Investors with losses are encouraged to contact the firm prior to May 11, 2020 Deadlines
LOS ANGELES, May 10, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of the following publicly traded companies. Shareholders interested in taking an active role in these cases have until May 11, 2020 to petition the court. There is no cost or obligation to you.
Cronos Group, Inc. On February 24, 2020, Cronos stated that it would delay its fourth quarter and fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020. Then, on March 2, 2020, after the market closed, Cronos disclosed an Audit Committee review of revenue recognition of “several bulk resin purchases and sales of products through the wholesale channel.” As a result, Cronos delayed the filing of its annual report for fiscal 2019 and revealed that it expected to report a material inventory write-down for fiscal 2019. The lawsuit alleges that during the class period, May 9, 2019, through March 2, 2020, Cronos misled investors by improper accounting practices, including inappropriate revenue recognition, thereby overstating the company’s financial performance.
NMC Health PLC. The lawsuit alleges that during the class period, March 13, 2016 through March 10, 2020, defendants actively engaged in fraudulent related party transactions, and practice fraudulent accounting standards to hide these transactions. Specifically, the complaint alleges that defendants failed to disclose that: (1) NMC lacked effective internal controls and risk management; (2) NMC engaged in undisclosed and extensive related party and de facto related party transactions; (3) NMC’s debts were significantly understated and obfuscated; (4) NMC’s cash-on-hand figures were overstated; (5) NMC’s principal shareholders were not accurately reporting or accounting their interests or stakes in the Company; (6) NMC did not review or know their principal shareholders interests or stakes in the Company; (7) consequently, the Company was not enforcing its Relationship Agreement with the principal shareholders; and (8) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Funko, Inc. The complaint alleges that throughout the class period, October 31, 2019 through March 5, 2020, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Funko was experiencing lower than expected sales; (2) that, as a result, Funko was reasonably likely to incur a writedown for slower moving inventory; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Norwegian Cruise Lines. Norwegian Cruise Lines is a global cruise company which operates the Norwegian Cruise Line, Oceania Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The lawsuit alleges that the Company throughout the Class Period, February 20, 2020 through March 12, 2020, made false and/or misleading statements and/or failed to disclose that: (1) Norwegian was employing sales tactics of providing customers with unproven and/or blatantly false statements about COVID-19 to entice customers to purchase cruises, thus endangering the lives of both their customers and crew members; and (2) as a result, Defendants’ statements regarding Norwegian’s business and operations were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The Portnoy Law Firm represents investors on a contingency basis in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar