Market Newsdesk

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of First American Financial Corporation (“First American” or the “Company”) (NYSE: FAF).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether First American and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 24, 2019, KrebsOnSecurity reported that First American’s website “leaked hundreds of millions of documents related to mortgage deals going back to 2003.”  The records included bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and driver’s license images-all of which “were available without authentication to anyone with a Web browser.”  Approximately 885 million records were exposed. 

On this news, First American’s stock price fell $3.31 per share, or 6%, to close at $49.52 per share on May 27, 2019. 

Then, on October 22, 2020, after the market closed, First American disclosed receipt of a Wells Notice from the U.S. Securities and Exchange Commission (“SEC”), regarding a preliminary determination to file an enforcement action against the Company related to the security breach.  Specifically, the SEC questioned the adequacy of the Company’s disclosures at the time of the incident and the adequacy of its disclosure controls. 

On this news, First American’s stock price fell $4.83 per share, or 9.36%, to close at $46.75 per share on October 22, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SHANGHAI, China, Nov. 16, 2020 (GLOBE NEWSWIRE) — AI-powered unstructured data analytics startup Zilliz closed its latest Series B funding round with a $43 million investment led by Hillhouse Capital. Additional investors include TrustBridge Capital, Pavillion Capital, as well as continued participation from existing investors 5Y Capital (formerly Morningside Venture Capital) and Yunqi Partners. This marks the largest single Series B funding round for an open-source infrastructure software company to date.

Zilliz has raised over $53 million since its 2017 launch, and will use the latest round of funding to drive international workforce expansion, sustain and expand contributions to the open-source data science software ecosystem, advance development of enterprise-grade cloud services, and spur global adoption of AI-powered technology for unstructured data processing and analysis.

“Unstructured data accounts for roughly 80% of all data, but only 1% gets analyzed due to processing complexities,” said Charles Xie, Founder and CEO of Zilliz. “Structured data, such as numerical values and text, has been efficiently handled by computers for decades. Unstructured data, things like images, videos, user behavior, chemical structures, and gene sequences, is far more ubiquitous. However, few tools are available to extract meaning from it. As digital transformation accelerates, unlocking the value of unstructured data will become progressively more essential. Our overarching goal at Zilliz is to utilize technology like heterogeneous computing and artificial intelligence to give people access to previously inaccessible insights.”

Xie continued, “Unstructured data processing and analysis has been pivotal to growing adoption of artificial intelligence worldwide, and we are committed to sustained investment in this space. We’ve found building software under the open-source model has eliminated national boundaries, brought a powerful network effect, and made analyzing unstructured data easier and more accessible for developers everywhere. Beginning late 2021, Zilliz will provide public, cloud-based unstructured data services that emphasize security, reliability, ease of use, and affordability.”

Additional comments on the investment came from stakeholders at Hillhouse Capital, 5Y Capital, and Yunqi Partners:

• Liming Huang, Investment Director, Technology Sector at Hillhouse Capital said, “How humans interact with each other, and our environments, is too complex to be represented by structured data. Hillhouse firmly believes leveraging embeddings similarity search to analyze massive unstructured datasets is the key to solving existing big data challenges. With Charles at the helm, Zilliz is building versatile applications that are a huge boon to the open-source data science software space and represent the future of data search.”
• Levi
  Liu, Partner at 5Y Capital commented, “Three years ago Charles began ardently laying out his vision for meeting data processing demands in an increasingly digital future. We were compelled by the wide-array of real-world scenarios unstructured data analysis benefits, and have been repeatedly impressed by the innovation Zilliz is bringing to a variety of domains. We view this investment as the continuation of a long-term partnership.”
• Yu Chen,
  Managing Director
  at Yunqi Partners said, “Deep knowledge of database management, computer architecture, and the open-source software model make Charles an ideal fit for pioneering vector search technology. The tools Zilliz offers excel in almost every way, including speed, scalability, and usability. We remain optimistic about future product developments, as well as the company’s ongoing contributions to global open-source communities.”

Zilliz was founded in 2017 and operates as a distributed team with offices in both the U.S. and China. The company specializes in the development of open-source, AI-powered unstructured data analysis software, and is the initiator and primary contributor to the vector similarity search project Milvus.

Milvus was released under an open-source license in October, 2019. It has been “starred” over 4,400 times on GitHub and engaged 120+ contributors. Milvus has been adopted by 400+ enterprise users, with applications spanning image processing, computer vision, natural language processing (NLP), speech recognition, recommendation engines, search engines, new drug development, gene analysis, and more. In April, 2020, Milvus became an incubation-stage project at the LF AI & Data Foundation, and currently has more commits than any other project in the incubator.

Contact:

Please contact Jingyu Zhang by email at [email protected].

