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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in MoneyGram International, Inc. of Class Action Lawsuit and Upcoming Deadline – MGI

PR Newswire

NEW YORK, April 6, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI) and certain of its officers. The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02161, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired MoneyGram securities between June 17, 2019 and February 22, 2021, inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased MoneyGram securities during the Class Period, you have until April 30, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

MoneyGram, together with its subsidiaries, provides cross-border peer-to-peer payments and money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. 

Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) XRP, the cryptocurrency that MoneyGram was utilizing as part of its Ripple Labs, Inc. (“Ripple”) partnership, was viewed as an unregistered and therefore unlawful security by the U.S. Securities and Exchange Commission (“SEC”); (ii) in the event that the SEC decided to enforce the securities laws against Ripple, MoneyGram would be likely to lose the lucrative stream of market development fees that was critical to its financial results throughout the Class Period; and (iii) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On December 22, 2020, the SEC filed a lawsuit against Ripple, alleging that Ripple’s cryptocurrency XRP is an unregistered security in violation of the securities laws.

The SEC alleged a brazen scheme in which Ripple received legal advice as early as 2012 that XRP could be considered an investment contract and therefore a security that needs to be registered under the securities laws. Nevertheless, Ripple decided to ignore this advice and assume the risk of initiating a large-scale distribution of XRP without registration.

Relying on Ripple’s own statements, the SEC points out that Ripple’s stated business plan has been to sell XRP to as many speculative investors as possible, and any non-speculative or non-investment use of the cryptocurrency represents a very small and inconsequential piece of the enterprise.

In fact, the SEC alleged specifically that the major non-investment use of the XRP cryptocurrency—transferring money on Ripple’s On Demand Liquidity (“ODL”) platform—is not market-driven but subsidized by Ripple itself.

In order to convince anyone to use ODL to transfer money, the SEC alleged, Ripple had to make a $50 million equity investment and pay significant financial compensation to an entity that the SEC’s Complaint refers to only as the “Money Transmitter.”  Of course, the “Money Transmitter” is MoneyGram.

In addition, the SEC’s Complaint describes how MoneyGram itself took part in the sale of unregistered XRP securities on the open market.

On December 23, 2020, MoneyGram issued a press release entitled: “MoneyGram Statement on the SEC Action Against Ripple.” The press release stated: “The Company has not currently been notified or been made aware of any negative impact to its commercial agreement with Ripple but will continue to monitor for any potential impact as developments in the lawsuit evolve. MoneyGram has had a commercial agreement with Ripple since June 2019; this agreement represents the use of Ripple’s foreign exchange (FX) blockchain trading platform (ODL) for the purchase or sale of four currencies. MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple, and is not dependent on the Ripple platform to accomplish its FX trading needs.” / “As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action.”

On February 22, 2021, MoneyGram filed its annual report on Form 10-K with the SEC for the year ended December 31, 2020 (the “2020 10-K”), which was signed by defendants W. Alexander Holmes, the Company’s Chief Executive Officer, and Lawrence Angelilli, the Company’s Chief Financial Officer (together, the “Individual Defendants”). Attached to the 2020 10-K were certifications pursuant to the Sarbanes-Oxley Act of 2002 signed by the Individual Defendants attesting to the accuracy of financial reporting, the disclosure of any material changes to the Company’s internal control over financial reporting and the disclosure of all fraud.

The 2020 10-K stated the following about Ripple, in pertinent part: “On December 22, 2020, the SEC filed a lawsuit against Ripple alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset offering in violation of the registration provisions of the Securities Act of 1933. Subsequently, substantially all of the U.S.-based digital asset exchanges removed XRP from their platforms. MoneyGram ceased transacting with Ripple under the commercial agreement in early December 2020 and has not since resumed trading. It is possible that MoneyGram will not resume transacting with Ripple under the commercial agreement and will be unable to receive the related market development fees in 2021 and beyond. Per the terms of the commercial agreement, the Company does not pay fees to Ripple for its usage of the ODL platform or the related software and there are no clawback or refund provisions.” / “The ‘Transaction and operations support’ line on the Consolidated Statements of Operations includes market development fees of $50.2 million and $11.3 million for the years ended December 31, 2020 and December 31, 2019, respectively.” (Emphases added.)

