Pomerantz Law Firm Announces the Filing of a Class Action Against WM Technology, Inc. - MAPS

Pomerantz LLP announces that a class action lawsuit has been filed against WM Technology, Inc. (“WM” or the “Company”) (NASDAQ: MAPS).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

 

The class action concerns whether WM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

 

You have until December 16, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired WM securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

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[Click here for information about joining the class action]

 

On August 9, 2022, WM disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its board of directors had received an internal complaint relating to “the calculation, definition, and reporting of [its] MAUs [monthly active users]”, a self-described key operating metric for the Company.  Specifically, WM reported that “growth of our monthly active users, reported as MAUs, has been driven by the purchase of pop-under advertisements,” but that “internal data suggests that the vast majority of users who are directed . . . via pop-under advertisements close the site without clicking on any links.” 

 

On this news, WM’s stock price fell $0.87 per share, or 25.14%, to close at $2.59 per share on August 10, 2022. 

 

Then, on September 24, 2024, the SEC issued a litigation release (the “Release”) in which it announced that it had “charged [WM], its former CEO, Christopher Beals, and its former CFO, Arden Lee, for making negligent representations in WM Technology’s public reporting of [MAUs] for WM Technology’s online cannabis marketplace.”  The Release also noted that the SEC had instituted a related settled administrative proceeding against WM Technology” and that the Company had “agreed to pay a civil penalty of $1,500,00.” 

 

On this news, WM’s stock price fell $0.012 per share, or 1.29%, to close at $0.92 per share on September 25, 2024.

 

Pomerantz Law Firm Announces the Filing of a Class Action Against Evolv Technologies Holdings, Inc. – EVLV

Pomerantz LLP announces that a class action lawsuit has been filed against Evolv Technologies Holdings, Inc. (“Evolv” or the “Company”) (NASDAQ: EVLV).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

 

The class action concerns whether Evolv and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

 

You have until December 31, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Evolv securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

 

[Click here for information about joining the class action]   

 

On October 25, 2024, Evolv issued a press release “announc[ing] that shareholders and others should not rely upon certain of the Company’s previously issued financial statements and that it will delay filing its Quarterly Report on Form 10-Q for the period ended September 30, 2024.  The press release disclosed “an internal investigation that is focused on the Company’s sales practices, including whether certain sales of products and subscriptions to channel partners and end users were subject to extra-contractual terms and conditions that impacted revenue recognition and other metrics, and if so, when senior Company personnel became aware of these issues” and “determined that the accounting for certain sales transactions was inaccurate and that, among other things, revenue was prematurely or incorrectly recognized in connection with financial statements prepared for the periods between the second quarter of 2022 and the second quarter of 2024.” 

 

On this news, Evolv’s stock price fell $1.63 per share, or 39.76%, to close at $2.47 per share on October 25, 2024. 

 

Then, on October 31, 2024, Evolv announced the termination of the Company’s Chief Executive Officer, Peter George, “effective immediately.”  The Company announced that Michael Ellenbogen, Evolv’s Chief Innovation Officer will serve in an interim role until a successor is appointed.

 

 On this news, Evolv’s stock price fell $0.19 per share, or 8.12%, to close at $2.15 per share on October 31, 2024.

Pomerantz Law Firm Announces the Filing of a Class Action Against Flux Power Holdings, Inc. - FLUX

Pomerantz LLP announces that a class action lawsuit has been filed against Flux Power Holdings, Inc. (“Flux” or the “Company”) (NASDAQ: FLUX).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Flux and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until December 31, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Flux securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]

 