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Innate Pharma S.A. (“Innate” or the “Company”) (NASDAQ: IPHA).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Innate and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On October 23, 2018, Innate and AstraZeneca plc (“AstraZeneca”) announced an expansion of a pre-existing collaboration agreement between the two companies, pursuant to which AstraZeneca purchased 9.8% of a newly-issued equity stake in Innate and obtained, among other things, full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody.  As part of this agreement, Innate was to receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab.  Then,  on September 8, 2020, Innate issued a press release announcing, in relevant part, that Innate and AstraZeneca had amended their collaboration agreement, such that Innate “will now receive a $50 million payment upon AstraZeneca’s dosing of the first patient in the Phase 3 trial, and a $50 million payment after the interim analysis demonstrates the combination meets a pre-defined threshold of clinical activity.” 

On this news, Innate’s American Depositary Share (“ADS”) price fell $1.62 per share, or 26.6%, to close at $4.45 per ADS on September 8, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: 
Robert S. Willoughby
Pomerantz LLP 
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Lizhi Inc. (“Lizhi” or the “Company”) (NASDAQ: LIZI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Lizhi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On or around January 17, 2020, Lizhi conducted its initial public offering (“IPO”), issuing 4.1 million American depositary shares (“ADSs”) priced at $11.00 per ADS. On November 9, 2020, post-market, Lizhi disclosed its financial results for the third quarter of 2020, which included revenue of $53.24 million, $0.77 million lower than consensus estimates. 

On this news, Lizhi’s stock price fell $0.25 per share, or 10.5%, to close at $2.13 per share on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ: CACC). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Credit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On August 13, 2020, Credit Acceptance disclosed that on August 11, 2020, the Company had received subpoenas from the Attorney General of the State of Maryland and from the Attorney General of the State of New Jersey. Describing the subpoenas as “substantively identical” to one another, Credit Acceptance advised investors that the subpoenas both “relat[ed] to the Company’s repossession and sale policies and procedures” and “the Company’s origination and collection policies and procedures.” Taken together with previously disclosed subpoenas received in March 2016 and April 2020, Credit Acceptance advised investors that the inquiries it faced now related to its operations in 39 states. 

On this news, Credit Acceptance’s stock price fell $19.05 per share, or 3.84%, over the following two trading sessions, closing at $476.78 per share on August 17, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Turquoise Hills Resources Ltd. (“Turquoise Hills” or the “Company”) (NYSE: TRQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Turquoise Hills and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On February 26, 2019, Turquoise Hill disclosed that although “the project cost” for the Company’s Oyu Tolgoi mine in Mongolia “was expected to remain within the $5.3 billion budget,” a review had determined that “there was an increasingly likely risk of a further delay to sustainable first production beyond Q3‘21.” Turquoise Hill attributed the “likely risk” to productivity delays in completing Shaft 2 and “challenging ground conditions that have had a direct impact on the project’s critical path.” On this news, Turquoise Hill’s stock price fell $2.10 per share, or 12.68%, to close at $1.83 per share on February 27, 2019. 

Then, on July 15, 2019, Turquoise Hill issued a press release announcing a further delay and that the underground project would cost substantially more than the Company had earlier stated. Sustainable first production from the underground development of Oyu Tolgoi would now be delayed by a further nine to twenty-one months until May 2022 to June 2023, and “the development capital spend for the project may increase by $1.2 to $1.9 billion over the $5.3 billion previously disclosed.” Turquoise Hill attributed the change to “[i]mproved rock mass information and geotechnical data modelling,” which “confirmed that there are stability risks associated with components of the existing mine design.” Turquoise Hill disclosed that the issues with the mine design were sufficiently unsettled that it would take until the second half of 2020 to develop a revised design for the mine.

Finally, on July 31, 2019, Turquoise Hill issued a press release and Management Discussion & Analysis making further disclosures about the status of the project, including that Turquoise Hill took a $600 million impairment charge and a substantial “deferred income tax recognition adjustment” tied to the Oyu Tolgoi project, and that it suffered a loss in the second quarter. The next day, pre-market, Rio Tinto issued a release concerning in part the project status, disclosing that it had also taken an impairment charge of $800 million related to the Oyu Tolgoi project. On this news, Turquoise Hill’s stock price fell $0.05 per share, or 8.62%, to close at $0.53 per share on August 1, 2019.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Golar LNG Limited (“Golar” or the “Company”) (NASDAQ: GLNG).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Golar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On September 24, 2020, media outlets reported that Eduardo Navarro Antonello, Chief Executive Officer of Golar’s joint-venture subsidiary Hygo Energy Transition Ltd., had been implicated in a bribery network investigated in connection with the ongoing Brazilian criminal investigation Operation Car Wash. 