Also, on February 22, 2021, MoneyGram issued a press release on its financial results for its fourth quarter and full year ended December 31, 2020. The press release stated, in pertinent part: “Assuming the global economic environment were to remain consistent with the fourth quarter the Company is providing the following outlook:” / “For the first quarter of 2021, the Company anticipates reporting total revenue of approximately $300 million on the strength of its money transfer business and continued triple-digit cross-border MoneyGram Online growth, partially offset by an estimated $8 million reduction in gross investment revenue.” / “In addition, the Company is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple’s platform. In the first quarter of 2020, the Company realized a net expense benefit of $12.1 million from Ripple market development fees.” / “Based on the combination of these factors, the Company anticipates reporting Adjusted EBITDA of approximately $50 million in the first quarter of 2021.” (Emphases added.)

On this news, MoneyGram securities fell 33.2%, from a closing price on February 19, 2021 of $10.87 per share, to a closing price on February 23, 2021 of $7.26 per share, damaging investors.

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

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SOURCE Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Plug Power Inc., of Class Action Lawsuit and Upcoming Deadline – PLUG

PR Newswire

NEW YORK, April 6, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Plug Power Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG) and certain of its officers. The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02402, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Plug securities between November 9, 2020 and March 1, 2021, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Plug Power securities during the Class Period, you have until May 7, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Plug provides comprehensive hydrogen fuel cell turnkey solutions focused on systems used to power electric motors in the electric mobility and stationary power markets.

The complaint alleges that throughout the Class Period, 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, Defendants failed to disclose to investors: (1) that the Company would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (2) that the Company was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) 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.

On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a “review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas.” The Company stated that “[i]t is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.”

On this news, the Company’s stock price fell $3.68, or 7%, to close at $48.78 per share on March 7, 2021, on unusually heavy trading volume. The share price continued to decline by $9.48, or 19.4%, over three consecutive trading sessions to close at $39.30 per share on March 5, 2021, on unusually heavy trading volume.

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

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SOURCE Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Range Resources Corporation of Class Action Lawsuit and Upcoming Deadline – RRC

PR Newswire

NEW YORK, April 6, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Range Resources Corporation (“Range Resources” or the “Company”) (NYSE:  RRC) and certain of its officers.  The class action, filed in the United States District Court for the United States District Court for the Western District of Pennsylvania, and docketed under 21-cv-00301, is on behalf of a class consisting of all investors who purchased or otherwise acquired Range Resources common stock between April 29, 2016 and February 10, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Range Resources securities during the Class Period, you have until May 3, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Range Resources operates as an independent natural gas, natural gas liquids (“NGLs”), and oil company in the U.S.  The Company and its subsidiary, Range Resources – Appalachia, LLC, engage in the exploration, development, and acquisition of natural gas and oil properties in, among other U.S. regions, Fayette County, Pennsylvania. As of December 31, 2019, the Company purportedly owned and operated 1,272 net producing wells in the Appalachian region, including Pennsylvania.  Under Pennsylvania regulations, Range Resources must apply for the correct designation of the status of its wells with local regulators. These status designations include, for example, “active,” “inactive,” or “abandoned.”

Pennsylvania’s Department of Environmental Protection (the “DEP”) enforces the regulations governing the correct designation of a well’s status. According to the DEP, “inactive” wells must be viable for future use within a certain time frame.  If a well is not viable for future use within that time frame, then the well should be classified as “abandoned” and must be plugged.  Improperly classified wells present serious health, safety, and environmental concerns, further highlighting the need for the correct designation of a well’s status.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and compliance policies.  Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that:  (i) Range Resources had improperly designated the status of its wells in Pennsylvania since at least 2013; (ii) the foregoing conduct subjected the Company to a heightened risk of regulatory investigation and enforcement, as well as artificially decreased the Company’s periodically reported cost estimates to plug and abandon its wells; (iii) the Company was the subject of a DEP investigation from sometime between September 2017 to January 2021 for improperly designating the status of its wells; (iv) the DEP investigation foreseeably would and ultimately did lead to the Company incurring regulatory fines; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On February 10, 2021, shortly before the close of the trading session, the DEP issued a press release announcing that Range Resources had paid a $294,000 civil penalty to the agency on January 8, 2021 for violating the 2012 Oil and Gas Act.  The DEP had begun investigating the Company after the agency found conflicting and inaccurate information on the status of a Company well in Fayette County, Pennsylvania—specifically concerning whether the well in question was correctly designated as inactive for the purposes of DEP regulation.  After subpoenaing Range Resources for information on other wells the Company had requested to designate as inactive, the DEP found that “between Tuesday, July 16, 2013, and Monday, October 11, 2017, 42 of Range Resources’ conventional wells were placed on inactive status but were never used again” and that several of the Company’s “wells had not been in use for 12 months at the time Range Resources submitted its applications for inactive status,” even though “after 12 consecutive months of no production, the well would be classified as abandoned and must be plugged.”  In addition to paying the DEP’s civil penalty, Range Resources was ultimately required to plug the wells the agency identified as having no viable future use to remediate the issue.

