Market Newsdesk

NEW YORK, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of HP Inc. (“HP” or the “Company”) (NYSE: HPQ).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether HP 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 June 21, 2016, HP announced an overhaul to its Printing sales model and revealed that it would reduce the Supplies channel inventory by $450 million in Supplies revenue over the remainder of 2016.  On this news, HP’s stock price fell $0.72 per share, or 5.4%, to close at $12.61 per share on June 22, 2016. 

More than four years later, on September 30, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued a press release, announcing charges against HP “for misleading investors by failing to disclose the impact of sales practices undertaken to meet quarterly sales and earnings targets.”  Specifically, the SEC stated that “from early 2015 through the middle of 2016, in an effort to meet quarterly sales targets, regional managers at HP used a variety of incentives to accelerate, or ‘pull-in’ to the current quarter, sales of printing supplies that they otherwise expected to materialize in later quarters.”  The press release further stated that “HP has agreed to pay $6 million to settle the charges.”  The SEC’s charges against HP revealed that while the Company’s June 21, 2016 announcement had attributed its channel inventory issues and revenue and margin reductions to unfavorable currency impacts, competitive pricing pressure, and a change in inventory modeling, HP had in reality engaged in improper channel inventory management and sales practices.

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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Pinterest, Inc. (“Pinterest” or the “Company”)(NYSE: PINS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Pinterest 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 31, 2019, Pinterest announced disappointing preliminary financial results for the third quarter 2019. Pinterest reported net revenue of only $279.7, versus the consensus projection of $282 million, indicating strong deceleration in the growth of its domestic user base. The Company also gave full year 2019 guidance, which it only marginally increased, indicating further deceleration in future quarters. 

On this news, Pinterest’s stock price fell $4.28 per share, or 17.02%, to close at $20.86 per share on November 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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (NASDAQ: KIDS).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether OrthoPediatrics 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 December 2, 2020, Culper Research (“Culper”) published a report entitled “OrthoPediatrics Corp. (KIDS): Even Channel Stuffing Can’t Save This Company”.  The Culper report described OrthoPediatrics as having “engaged in a channel stuffing scheme that has systematically and significantly overstated revenues.”  Among other issues, the Culper report alleged that “the Company has abused its ability to book revenues upon shipment by selling and shipping excess product directly to its distributors, many of whom are exclusive to the Company” and described it as “concerning that many of the Company’s ‘exclusive distributors’ are simply former OrthoPediatrics employees who have formed their own distributorships, often while still employed at the Company.”  

On this news, OrthoPediatrics’ stock price fell $4.12 per share, or 9.13%, to close at $41.02 per share on December 2, 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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of K12 Inc. (“K12” or the “Company”) (NYSE: LRN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether K12 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]

K12 operates virtual learning systems.  As a consequence of the COVID-19 pandemic, school districts across the U.S. have increasingly shifted learning activities to online and blended instruction, creating a unique opportunity for K12 to acquire a significant stake in the rapidly growing market for online education.  On August 26, 2020, reports began to surface that teachers in the Miami-Dade County school system were extremely unprepared for the new school year because they were unfamiliar with K12’s learning platform, and lacked “hands-on experience” and “adequate training for [K12’s online learning platform].”  The United Teachers of Dade President Karla Hernandez-Mats issued a statement, in which she disclosed that the “the training for K12 has been ineffective and the time allotted to learn it has been unacceptable.” 

On this news, K12’s stock price fell $5.87 per share, or 13.5%, over the following two trading days, to close at $37.70 per share on August 27, 2020. 

After classes began, K12 experienced major technical issues and disruptions, with teachers and students of Miami-Dade County being unable to even log into the platform and utilize its contents, which prompted local officials to publicly scold K12 for being “not ready” for the opening of the school year.  By the third day of classes, September 2, 2020, Miami-Dade County students and teachers reported numerous additional technical issues and a total of twelve intermittent cyberattacks that led to K12’s learning platform effectively being dysfunctional.  In response to the ensuing complaints by parents, the Miami-Dade County School District called a Board meeting to discuss K12’s many failures.  During the meeting, Miami-Dade County Public Schools Superintendent Alberto Carvalho disclosed that he never signed the $15.3 million no-bid contract with K12 and the school district had never paid K12 for the provision of its services and products. 

