NEW YORK, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Nektar Therapeutics NKTR, Valaris Plc VAL, Burford Capital Limited BRFRF, and Textron, Inc. TXT. 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.
Nektar Therapeutics NKTR
Class Period: February 15, 2019 to August 8, 2019
Lead Plaintiff Deadline: October 18, 2019
On August 8, 2019, the company revealed that a manufacturing issue caused two batches of bempegaldesleukin to differ from the other twenty batches that were produced. Furthermore, these batches resulted in variable clinical benefit with respect to the other batches used in the Company's PIVOT-02 clinical trial.
On this news, the Company's share price fell $8.65, or nearly 30%, to close at $20.92 per share on August 9, 2019.
The complaint, filed on August 19, 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 did not comply with current good manufacturing practices; (2) that, as a result, batches of NKTR-214 were not produced consistently and differed meaningfully; (3) that clinical results from PIVOT-02 differed based on the batch of NKTR-214 used in the study; (4) that, as a result, the PIVOT-02 study did not produce statistically significant results to support a finding of clinical benefit; 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.
To learn more about the Nektar class action go to: https://bespc.com/nktr-2
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-deep water 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 18, 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
Textron, Inc. TXT
Class Period: January 31, 2018 to October 17, 2018
Lead Plaintiff Deadline: October 21, 2019
On March 6, 2017, Textron expanded its recreational vehicle business through its $316 million acquisition of Arctic Cat Inc. ("Arctic Cat"). Upon the completion of this transaction, Arctic Cat became an indirect wholly-owned subsidiary of Textron. Throughout the Class Period, Textron repeatedly touted Arctic Cat as an important growth business for the Company, reassuring investors about dealer demand, end-market sales and earnings prospects for its Arctic Cat products.
The complaint, filed August 22, 2019, alleges that despite these positive depictions to the market, defendants failed to disclose that: (1) end-market sales of Arctic Cat products were slowing, resulting in a massive glut of old Arctic Cat inventory on dealers' floors; (2) in order to clear out this old inventory, the Company provided significant price discounts, which negatively impacted Textron's earnings; (3) as a result, Textron's positive statements about Arctic Cat's business, operations, and prospects were false and misleading.
The truth about Arctic Cat's inventory problems was revealed on October 18, 2018, when Textron reported weak third quarter 2018 earnings and decreased its full-year 2018 forecast. The company blamed the shortfall on heavy discounts issued by Textron to clear out old Arctic Cat inventory. Analysts immediately lowered their price targets on Textron stock citing the inventory concerns at Arctic Cat. On this news, Textron's stock fell $7.29 or 11.25 percent, to close at $57.49 on October 18, 2018.
To learn more about the Textron class action go to: https://bespc.com/txt
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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