The following day, as the market fully digested the significance of the DEP’s announcement, Range Resources’ stock price fell $0.62 per share, or 6.08%, from its closing price on February 10, 2021, to close at $9.57 per share on February 11, 2021.

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

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SOURCE Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Renewable Energy Group, Inc., of Class Action Lawsuit and Upcoming Deadline – REGI

PR Newswire

NEW YORK, April 6, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Renewable Energy Group, Inc. (“Renewable Energy” or the “Company”) (NASDAQ: REGI) and certain of its officers.  The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02244, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Renewable Energy securities between May 3, 2018 and February 25, 2021, inclusive (the “Class Period”).  Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Renewable Energy securities during the Class Period, you have until May 3, 2021 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Renewable Energy provides clean, low carbon transportation fuels.  It is North America’s largest producer of advanced biofuels.

The biodiesel tax credit (“BTC”) is a federal biodiesel mixture excise tax credit whereby the first person to blend pure biomass-based diesel with petroleum-based diesel fuel receives a $1.00-per-gallon refundable tax credit.  It is an incentive shared across the advanced biofuel production and distribution chain through routine, daily trading and negotiation.  The BTC was first implemented on January 1, 2005 but has been allowed to lapse and then been reinstated, sometimes retrospectively.  In February 2018, the BTC was retroactively reinstated for 2017, but was not reinstated for 2018.  In December 2019, the BTC was retroactively reinstated for 2018 and 2019 and made effective from January 2020 through December 2022.

The complaint alleges that throughout the Class Period, 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, Defendants failed to disclose to investors: (1) that due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by the Company and was instead added by the Company’s customers; (2) that, as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020; (3) that, as a result, Renewable Energy’s revenue and net income were overstated for certain periods; (4) that there was a material weakness in the Company’s internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; 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.

On February 25, 2021, after the market closed, Renewable Energy issued a press release announcing its fourth quarter and full year 2020 financial results.  Therein, the Company revealed that it would restate “$38.2 million in cumulative revenue from January 2018 through September 30, 2020” because Renewable Energy was not the “proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020.”  Renewable Energy further stated that it had reached an agreement with the Internal Revenue Service “on a $40.5 million assessment, excluding interest” to correct these claims.

On this news, the Company’s share price fell $8.17, or 9.5%, over two consecutive trading sessions to close at $77.77 per share on February 26, 2021, on unusually heavy trading volume.

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 

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SOURCE Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Aquestive Therapeutics, Inc. – AQST

PR Newswire

NEW YORK, April 6, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Aquestive Therapeutics, Inc. (“Aquestive” or the “Company”) (NASDAQ: AQST). Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Aquestive 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 25, 2020, Aquestive announced receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) “regarding the New Drug Application (NDA) for Libervant™ (diazepam) Buccal Film for management of seizure clusters.”  Aquestive advised investors that “[i]n the CRL, the FDA cited that, in a study submitted by the Company with the NDA, certain weight groups showed a lower drug exposure level than desired. The Company intends to provide to the FDA additional information on PK modeling to demonstrate that dose adjustments will obtain the desired exposure levels.” 

On this news, Aquestive’s stock price fell $2.64 per share, or 34.69%, to close at $4.97 per share on September 28, 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.

