{"id":469270,"date":"2021-03-31T19:03:32","date_gmt":"2021-03-31T23:03:32","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469270"},"modified":"2021-03-31T19:03:32","modified_gmt":"2021-03-31T23:03:32","slug":"bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-plug-power-xl-fleet-corp-bellus-health-and-neptune-wellness-and-encourages-investors-to-contact","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-plug-power-xl-fleet-corp-bellus-health-and-neptune-wellness-and-encourages-investors-to-contact\/","title":{"rendered":"Bragar Eagel &amp; Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Plug Power, XL Fleet Corp., Bellus Health, and Neptune Wellness and Encourages Investors to Contact the Firm"},"content":{"rendered":"<div class=\"mw_release\">\n<p>NEW YORK, March  31, 2021  (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Plug Power, Inc. (NASDAQ: PLUG), XL Fleet Corp. (NYSE: XL), Bellus Health, Inc. (NASDAQ: BLU), and Neptune Wellness Solutions, Inc. (NASDAQ: NEPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.<\/p>\n<p align=\"justify\">\n        <strong>Plug Power, Inc. (NASDAQ: PLUG) <\/strong>\n      <\/p>\n<p align=\"justify\">Class Period: November 9, 2020 to March 1, 2021<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: May 7, 2021<\/p>\n<p align=\"justify\">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 \u201creview 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.\u201d The Company stated that \u201c[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.\u201d<\/p>\n<p align=\"justify\">On this news, the Company\u2019s stock price fell $3.68, or 7%, to close at $48.78 per share on March 2, 2021. 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, 202.<\/p>\n<p align=\"justify\">The complaint, filed on March 8, 2021, 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\u2019s 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\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p align=\"justify\">For more information on the Plug Power class action go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=WmTfMTEnkkYy02BggNdPa0T9zd2mdxSTDcZ_FkrXtykKZ-OYplBM1usAhFdP86Yq5_m5OQrDLpX3RN-XA8amWecuxj6E3fq1MjmXHTcEnAs=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/bespc.com\/cases\/PLUG<\/a><\/p>\n<p align=\"justify\">\n        <strong>XL Fleet Corp. (NYSE: XL)<\/strong>\n      <\/p>\n<p align=\"justify\">Class Period: September 2, 2020 to March 2, 2021<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: May 7, 2021<\/p>\n<p align=\"justify\">On March 3, 2021, Muddy Waters Research published a report entitled \u201cXL Fleet Corp. (NYSE: XL): More SPAC Trash,\u201d alleging, among other things, that salespeople \u201cwere pressured to inflate their sales pipelines materially in order to mislead XL\u2019s board and investors\u201d and that \u201ccustomer reorder rates are in reality quite low\u201d due to \u201cpoor performance and regulatory issues.\u201d Citing interviews with former employees, the report alleged that \u201cat least 18 of 33 customers XL featured were inactive.\u201d Muddy Waters also claimed that XL has \u201cweak technology\u201d and that \u201cXL\u2019s announcement of future class 7-8 upfits seems highly promotional\u201d because the task is \u201ctoo technologically complex for XL engineers to deliver on the promised timeline.\u201d<\/p>\n<p align=\"justify\">On this news, the Company\u2019s stock price fell $2.09, or 13%, to close at $13.86 per share on March 3, 2021. The share price continued to decline by $2.69, or 19.4%, over two consecutive trading sessions to close at $11.17 per share on March 5, 2021.<\/p>\n<p align=\"justify\">The complaint, filed on March 8, 2021, 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\u2019s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that XL Fleet\u2019s salespeople were pressured to inflate their sales pipelines to boost the Company\u2019s reported sales and backlog; (2) that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (3) that XL\u2019s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, as a result of the foregoing, defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p align=\"justify\">For more information on the XL Fleet class action go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=WmTfMTEnkkYy02BggNdPa0T9zd2mdxSTDcZ_FkrXtylX8S-SalZGWjf_eid80DW09MCfr5Y6TzoILObUP8Mop-L3EZ8IMVSeEnJfdMSl0Io=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/bespc.com\/cases\/XL<\/a><\/p>\n<p align=\"justify\">\n        <strong>Bellus Health, Inc. (NASDAQ: BLU) <\/strong>\n      <\/p>\n<p align=\"justify\">Class Period: September 5, 2019 to July 5, 2020<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: May 17, 2021<\/p>\n<p align=\"justify\">Bellus is a clinical-stage biopharmaceutical company whose lead product is BLU-5937, which is being developed for the treatment of chronic cough (one that lasts over eight weeks) and other afferent hypersensitization-related disorders.