NEW YORK, June 25, 2020 /PRNewswire/ -- Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:
- Casper Sleep, Inc. CSPR (NYSE)
(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it 130 basis points of gross margin in the first quarter of 2020 alone; (3) Casper was holding a glut of old and outdated mattress inventory that it was selling at steeply discounted clearance prices, further impairing the Company's profitability; (4) Casper was suffering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.
- Enphase Energy, Inc. ENPH (NASDAQ)
(1) its revenues, both U.S. and international, were inflated; (2) that the Company engaged in improper deferred revenue accounting practices; (3) that the Company's reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
- Chembio Diagnostic System, Inc. CEMI (NASDAQ)
The Company misled investors regarding its FDA authorization for the Chembio Diagnostic System DPP COVID-19 IgM/IgG System, a SARS-CoV-2 antibody test (the "DPP Test"). On June 16, 2020, the U.S. Food and Drug Administration revoked the emergency use authorization of the DPP Test due to performance concerns with the accuracy of the test. On this news, Chembio's stock fell over 60% in intraday trading on June 17, 2020.
If you own CSPR, ENPH, or CEMI please contact Fletcher Moore, Esq. by email at firstname.lastname@example.org or telephone at (212) 709-8245. There is no cost or obligation to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers. For more information, please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/
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Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
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