Cision View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-aquestive-therapeutics-inc—aqst-301262604.html

SOURCE Pomerantz LLP

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Neptune Wellness Solutions, Inc., of Class Action Lawsuit and Upcoming Deadline – NEPT

PR Newswire

NEW YORK, April 6, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Neptune Wellness Solutions, Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-01386, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Neptune securities between July 24, 2019 and February 16, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Neptune securities during the Class Period, you have until May 17, 2021 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Neptune operates as an integrated health and wellness company.  The Company builds a portfolio of lifestyle brands and consumer packaged goods products under the Forest Remedies and, Ocean Remedies, Neptune Wellness, Mood Ring, and OCEANO3 brands.  Neptune offers turnkey product development and supply chain solutions to businesses and government customers in various health and wellness verticals, such as legal cannabis and hemp, nutraceuticals, and white label consumer packaged goods.  The Company also provides extraction and purification services from cannabis and hemp biomass; raw material sourcing, formulation, quality control, and quality assurance primarily for omega-3 and hemp-derived ingredients under various delivery forms, such as soft gels, capsules, and liquids; and formulation and manufacturing solutions for value added product forms comprising tinctures, sprays, topicals, vapor products, and edibles and beverages.

On May 9, 2019, Neptune announced that it had signed a definitive agreement to acquire the assets of SugarLeaf Labs, LLC and Forest Remedies LLC (collectively, “SugarLeaf”), a registered North Carolina-based commercial hemp company providing extraction services and formulated products (the “SugarLeaf Acquisition”).  On July 24, 2019, Neptune announced the closing of the SugarLeaf Acquisition.

The complaint alleges that throughout the Class Period, 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, Defendants failed to disclose to investors that: (i) the cost of Neptune’s integration of the assets and operations acquired in the SugarLeaf Acquisition would be larger than the Company had acknowledged, placing significant strain on the Company’s capital reserves; (ii) accordingly, it was reasonably foreseeable that the company would need to conduct additional stock offerings to raise more capital; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On February 15, 2021, Neptune announced disappointing financial results for the third quarter of the Company’s fiscal year 2021, missing analyst expectations.  Among other results, Neptune reported third quarter revenues of CA$3.32 million and a net loss of CA$73.8 million, down 63.81% and over 1,000% year-over-year, respectively.  Neptune attributed the net loss, in part, to a CA$35.6 million impairment of goodwill and a CA$2.1 million impairment of “property, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019,” as well as accelerated amortization of CA$13.95 million “also related to the SugarLeaf acquisition.”  Additionally, the Company disclosed that its “[g]ross margin declined to a loss of 268.3%,” which included a non-cash CA$7.39 million “write-down of inventory and deposits to reflect their net realizable value.”

On this news, Neptune’s stock price fell $0.86 per share, or 30.71%, to close at $1.94 per share on February 16, 2021.

Then, on February 17, 2021, prior to the start of the day’s trading session, Neptune issued a press release announcing the termination of an at-the-market offering conducted by the Company, selling 9,570,735 of its common shares and raising approximately $18.6 million in gross proceeds.  Just minutes later, Neptune issued a second press release announcing that the Company was conducting a $55 million registered direct offering.

On this news, Neptune’s stock price fell another $0.21 per share, or 10.82%, to close at $1.73 per share on February 17, 2021.

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

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SOURCE Pomerantz LLP

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Niu Technologies Provides Updates on First Quarter 2021 E-scooter Sales Volume and New Products Launch

BEIJING, April 06, 2021 (GLOBE NEWSWIRE) — Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today provides its e-scooter sales volume results for the first quarter 2021 and update on new products launch.

  Q1 2021   Q1 2020
China Market 144,654   34,316  
International Markets 4,995   5,844  
Total 149,649   40,160  

In the first quarter of 2021, NIU sold 149,649 e-scooters, representing a 272.6% year-over-year growth. The number of e-scooters sold in China market reached 144,654, representing a 321.5% year-over-year growth. The number of e-scooter sold in the international markets reached 4,995, a decrease of 14.5% year-over-year.  The volume is compared on a year-over-year basis instead of on a quarter-over-quarter basis due to strong seasonality in e-scooter market.

