NEW YORK, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of 2U, Inc. TWOU, NetApp, Inc. NTAP, Valaris Plc VAL, and Burford Capital Limited BRFRF. 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.
2U, Inc. TWOU
Class Period: February 25, 2019 to July 30, 2019
Lead Plaintiff Deadline: October 7, 2019
The complaint, filed on August 7, 2019, 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 faced increasing competition in online education and particularly regarding graduate programs; (2) that the Company faced certain program-specific issues that negatively impacted its performance; (3) that, as a result, the Company's business model was not sustainable; (4) that the Company would slow its program launches; 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.
For more information on the 2U class action go to: https://bespc.com/TWOU
NetApp, Inc. NTAP
Class Period: May 22, 2019 to August 1, 2019
Lead Plaintiff Deadline: October 15, 2019
On August 1, 2019, the company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Moreover, the company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.
On this news, the company's share price fell $11.67 per share, to close at $46.04 per share on August 2, 2019.
The complaint, filed on August 14, 2019, 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 made false and/or misleading statements and/or failed to disclose: (1) that the company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the company's revenue would be materially impacted; (3) that, as a result, the company would lower its fiscal 2020 guidance; and (4) 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.
To learn more about the NetApp class action go to: https://bespc.com/NTAP
Valaris Plc VAL
Class Period: April 11, 2019 to July 31, 2019
Lead Plaintiff Deadline: October 21, 2019
On July 31, 2019, Valaris issued a press release announcing its second quarter 2019 financial results—its first earnings report post-merger reflecting the results of the combined company—which missed market expectations (the "2Q 2019 Press Release"). Upon issuance of the 2Q 2019 Press Release, Seeking Alpha published an article on August 2, 2019, entitled "Valaris PLC - Off To A Bad Start" (the "Seeking Alpha Article"), noting that Valaris's results "shock[ed] investors with massive cash usage [and] . . . surprisingly weak outlook for the ultra-deepwater segment with further dayrate recovery likely delayed until at least the second half of next year." The Seeking Alpha Article further criticized the company's free cash flow for the quarter, which was "negative by a whopping $375 million causing the company's remaining pro forma cash balance adjusted for roughly $741 million in payments related to the recent debt tender offer to decline to just $353 million."
On this news, Valaris's stock price fell $3.25 per share, or approximately 39%, to close at $5.02 per share on August 2, 2019.
The complaint, filed on August 20, 2019, 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 Company was plagued by a weak ultra-deepwater segment, massive cash usage, and significant negative cash flow; (ii) the foregoing was reasonably likely to have a material negative impact on the Company's second quarter 2019 results; (iii) the merger leading to Valaris's establishment could not deliver on its touted benefits; and (iv) as a result, the company's public statements were materially false and misleading at all relevant times.
To learn more about the Valaris class action go to: https://bespc.com/val
Burford Capital Limited BRFRF
Class Period: March 15, 2015 to August 7, 2019
Lead Plaintiff Deadline: October 21, 2019
On August 6, 2019, Muddy Water Research sent out a tweet announcing that it was going to be issuing a report regarding an "accounting fiasco." On this news, shares of Burford fell $2.87, or 17.11%, to close at $13.90 per share on August 6, 2019, damaging investors.
On August 7, 2019, Muddy Waters Research issued its report disclosing, among other things, that Burford had poor governance, was mismarking the value of its legal cases in which it invests, and was manipulating its metrics including ROIC and IRR. On this news, Burford's ordinary shares plummeted $5.90, or 42.45%, to close at $8.00 on August 7, 2019 and Burford's ADRs fell $6.15, or 43.93%, further damaging investors.
The complaint, filed on August 21, 2019, alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) Burford has been manipulating its metrics, including ROIC and IRR, to create a misleading picture of investment returns to investors; (2) these manipulations hid the fact that the Company is at high risk for a liquidity crunch and is already arguably insolvent; and (3) as a result of the aforementioned misconduct, Defendants' statements about Burford's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To learn more about the Burford class action go to: https://bespc.com/brfrf
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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