NEW YORK, NY / ACCESSWIRE / July 12, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, encourages investors in the following companies to contact the firm:
The case, Harari v. PriceSmart, Inc., No. 19-cv-00958, has been filed in the United States District Court for the Southern District of California against the Company and certain of its officers. The lawsuit focuses on whether the defendants failed to disclose to investors: (1) that the Company's omni-channel business strategy had failed to reach key operating goals; (2) that the Company's South America distribution strategy had failed to realize key cost saving goals; (3) that the Company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions; (4) that these investments had been improperly classified as cash and cash equivalents; (5) that the relevant corrections would materially impact financial statements; (6) that there was a material weakness in the Company's internal controls over financial reporting; (7) that increasing competition negatively impacted the Company's revenue and profitability; and (8) 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. The case has been assigned to Judge Jeffrey T. Miller.
The case, Nikolov v. Livent Corporation et al., No. 19-cv-2218-CFK, has been filed in the United States District Court for the Eastern District of Pennsylvania against the Company and certain of its officers. The lawsuit focuses on whether the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that a supply contract with Nemaska Lithium Inc. had been terminated; (2) that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) that the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of the Company's existing contracts; (4) that the Company's margins were squeezed due to the customer's increased orders; 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. The case has been assigned to Judge Chad F. Kenney.
The case, Bleier v. A.O. Smith Corporation, No. 19-cv-00786, has been filed in the United States District Court for the Eastern District of Wisconsin against the Company and certain of its officers. The lawsuit focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. J. Capital published a report on May 16, 2019, that alleged that A.O. Smith has an undisclosed partner called Jiangsu UTP Supply Chain. The partner allowed the Company to “stuff” distributors, and artificially increase gross margins. The report also alleged that the Company “failed to disclose the sharp decline under way in China, where sales will fall 16-21% this year,” “over-reported sales and under-reported inventory since at least 2015,” and “has major governance problems both inside and outside China.” Based on this report, shares of A.O. Smith dropped by more than 6% on the same day. The case has been assigned to Judge Nancy Joseph.
If you invested in any of these companies, please fill out the form on our website at the links above to learn more. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the foregoing companies’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE: Faruqi & Faruqi, LLP
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