<\/p>\n<p align=\"justify\">Before markets opened on July 6, 2020, defendants revealed the truth about BLU5937\u2019s efficacy. They announced that the drug had failed a Phase 2 study of chronic cough patients for whom other treatments had not worked. Specifically, BLU-5937 was not significantly better than a placebo at reducing the frequency at which patients coughed. The Phase 2 trial showed a \u201cclinically meaningful and highly statistically significant\u201d effect only on a subset of patients who had high cough counts (around 32 per day), so the Company was planning a Phase 2b trial focused on those patients.<\/p>\n<p align=\"justify\">On this news, indicating that Bellus had fallen even further behind Merck in developing an FDA-approved treatment for refractory chronic cough, the Company\u2019s stock price plummeted over 75% to close at $2.97 on July 8, 2020.<\/p>\n<p align=\"justify\">The complaint, filed on March 16, 2021, alleges that defendants\u2019 scheme: (i) deceived the investing public regarding Bellus\u2019s business, operations, drug products, drug product development, competition, and present and future business prospects; (ii) facilitated the Company\u2019s September 2019 public offering (\u201cOffering\u201d); (iii) created artificial demand for the Bellus common shares sold in the Offering; (iv) enabled the Company to receive approximately $70 million in net proceeds from the sale of Bellus common stock in the Offering; and (v) caused Plaintiff and the Class to purchase Bellus publicly traded common stock at artificially inflated prices.<\/p>\n<p align=\"justify\">For more information on the Bellus Health class action go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=WmTfMTEnkkYy02BggNdPa0T9zd2mdxSTDcZ_FkrXtylFFPCJKBm3nrkuWs-gz9vMnyGbFqPsfvc8J0smhbbyCsTRCzQQqVs8fDgQB7Moprw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/bespc.com\/cases\/BLU<\/a><\/p>\n<p align=\"justify\">\n        <strong>Neptune Wellness Solutions, Inc. (NASDAQ: NEPT) <\/strong>\n      <\/p>\n<p align=\"justify\">Class Period: July 24, 2019 to February 16, 2021<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: May 17, 2021<\/p>\n<p align=\"justify\">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, \u201cSugarLeaf\u201d), a registered North Carolina-based commercial hemp company providing extraction services and formulated products (the \u201cSugarLeaf Acquisition\u201d). On July 24, 2019, Neptune announced the closing of the SugarLeaf Acquisition.<\/p>\n<p align=\"justify\">On February 15, 2021, Neptune announced disappointing financial results for the third quarter of the Company\u2019s 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 \u201cproperty, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019,\u201d as well as accelerated amortization of CA$13.95 million \u201calso related to the SugarLeaf acquisition.\u201d Additionally, the Company disclosed that its \u201c[g]ross margin declined to a loss of 268.3%,\u201d which included a non-cash CA$7.39 million \u201cwrite-down of inventory and deposits to reflect their net realizable value.\u201d<\/p>\n<p align=\"justify\">On this news, Neptune\u2019s stock price fell $0.86 per share, or 30.71%, to close at $1.94 per share on February 16, 2021.<\/p>\n<p align=\"justify\">Then, on February 17, 2021, prior to the start of the day\u2019s 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.<\/p>\n<p align=\"justify\">On this news, Neptune\u2019s stock price fell another $0.21 per share, or 10.82%, to close at $1.73 per share on February 17, 2021.<\/p>\n<p align=\"justify\">The complaint, filed on March 16, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s business, operational and compliance policies. Specifically, defendants made false and\/or misleading statements and\/or failed to disclose that: (i) the cost of Neptune\u2019s 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\u2019s 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\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n<p align=\"justify\">For more information on the Neptune Wellness class action case go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=WmTfMTEnkkYy02BggNdPa0T9zd2mdxSTDcZ_FkrXtykSM8JDWc39BwT27gAzOS-bm3s17QungoBXziAijVxijy4EyYnNrziAvaHvAxXnBzs=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/bespc.com\/cases\/NEPT<\/a><\/p>\n<p align=\"justify\">\n        <strong>About Bragar Eagel &amp; Squire, P.C.:<\/strong><br \/>\n        <br \/>Bragar Eagel &amp; Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YiCGfGd-HXCJ9ofI9KwN4RfieITPuoE32kIilrBhG07U4RB_Zlsl0CwV34Fvbz2kBTrnRwVql7WWnwwXqbZ0Gg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.bespc.com<\/u><\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n<p align=\"justify\">\n        <strong>Contact Information:<\/strong><br \/>\n        <br \/>Bragar Eagel &amp; Squire, P.C.<br \/>Brandon Walker, Esq. <br \/>Melissa Fortunato, Esq.<br \/>Marion Passmore, Esq.<br \/>(212) 355-4648<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JIF0oxQeR39lxOkGV9WwiVby9zRwOe6ows6W5AM93fQhLMr8NzLe4Vs5SSzLN1rfm3eWZe2k0nkroxYScuiSs8h5LRL9jHvbJnu5gu9A6Ww=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>investigations@bespc.com<\/u><\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YiCGfGd-HXCJ9ofI9KwN4Z_BoZ7PVEV6MCHZ9H-kctshVIsOL5tco7KSWhPe3VQbjITL75GEbS5bOvoI1Y2UZQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.bespc.com<\/u><\/a><\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIwOTU4NiM0MTAwNDk3IzIxMDAzOTg=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/8a542c66-b4fb-45d2-8eb8-a534252f7004\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, March 31, 2021 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Plug Power, Inc. (NASDAQ: PLUG), XL Fleet Corp. (NYSE: XL), Bellus Health, Inc. (NASDAQ: BLU), and Neptune Wellness Solutions, Inc. (NASDAQ: NEPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Plug Power, Inc. (NASDAQ: PLUG) Class Period: November 9, 2020 to March 1, 2021 Lead Plaintiff Deadline: May 7, 2021 On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-plug-power-xl-fleet-corp-bellus-health-and-neptune-wellness-and-encourages-investors-to-contact\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bragar Eagel &amp; Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Plug Power, XL Fleet Corp., Bellus Health, and Neptune Wellness and Encourages Investors to Contact the Firm&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469270","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bragar Eagel &amp; Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Plug Power, XL Fleet Corp., Bellus Health, and Neptune Wellness and Encourages Investors to Contact the Firm - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-plug-power-xl-fleet-corp-bellus-health-and-neptune-wellness-and-encourages-investors-to-contact\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bragar Eagel &amp; Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Plug Power, XL Fleet Corp., Bellus Health, and Neptune Wellness and Encourages Investors to Contact the Firm - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, March 31, 2021 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Plug Power, Inc. (NASDAQ: PLUG), XL Fleet Corp. (NYSE: XL), Bellus Health, Inc. (NASDAQ: BLU), and Neptune Wellness Solutions, Inc. (NASDAQ: NEPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Plug Power, Inc. (NASDAQ: PLUG) Class Period: November 9, 2020 to March 1, 2021 Lead Plaintiff Deadline: May 7, 2021 On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC &hellip; Continue reading &quot;Bragar Eagel &amp; Squire, P.C. 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Reminds Investors That Class Action Lawsuits Have Been Filed Against Plug Power, XL Fleet Corp., Bellus Health, and Neptune Wellness and Encourages Investors to Contact the Firm - Market Newsdesk","og_description":"NEW YORK, March 31, 2021 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Plug Power, Inc. (NASDAQ: PLUG), XL Fleet Corp. (NYSE: XL), Bellus Health, Inc. (NASDAQ: BLU), and Neptune Wellness Solutions, Inc. (NASDAQ: NEPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Plug Power, Inc. (NASDAQ: PLUG) Class Period: November 9, 2020 to March 1, 2021 Lead Plaintiff Deadline: May 7, 2021 On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC &hellip; Continue reading \"Bragar Eagel &amp; Squire, P.C. 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