NEW YORK, NY / ACCESSWIRE / June 24, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.
SRNE Shareholders Click Here: https://www.zlk.com/pslra-1/sorrento-therapeutics-inc-information-request-form?prid=7524&wire=1
CEMI Shareholders Click Here: https://www.zlk.com/pslra-1/chembio-diagnostics-inc-loss-submission-form?prid=7524&wire=1
CSPR Shareholders Click Here: https://www.zlk.com/pslra-1/casper-sleep-inc-loss-submission-form?prid=7524&wire=1
* ADDITIONAL INFORMATION BELOW *
Sorrento Therapeutics, Inc. (SRNE)
SRNE Lawsuit on behalf of: investors who purchased May 15, 2020 - May 22, 2020
Lead Plaintiff Deadline : July 27, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/sorrento-therapeutics-inc-information-request-form?prid=7524&wire=1
According to the filed complaint, during the class period, Sorrento Therapeutics, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company's initial finding of "100% inhibition" in an in vitro virus infection will not necessarily translate to to success or safety in vivo, or in person; (ii) the Company's finding was not a "cure" for COVID-19; and (ii) 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.
Chembio Diagnostics, Inc. (CEMI)
CEMI Lawsuit on behalf of: investors who purchased March 12, 2020 - June 16, 2020
Lead Plaintiff Deadline : August 17, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/chembio-diagnostics-inc-loss-submission-form?prid=7524&wire=1
According to the filed complaint, defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated Chembio's stock price and operated as a fraud or deceit by misrepresenting the efficacy of the Company's Dual Path Platform ("DPP") COVID-19 test. Defendants allegedly achieved this by making false statements about Chembio's DPP COVID-19 test, although they knew or at least recklessly disregarded that there were material performance concerns with the test. When defendants' prior misrepresentations were disclosed and became apparent to the market, the price of Chembio stock fell precipitously as the prior artificial inflation came out of Chembio's stock price.
Casper Sleep Inc. (CSPR)
in or traceable to the Company's public offering conducted on or around February 7, 2020.
Lead Plaintiff Deadline : August 18, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/casper-sleep-inc-loss-submission-form?prid=7524&wire=1
According to the filed complaint, (1) Casper's profit margins were actually declining, rather than growing; (2) Casper was changing an important distribution partner, costing it 130 basis points of gross margin in the first quarter of 2020 alone; (3) Casper was holding a glut of old and outdated mattress inventory that it was selling at steeply discounted clearance prices, further impairing the Company's profitability; (4) Casper was suffering accelerating losses, further placing its ability to achieve positive cash flows and profitability out of reach; (5) Casper's core operations were not profitable, but were causing the Company to suffer over $40 million in negative cash flows during the first quarter of 2020 alone and doubling its quarterly net loss year over year; (6) as a result of the foregoing, Casper's ability to achieve profitability, implement its growth initiatives, and expand internationally had been misrepresented in the documents issued in connection with Casper's initial public offering, as the Company needed to shutter its European operations, halt all international expansion, jettison over one fifth of its global corporate workforce, and significantly curtail new store openings in order to avoid an imminent cash and liquidity crisis, let alone achieve positive operating cash flows; and (7) as a result of the foregoing, Casper's revenue growth rate was not sustainable and had not positioned the Company to achieve profitability.
You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Levi & Korsinsky, LLP
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