The growth in China market was mainly driven by retail network expansion and effective branding and marketing activities. The Company launched the “Year of the Niu” branding campaign during the past Chinese New Year, as the year of 2021 happens to be the year of Ox, or the year of NIU in Chinese. The total units of G0 sold during the first quarter represented approximately 39.5% of total China market volume. Excluding G0, the number of e-scooters sold in China market reached 87,467, representing a 154.9% year-over-year growth. The G0 model has a lower sales price and gross margin compared with other models, and high proportion of sales volume from this model has negative impacts on the blended revenues per scooter and overall gross margin for the first quarter 2021.

The decrease in the international markets was mainly caused by COVID-19, especially the recent rebound and lockdowns in Europe, and by a more challenging environment for international shipping. As of March 31st, 2021, the Company had backlog orders of 5,437 units which were not fulfilled within the first quarter 2021.

On April 6th, 2021, the Company launched 4 new products, F0, F2, F4 and C0 models, in the e-scooter category mainly for China market and 1 new product in the kick-scooter category mainly for international markets. The Company also announced upgrades of various smart functions and components on existing MQi and UQi series products to offer better riding experience.

The F0, F2, F4 and C0 models are under our GOVA series. The design languages of the four models are differentiated from our existing product lines and such models are designed to serve different customer groups in China. The F0, F2 and C0 models are classified as electric bicycle and the F4 model is classified as electric motorcycle, according to the relevant standards in China. The F0 model was launched through JD.com on April 6th at a retail sales price of RMB2,6991. The F2, F4 and C0 models are expected to be available for sale in retail stores in the coming months.

The Company also launched a new series for kick-scooter category. The product carries the same NIU design language and is a new category that the Company expanded to enrich our offerings for micro-mobility. The models under this series are expected to be mass produced and sold to international markets in the 2nd half 2021.

Our sales volume count disclosed above is based on the delivery from our manufacturing facility, which may vary slightly from the sales volume measured from financial accounting and reporting point of view. NIU’s sales volume represents only one measure of the company’s financial performance and should not be relied upon as an indicator of quarterly financial results, which depend on a variety of factors, including revenues from accessories, spare parts and services, cost of sales, operating expenses, etc.

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric bicycles, motorcycles and kick-scooters. NIU has a product portfolio consisting of eight series, four e-scooter series, including NQi, MQi and UQi with smart functions and Gova, two urban commuter electric motorcycles series RQi and TQi, a performance bicycle series, NIU Aero, and a kick-scooter series. Different series of products address the needs of different segments of modern urban residents and resolve the demands of different scenarios of urban travel, while being united through a common design language that emphasizes style, freedom and technology. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit www.niu.com.

Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Niu Technologies
Jason Yang
Investor Relations Manager
E-mail: [email protected]

_______________
1 The retail sales price includes the delivery fee of RMB200.



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Elbit Systems of America Completes Acquisition of Sparton Corporation

Continuing our commitment to a strong and capable U.S. Defense Industrial Base

PR Newswire

HAIFA, Israel, April 6, 2021 /PRNewswire/ — Elbit Systems of America, LLC (“Elbit Systems of America”) has completed the acquisition of Sparton Corporation (“Sparton”) from an affiliate of Cerberus Capital Management, L.P. for $380 million, subject to customary price adjustments, resulting in a significant expansion of Elbit Systems of America in the United States.

Sparton, with its 120-year history and decades of defense experience spanning from World War I to today, is a U.S.-based premier supplier of critical undersea warfare solutions to the U.S. Navy and its allies, as well as engineered products for the defense industry.

“We welcome Sparton’s employees to the Elbit Systems of America family. Acquiring Sparton, one of the primary American suppliers of sonobuoys, as well as other undersea warfare products, provides us with another significant franchise and an expansion of our business with the U.S. Navy and within the U.S.,” said Raanan Horowitz, President & CEO of Elbit Systems of America. “Sparton has been and will continue to be led by a strong and capable management team, and has a good reputation with the U.S. Navy customer. I believe this acquisition will have a positive impact on our growth in both the near and long-term as we continue to invest in Sparton and work to expand its business portfolio and capabilities.”