On this news, K12’s stock price fell $3.96 per share, or 10.2%, over the following two trading days, to close at $34.89 per share on September 3, 2020. 

The following week, after another Board meeting, the Miami-Date Public Schools Board voted to terminate its $15.3 million contract with K12 on September 10, 2020.  On this news, K12’s stock price fell $3.21 per share, or 9.5%, to close at $30.55 per share on September 10, 2020.  Meanwhile, the Beaufort County School District in South Carolina engaged K12 to provide virtual learning programs for their students.  However, the introduction of the program had to be delayed until the second week of instruction.  Shortly thereafter, a member of the Beaufort County School District board John Dowling stated that he had lost confidence in K12’s ability to provide educational solutions for the district and moved to terminate the contract, which was duly terminated two days later. 

On this news, K12’s stock price fell $1.09 per share, or 3.9%, to close at $27.21 per share on September 18, 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.

NEW YORK, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Kandi 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 November 30, 2020, Hindenburg Research (“Hindenburg”) published a report entitled “Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors”.  Citing “extensive on-the-ground inspection at Kandi’s factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records”, the Hindenburg report asserted that almost 64% of Kandi’s sales over the year have been to undisclosed related parties.  The report also alleged that “[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]” 

Following the publication of the Hindenburg report, Kandi’s stock price fell $3.86 per share, or 28.34%, to close at $9.76 per share on November 30, 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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Liquidia Corporation (“Liquidia” or the “Company”) (NASDAQ: LQDA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Liquidia 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 November 25, 2020, Liquidia announced that the U.S. Food and Drug Administration (“FDA”) had issued a complete response letter (“CRL”) for the Company’s New Drug Application (“NDA”) for LIQ861 (treprostinil) inhalation powder for the treatment of pulmonary arterial hypertension. Specifically, the Company advised, among other things, that “[i]n the CRL, the FDA stated that it is unable to approve the NDA at this time,” citing “the need for additional information and clarification on chemistry, manufacturing and controls (CMC) data pertaining to the drug product and device biocompatibility.” On this news, Liquidia’s stock price fell $0.16 per share, or 5.16%, to close at $2.94 per share on November 25, 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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Minerva Neurosciences, Inc. (“Minerva” or the “Company”) (NASDAQ: NERV). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Minerva 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 December 1, 2020, Minerva issued a press release announcing the Company’s receipt of “official meeting minutes from the November 10, 2020 Type C meeting with the U.S. Food and Drug Administration (FDA) regarding the development of roluperidone for treatment of negative symptoms in schizophrenia.”  With respect to the FDA’s view of the product’s data package and readiness to support a New Drug Application submission, Minerva advised investors that the FDA regards the Phase 2b study as “problematic” since it did not use the commercial formulation and was conducted solely outside of the U.S., and further commented that the Phase 3 trial was not capable of showing effectiveness since neither dose tested adequately separated from placebo at week 12 in the intent-to-treat population, adding that the filing of a marketing application based on these studies would be “highly unlikely” to be accepted.  On this news, Minerva’s stock price fell sharply during intraday trading on December 1, 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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Sonoma Pharmaceuticals, Inc. (“Sonoma” or the “Company”) (NASDAQ: SNOA).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Sonoma 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 November 17, 2020, post-market, Sonoma filed a current report on Form 8-K with the U.S. Securities and Exchange Commission disclosing that the Company’s “unaudited condensed consolidated interim financial statements for the quarter ended June 30, 2020 should no longer be relied upon.”  Specifically, Sonoma advised that the financial statements for this time period “contained material errors” and that “the Company will need to restate them.” 

On this news, Sonoma’s stock price fell $1.10 per share, or 14.23%, over the next few trading days to close at $6.63 per share on November 20, 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, Dec. 07, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of (“GoPro” or the “Company”) GoPro, Inc. (NASDAQ: GPRO).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether GoPro 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 November 18, 2020, GoPro issued a press release “announc[ing] that it proposes to offer $100.0 million aggregate principal amount of convertible senior notes due 2025 (the ‘notes’), subject to market conditions and other factors . . . in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.”  GoPro stated that the proceeds of the offering will be used for general corporate purposes and to cover the cost of certain capped call transactions which the Company would enter in connection with the notes pricing. 

On this news, GoPro’s stock price fell sharply during intraday trading on November 19, 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