On this news, Golar’s stock price fell $3.28 per share, or approximately 32%, to close at $6.86 per share on September 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: 
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

ARLINGTON, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) — Greenway Technologies, Inc. (OTCQB: GWTI), (the “Company”), an advanced gas-to-liquids (“GTL”) technology development company, today responds to the November 4, 2020 Texas Railroad Commission (RRC) announcement aimed at further reducing flaring from oil and gas sites across the state.

The agency’s commissioners announced approval of revamped exceptions associated with Statewide Rule 32 which states that “all gas from any oil well, gas well, gas gathering system, gas plant or other gas handling equipment shall be utilized for purposes and uses authorized by law.”

RRC commissioners approved a revamped Form R-32 used for exceptions to Rule 32. Among the changes are a reduction in the period of time for a flaring exception, and incentives for operators that deploy technologies to reduce the amount of gas flared, as well as more strict reporting requirements.

GWTI offers a modular, relocatable, technology solution that converts flared gas into valuable end products including liquid fuel, water, and long chain organic hydrocarbons which was developed in conjunction with the University of Texas at Arlington. The patented technology has the potential to reduce flaring in Texas as well as to transform the global energy landscape by facilitating the conversion of previously uneconomic and often polluting natural gas into valuable fuels and chemicals.

Kent Harer, GWTI CEO stated that “GWTI has devoted itself over the last ten years to develop and prove this technology based on proprietary processes and procedures to perfect its clean fuels gas-to-liquids solution. We are pleased to offer this unique technology solution to support Texas’ efforts to reduce gas flaring. GWTI’s solution not only reduces or eliminates gas flaring, it also facilitates the monetization of the source gas paying for itself.”

About Greenway Technologies, Inc.

Based in Arlington, Texas, the Company, through its wholly owned subsidiary, Greenway Innovative Energy, Inc., is engaged in the research and development of proprietary GTL syngas conversion systems that can be scaled to meet oil and gas field production requirements. The Company’s patented technology has been integrated into its recently completed first-generation commercial G-Reformer^™ unit, a unique component used to convert natural gas into synthesis gas. When combined with a FT reactor and catalyst, G-Reformer^™ units can be deployed to process a variety of natural gas streams including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane, and biomass to produce fuels including gasoline, diesel, jet fuel, and methanol. When derived from natural gas, these fuels are incrementally cleaner than conventionally produced oil-based fuels. For additional information about the Company, visit www.gwtechinc.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission, those associated with the uncertainty of obtaining future technology licensing agreements or sales, and those related to the ability of the Company to: (i) integrate the Company’s technology with existing plant technologies, (ii) produce and sell liquid fuels from such facility, and (iii) receive certification of the Company’s intellectual property. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.

###

Investors & Analysts Contact:
Greenway Investor Relations
800-289-2515
[email protected]
SEC filings can be found at:
http://gwtechinc.com/SEC-filings/

For more information, visit GWTI’s website: www.gwtechinc.com

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Tactile Systems Technology, Inc. (“Tactile” or the “Company”) (NASDAQ: TCMD).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980. 

The investigation concerns whether Tactile and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On March 20, 2019, aftermarket hours, an amended federal qui tam complaint filed against Tactile by one of the Company’s competitors and pending in the Southern District of Texas was unsealed.  The qui tam complaint contained detailed allegations of illegal sales practices on the part of Tactile, causing the Company to submit fraudulent claims to Medicare and the Veteran’s Administration.  Specifically, the qui tam complaint accused Tactile of illegally paying hospital staff to induce physicians to prescribe its medical devices.  The qui tam complaint further alleged that the Company had violated anti-kickback laws by paying physicians to be “advisors” and “paid spokesmen” when these financial relationships were merely a way to secure those doctors’ business.  

On this news, Tactile’s stock price fell $4.53 per share over the next two trading days, or 7.5%, to close at $55.57 per share on March 22, 2019. 

Then, on February 21, 2020, the court issued an order in the qui tam action, denying Tactile’s motion to dismiss the complaint in its entirety.  On this news, Tactile’s stock price fell $6.65 per share, or 10.59%, to close at $56.09 per share on February 24, 2020.  Finally, on June 8, 2020, the research firm OSS Research (“OSS”) published a report about the Company entitled “Strong Sell on Tactile Systems: Bloated Stock Needs Compression Therapy.”  In the report, OSS accused Tactile of (1) overstating its total addressable market by nearly $4.7 billion, (2) using a “‘daisy-chaining kickback scheme’ that has resulted in rampant overprescribing and rapid market share gains at the expense of patients, insurers and the public,” and (3) concealing Medicare audits resulting in denials, for failure to establish medical necessity, of 71% of Tactile’s submitted claims. 

On this news, the Company’s stock price fell $6.05 per share, or 11.69%, to close at $45.67 per share on June 9, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: 
Robert S. Willoughby
Pomerantz LLP 
[email protected]
888-476-6529 ext. 7980