Bragar Eagel & Squire, P.C. Is Investigating Super Group, Sema4, CytoDyn, and Cognyte and Encourages Investors to Contact the Firm

NEW YORK, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Super Group (SGHC) Limited SGHC, Sema4 Holdings Corp. SMFR SMFRW))), CytoDyn, Inc. CYDY, and Cognyte Software Ltd. CGNT. Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.

Super Group (SGHC) Limited SGHC

On May 25, 2022, on a conference call to discuss the Company's first quarter 2022 results, Super Group withdrew its fiscal year 2022 revenue guidance of €1.4 billion and adjusted EBITDA guidance of €345 million, stating that "[g]iven the volatility we've seen and known uncertainties, we're working on a reforecast for 2022 and should be able to provide an update about our expectations when we release second quarter results in August." 

On this news, Super Group's ordinary share price fell $1.89 per share, or 23.28%, to close at $6.23 per share on May 25, 2022. 

Then, on August 11, 2022, on a conference call to discuss the Company's second quarter 2022 results, Super Group provided fiscal year 2022 revenue guidance of "between €1.15 billion and €1.28 billion" and adjusted EBITDA guidance of "between €200 million and €250 million." Super Group attributed the reduced guidance to "ongoing pressures from multiple economic and regulatory headwinds, together with some further degree of post-COVID normalization." 

On this news, Super Group's ordinary share price fell $0.69 per share, or 12.19%, to close at $4.97 per share on August 11, 2022.

For more information on the Super Group investigation go to: https://bespc.com/cases/SGHC

Sema4 Holdings Corp. SMFR SMFRW)))

On July 22, 2021, CM Life Sciences, Inc., a special purpose acquisition company, completed its business combination with Mount Sinai Genomics, Inc., and the combined public entity was renamed Sema4.

Less than a year later, on June 14, 2022, Sema4 announced that its Chief Financial Officer had departed.

Then, on August 15, 2022, after the market closed, Sema4 announced changes to its research and development team, including that its founder was stepping down from the organization and leaving his role as President and chief R&D Officer. The Company also disclosed that it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments. Additionally, Sema4 lowered its 2022 revenue guidance to $245 million to $255 million from its prior guidance of $305 million to $315 million.

On this news, Sema4's stock fell $0.80, or 33.3%, to close at $1.60 per share on August 16, thereby injuring investors.

For more information on the Sema4 investigation go to: https://bespc.com/cases/SMFR

CytoDyn, Inc. CYDY

On August 6, 2022, CytoDyn disclosed in a filing with the U.S. Securities and Exchange Commission that the Company's previously issued consolidated audited financial statements for (1) the fiscal year ended May 31, 2021, which were included in the Company's Annual Report on Form 10-K filed on July 30, 2021, and (2) the Company's previously issued unaudited interim consolidated financial statements as of and for the quarters ended November 30, 2020, February 28, 2021, August 31, 2021, November 30, 2021, and February 28, 2022, will be restated and, accordingly, that the foregoing financial statements should no longer be relied upon. CytoDyn stated that "[d]uring the preparation and audit of the annual financial statements as of and for the fiscal year ended May 31, 2022, the Company concluded that a material error was identified in how the Company was accounting for common stock issued to settle certain convertible note obligations dating back to fiscal year 2021. The Company had been accounting for these transactions in accordance with debt extinguishment accounting. However, although the contractual terms did not explicitly describe the transactions as induced conversions, the transactions should be accounted for as induced conversions rather than extinguishments of debt and are therefore subject to induced conversion accounting."

On this news, CytoDyn's stock price fell $0.23 per share, or 20.18%, to close at $0.91 per share on August 8, 2022.

For more information on the CytoDyn investigation go to: https://bespc.com/cases/CYDY

Cognyte Software Ltd. CGNT

On April 5, 2022, Cognyte reported its fourth quarter 2021 financial results, including revenue of $125 million, which was about $3.5 million below the midpoint of the Company's own guidance. Cognyte cited "lower conversions within its product pipeline," along with supply chain issues. During the related conference call, Cognyte's Chief Executive Officer stated that "a longer sales cycle [resulted] in the lower-than-expected bookings in Q4" and acknowledged that management "didn't execute well."

On this news, Cognyte's stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, thereby injuring investors.

For more information on the Cognyte investigation go to: https://bespc.com/cases/CGNT

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & 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 www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com