“Demand for our undersea warfare products is increasing as a result of a heightened threat environment in both the Indo-Pacific and Atlantic,” said Bill Toti, President of Sparton De Leon Springs LLC (“Sparton De Leon Springs”), an Elbit Systems of America company. “With Elbit Systems of America’s support, we will continue to be well positioned to capitalize on growing opportunities in the undersea environment with our leading technology and distinctive capabilities.”

As part the acquisition, Elbit Systems of America has established an independent U.S. Proxy Board to oversee all of Sparton De Leon Springs’ Undersea business activities, allowing it to exclusively focus on higher sensitivity solutions and programs for U.S. customers. The independent Sparton De Leon Springs’ Proxy Board members are the Honorable Kenneth J. Krieg, Mr. Brett B. Lambert, and Admiral Timothy J. Keating, USN (Ret.).

Sparton’s Aydin Displays and Stealth divisions will operate as part of Elbit Systems of America’s existing security structure. “Combining their superior technology and products with Elbit Systems of America’s Airborne Solutions business unit will generate additional capabilities for our customers,” Mr. Horowitz said.

Elbit Systems of America operates under a Special Security Agreement with the U.S. Department of Defense that grants the company full rights, privileges, and responsibilities to provide advanced technology for U.S. national security needs. “Elbit Systems of America enjoys a decades-long record of performance supporting mission critical programs for the U.S. government, and an outstanding record of superior security and trust.” Mr. Horowitz added.

About Elbit Systems of America, LLC

Elbit Systems of America, headquartered in Fort Worth, Texas, is a leading provider of high-performance products, system solutions, and support services focusing on the defense, homeland security, law enforcement, commercial aviation, and medical instrumentation markets. With facilities throughout the U.S., Elbit Systems of America is dedicated to supporting those who contribute daily to the safety and security of the United States. Elbit Systems of America is wholly owned by Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), a global high technology company engaged in a wide range of programs for innovative defense and commercial applications. For additional information, visit: www.ElbitAmerica.com or follow us on Twitter, LinkedIn and Instagram.

About Sparton De Leon Springs, LLC

Sparton designs, develops, and produces proprietary products for domestic and foreign defense needs. The company is a world leader in the design, development, testing and production of complex maritime electronic mechanical systems, including sonobuoys in support of Anti-Submarine Warfare, submarine deployed products supporting Undersea Warfare, and depth-rated encapsulated systems to support Subsea and Seabed Warfare. Sparton’s Web site may be accessed at www.sparton.com.

About Elbit Systems

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance (“C4ISR”), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems. For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, YouTube and LinkedIn Channels.

Trademarks

Elbit Systems of America and other trademarks, service marks and logos are registered or unregistered marks of Elbit Systems of America companies in the United States and in foreign countries. Copyright ©2021Elbit Systems of America. All rights reserved.

Forward Looking Statement

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business.  Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings.  The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

Media Contacts:

Greg Caires

682-286-2299 
[email protected]

Amy Hartley 
682-286-2411 
[email protected]

 

 

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SOURCE Elbit Systems of America, LLC

Posted on

Nokia launches innovative cloud charging solution on AWS for CSPs

Press Release

Nokia launches innovative cloud charging solution on AWS for CSPs

  • Nokia leverages AWS Well-Architected Framework to support ultra low-latency, high frequency charging
  • Nokia Converged Charging solution features distributed deployment, active/active availability and geo-redundancy across regions specifically for AWS deployments.

6 April 2021

Espoo, Finland – Nokia has today announced the deployment of its cloud-native convergent charging solution on Amazon Web Services (AWS) to accelerate communications service providers (CSPs) migration of business-critical, high frequency charging applications to the public cloud, and to deliver the benefits of the cloud for 5G.

This announcement, which builds on an existing relationship with AWS, enables CSPs to efficiently run workloads on AWS and pioneer new monetization schemas as part of their journey towards deploying business support systems (BSS) in the public cloud.

As a containerized network function (CNF) on AWS, Nokia Converged Charging (NCC) provides true continuous availability, supporting the high frequency, low latency demands of an always on, real-time convergent charging system built for the needs of the 5G economy. This enables CSPs to tap new revenue streams from 5G capabilities, including differentiated pricing, network slicing, and flexible product offerings, such as IoT and B2B2X.

