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INVESTOR ALERT: Kaskela Law LLC Announces Important Shareholder Class Action Lawsuit Deadlines – VNDA, SYNH, BPI and USX

NEWTOWN SQUARE, Pa., April 13, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that shareholder class action lawsuits have been filed against Vanda Pharmaceuticals Inc. (VNDA), Syneos Health, Inc. (SYNH), Zovio Inc. f/k/a Bridgepoint Education, Inc. (BPI) and U.S. Xpress Enterprises, Inc. (USX).  Additional information about these class actions lawsuits, including important deadlines in the actions, may be found below.

Vanda Pharmaceuticals Inc. (VNDA)

A shareholder class action complaint has been filed against Vanda Pharmaceuticals Inc. (“Vanda”) on behalf of investors who purchased shares of the Company’s stock between November 4, 2015 and February 11, 2019 (the “Class Period”). 

For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/vanda/.

The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the Company’s business, operations and financial prospects.

According to the complaint, on October 22, 2018, the U.S. Food and Drug Administration (“FDA”) sent Vanda a Warning Letter in response to the FDA’s review of Vanda’s website, which the FDA found “false and misleading” due to its failure to disclose risks of the certain drugs in violation of the Federal Food, Drug, and Cosmetic Act.  Following this news, shares of the Company’s stock fell approximately 10% in value, over a two-day trading period, to close on October 24, 2018 at $20.00 per share.

Then, on February 11, 2019, Aurelius Value published a report revealing a previously unreported whistleblower lawsuit which disclosed Vanda’s years of fraudulent promotion of certain drugs, as well as Vanda’s scheme to defraud the government with fraudulent reimbursements.  Following this news, shares of the Company’s stock fell an additional $0.95 per share, or over 5% in value, to close on February 11, 2019 at $18.00 per share.

IMPORTANT DEADLINE: Vanda investors may, no later than April 26, 2019, seek to be appointed as a lead plaintiff representative of the class. 

Syneos Health, Inc. (SYNH)

A shareholder class action complaint has been filed against Syneos Health, Inc. (“Syneos”) on behalf of investors who purchased shares of the Company’s stock between May 10, 2017 and February 27, 2019 (the “Class Period”). 

For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/syneos-health/.

The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the accuracy and reliability of the Company’s financial statements.

According to the complaint, on February 27, 2019, Syneos announced that it was delaying the release of its Form 10-K, after the SEC notified Syneos that it was investigating the Company’s revenue accounting policies and internal controls.  Following this news, shares of the Company’s stock fell $10.24 per share, or nearly 20% in value, to close on February 28, 2019 at $41.77 per share.

IMPORTANT DEADLINE: Syneos investors may, no later than April 30, 2019, seek to be appointed as a lead plaintiff representative of the class. 

Zovio Inc. f/k/a Bridgepoint Education, Inc. (BPI)

A shareholder class action complaint has been filed against Zovio Inc. f/k/a Bridgepoint Education, Inc. (“Bridgepoint”) on behalf of investors who purchased shares of the Company’s stock between March 8, 2016 and March 7, 2019 (the “Class Period”). 

For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/bridgepoint/.

The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the Company’s business, operations and compliance policies.

According to the complaint, on March 7, 2019, Bridgepoint announced that it had “determined to restate the Company’s previously issued unaudited condensed consolidated financial statements, and advised that those financial statements should not be relied upon, for the three and nine months ended September 30, 2018.”  Additionally, Bridgepoint reported that the processes used for recording revenue for the FTG program portion of its student contracts “were not designed with sufficient precision,” leading to “material” accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses.  Following this news, shares of the Company’s stock fell $3.21 per share, or over 34%, to close on March 7, 2019 at $6.22 per share.

IMPORTANT DEADLINE: Bridgepoint investors may, no later than May 10, 2019, seek to be appointed as a lead plaintiff representative of the class. 

U.S. Xpress Enterprises, Inc. (USX)

A shareholder class action complaint has been filed against U.S. Xpress Enterprises, Inc. (“U.S. Xpress”) on behalf of investors who purchased shares of the Company’s stock pursuant or traceable to the Company’s initial public offering (“IPO”) of common stock.

For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/us-xpress/.

On or around June 14, 2018, U.S. Xpress completed its IPO of common stock, selling over 18 million shares of stock to investors at $16.00 per share, for proceeds of approximately $288 million.

The complaint alleges that the defendants made false and misleading statements to investors in connection with the Company’s IPO.  Specifically, the complaint alleges that the IPO offering materials failed to disclose that: (1) a shortage of trucks was negatively impacting U.S. Xpress's dedicated division; (2) certain shipping patterns had been performing differently than expected; (3) U.S. Xpress failed to stay informed regarding two large liability events; and (4) U.S. Xpress’s cost per mile for driver wages and independent contractors was exceeding the Company's internal expectations.

According to the complaint, on November 1, 2018, U.S. Xpress reported disappointing quarterly financial and operational results, and disclosed: (i) how unusual shipping patterns had impacted the Company; (ii) how market challenges for drivers resulted in a year-to-year tractor count decrease; (iii) higher driver wages and independent contractor costs; (iv) lower than expected recruitment levels; and (v) a higher insurance expense.  Following this news, shares of the Company’s stock fell $3.04 per share, to close on November 2, 2018 at $7.10 per share – over 55% lower than the price of the shares at the time of the IPO.

IMPORTANT DEADLINE: U.S. Xpress investors may, no later than May 10, 2019, seek to be appointed as a lead plaintiff representative of the class. 

Investors are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 for additional information about these actions and/or to discuss their important legal rights and options with respect to these actions. 

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation.  For additional information about Kaskela Law LLC please visit www.kaskelalaw.com

CONTACT:

D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com