Canoo (1) had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) would de-emphasize its engineering services business; and (3) did not have partnerships with OEMs and no longer engaged in the previously announced partnership with Hyundai.

On Mar. 29, 2021, the truth emerged when Canoo abruptly announced its CFO was being replaced, that it would deemphasize its engineering services business, would no longer focus on subscription sales to consumers, and try to make and sell its own vehicles to commercial operators. Moreover, on a call with investors, Canoo's Chairman characterized senior management's statements concerning the company's partnerships as "aggressive" and that "they weren't at our standard of representation to the public markets."

In response to this news, analyst Roth Capital downgraded the company's shares from buy to neutral buy and slashed its price target, and the price of Canoo shares crashed.

"We're focused on investors' losses and proving defendants intentionally misrepresented the viability of Canoo's business model and business partnerships," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Canoo investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.

SOS Limited (NYSE:SOS) Securities Fraud Class Action:

Class Period: July 22, 2020 - Feb. 25, 2021

Lead Plaintiff Deadline: June 1, 2021

Visit:www.hbsslaw.com/investor-fraud/SOS

Contact An Attorney Now:SOS@hbsslaw.com
844-916-0895

The complaint centers on SOS's purported entry into the bitcoin mining business. On Jan. 21, 2021, SOS claimed it purchased over 15,000 mining rigs from HY International Group New York ("HY"), and a month later, claimed that 5,000 mining rigs had gone live.

The complaint alleges that, in truth, SOS has misrepresented the type and/or existence of bitcoin mining rigs SOS claimed to have purchased and concealed related party transactions.

The truth emerged on Feb. 26, 2021, when Hindenburg Research and Culper Research both claimed that SOS was an intricate "pump and dump" scheme that used fake addresses and doctored photos of crypto miners to create an illusion of success. The analysts pointed out that the company's SEC filings, for instance, listed a hotel room as the firm's headquarters. The analysts also questioned whether SOS had actually purchased the claimed mining rigs, as HY appears to be a fake shell company. Most damaging, the analysts alleged that photos SOS had published of their "mining rigs" were phony. Culper noted that the photographed SOS "miners" weren't the A10 Pros the company claimed to own. Instead, they were pictures of Avalon's A1066 miners. Hindenburg further found the original images from SOS's site belonged to a legitimate rival, RHY.

After the class period, on Mar. 9, 2021 SOS admitted that rig seller HY was formed to preserve the "confidentiality" of a Chinese seller of used mining rigs.

Then, on Mar. 12, 2021 Culper claimed that SOS board member Wenbin Wu is directly linked to HY and arguing that SOS's supposed desire for "‘confidentiality' is in fact a thinly-veiled excuse for fraud via an undisclosed related party transaction."

Media outlets including Stock Telegraph have observed SOS's failure to substantively refute any of Hindenburg's and Culper's allegations, making SOS lose investors' confidence.

"We're focused on investors' losses and proving SOS is a false promotion scheme," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a SOS investor, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Emergent, Canoo, and/or SOS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EBS@hbsslaw.com, GOEV@hbsslaw.com, and/or SOS@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein
844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP



View source version on accesswire.com:
https://www.accesswire.com/647562/CLASS-ACTION-UPDATE-for-EBS-GOEV-SOS-HAGENS-BERMAN-Updates-Investors-on-Securities-Class-Actions-Advises-Investors-with-Losses-to-Contact-the-Firm-Now