According to Analysys Mason, “SaaS and public cloud will make inroads into the market for monetization platforms by growing more than 6.5X from 2019 to 2025 and increase its share to over 14% of the total spend.” NCC’s architecture can support CSPs at every step of their public cloud journey, from deployment of greenfield sub-brands as a first step towards hosting testing environments to full production workloads of the main brand on the public cloud.

Fabio Cerone, EMEA Telco Managing Director at AWS, said: “We are pleased that Nokia is expanding its relationship with AWS by offering its cloud-native convergent charging system on AWS and connecting it to various services, such as with analytics to pioneer new monetization schemas. As the world becomes increasingly cloud-centric, it’s important that our customers can leverage cloud-native solutions to unleash the potential benefits of the cloud and 5G.”

Udi Israel, Head of Digital Business Product Line, Cloud and Network Services at Nokia, said: “The technological barriers of deploying charging systems on the public cloud, such as network latency, are decreasing rapidly due to faster dedicated connections and far edge CNF deployments; while the advantages, such as having the ability to grow capacity for one-off short-range events, are increasing. We’re pleased to be furthering that process with Nokia Converged Charging’s deployment on AWS.”

Resources

About Nokia

We create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Adhering to the highest standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.

Media Inquiries

Nokia
Communications
Phone: +358 10 448 4900
Email: [email protected]



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First Advantage Acquires the Background Screening Business of GBG, Further Strengthens Position in U.K. and EMEA

ATLANTA and NOTTINGHAM, U.K., April 06, 2021 (GLOBE NEWSWIRE) — First Advantage, a leading global provider of technology solutions for background screening, verifications and compliance, announced that it has acquired the U.K. background screening business of GB Group Plc (GBG), a global digital identity and location services provider. The acquisition expands First Advantage’s footprint and extends its capabilities in the U.K. and EMEA. Existing and new customers will benefit from First Advantage’s global coverage, customer-centric support model and ongoing commitment to investing in technology and innovation.

First Advantage CEO Scott Staples commented, “The background screening industry is rapidly changing from a ‘service-led’ business model to a ‘technology-led’ business model, deploying innovative screening solutions and enhanced technologies to automate processes and reshape the marketplace. First Advantage is focusing now on building the industry of the future. I am delighted to welcome our newest team members and customers to the First Advantage family.”

GBG U.K. background screening customers will continue to leverage their existing OnlineDisclosures and KnowYourPeople screening platforms and will also have access to future enhancements and solutions that leverage First Advantage’s global technology platform. GBG brings a substantial U.K. customer base and more than 50 employees with significant U.K. screening experience to First Advantage, including General Manager Alister Humphreys, who will be joining the First Advantage EMEA leadership team and will work closely with Senior Vice President and General Manager Rolf Bezemer to make the integration a success. In addition, First Advantage intends to add the new employees’ Nottingham location to its existing U.K. footprint, which already includes Canary Wharf, London and Colchester, Essex.

First Advantage is a private company whose majority shareholder is Silver Lake, a global technology investment firm with more than $79 billion in combined assets under management and committed capital. Silver Lake’s portfolio includes numerous leading technology brands such as Airbnb, Dell Technologies, Endeavor, Fanatics, GoodRx, Unity Technologies and Twitter. Leading companies in the Silver Lake portfolio with U.K. or EMEA headquarters include Cegid, City Football Group, FlixMobility, Global Blue, Klarna, Meilleurtaux, Silae and ZPG.

“We are pleased with First Advantage’s impressive growth despite a challenging economic climate,” said Joe Osnoss, Managing Partner of Silver Lake. “This performance is a testament to First Advantage’s leadership in technology and dedication to customers. Adding the U.K. background screening business of GBG will further strengthen First Advantage’s global position, as employers seek to hire the best talent while navigating complex compliance requirements across multiple geographies.”

The acquisition agreement was finalized on March 31, 2021.

About First Advantage

First Advantage is a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital. Enabled by their proprietary technology platform and together with superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Atlanta, Georgia, First Advantage has offices throughout North America, Europe, Asia and the Middle East.

To learn more, please visit fadv.com.

 



Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners.

Media Contact:
Elisabeth Warrick
First Advantage
[email protected]
732-706-0123, ext. 711