On September 5, 2024, in a filing with the U.S. Securities and Exchange Commission (“SEC”), Flux disclosed that its Board of Directors had “concluded that the previously issued audited consolidated financial statements as of and for the fiscal year ended June 30, 2023 and the unaudited consolidated financial statements as of and for the quarters ended September 30, 2023, December 31, 2023, and March 31, 2024 (collectively, the ‘Prior Financial Statements’), which were filed with the [SEC] on September 21, 2023, November 9, 2023, February 8, 2024 and May 13, 2024, respectively, should no longer be relied upon because of errors in such financial statements relating to the improper accounting for inventory and a restatement should be undertaken.  During the Company’s preparation of financial statements for the year ended June 30, 2024, it became aware that (i) approximately $1.2 million of excess and obsolete inventory, primarily as a result of a change in battery cells from a new supplier, was not properly reserved or written-off in earlier periods resulting in an overstatement of inventory, and (ii) certain loaner service packs were improperly accounted for as finished goods inventory as of June 30, 2023 resulting in an overstatement of inventory of approximately $0.5 million.  As a result, the Company concluded that the errors resulted in (i) an overstatement of inventory, current assets, total assets and accumulated deficit on its balance sheet, and (ii) an understatement of cost of sales and net loss, and overstatement of gross profit on its statement of operations in the Prior Financial Statements.  The Company is also evaluating the impact that improper accounting for inventory had on other historical financial statements for previous quarterly and fiscal periods which also could include the audited consolidated financial statements as of and for the years ended June 30, 2022 and 2021, as well as the quarterly unaudited consolidated financial statements within the years ended June 30, 2022, 2021 and 2020.” 

 

On this news, Flux’s stock price fell $0.17 per share, or 5.36%, to close at $3.00 per share on September 6, 2024.  

 

Then, on September 30, 2024, Flux filed with the SEC a notification of late filing, stating that it would be “unable to file its Annual Report on Form 10-K for the fiscal period year ended June 30, 2024 . . . within the prescribed time period without unreasonable effort or expense.” 

 

On this news, Flux’s stock price fell $0.18 per share, or 5.9%, to close at $2.86 on October 1, 2024.

Pomerantz Law Firm Announces the Filing of a Class Action Against United Parcel Service, Inc. - UPS

Pomerantz LLP announces that a class action lawsuit has been filed against United Parcel Service, Inc. (“UPS” or the “Company”) (NYSE: UPS).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether UPS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until December 9, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired UPS securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

 

[Click here for information about joining the class action]

 

On July 23, 2024, UPS announced its financial results for the second quarter of fiscal year 2024, provided lower-than-expected guidance for the third quarter, and reduced its margin guidance for the full fiscal year 2024.   The Company attributed its results and lowered guidance to a shift in “U.S. volume mix both in terms of products and customer segmentation . . . toward value products.” 

 

On this news, UPS’s stock price fell $17.50 per share, or 12.05%, to close at $127.68 per share on July 23, 2024.

Pomerantz Law Firm Investigates Claims On Behalf of Investors of Mercer International Inc. - MERC

Pomerantz LLP is investigating claims on behalf of investors of  Mercer International Inc. (“Mercer” or the “Company”) (NASDAQ: MERC).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

 

The investigation concerns whether Mercer 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 16, 2024, Mercer issued a press release announcing its preliminary financial results for the third quarter of 2024.  In the press release, Mercer stated that “our operating results for the quarter were constrained due to the occurrence of several unrelated events that impacted pulp production, including the previously announced unscheduled downtime of 23 days (approximately 35,500 ADMTs [air-dried metric tons]) at our Mercer Peace River mill, a slower than normal maintenance start-up and other production upsets at our Stendal Mill (approximately 26,500 ADMTs) and isolated mechanical incidents at our Celgar mill (approximately 9,200 ADMTs).” 

 

On this news, Mercer’s stock price fell $0.28 per share, or 3.99%, to close at $6.73 per share on October 17, 2024.

Pomerantz Law Firm Investigates Claims On Behalf of Investors of Silvaco Group, Inc. - SVCO

Pomerantz LLP is investigating claims on behalf of investors of  Silvaco Group, Inc. (“Silvaco” or the “Company”) (NASDAQ: SVCO).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

 

The investigation concerns whether Silvaco 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 or around May 8, 2024, Silvaco conducted its initial public offering (“IPO”) of 6 million shares priced at $19.00 per share. 

 

Then, on October 15, 2024, Silvaco issued a press release announcing preliminary unaudited revenue results for the third quarter of 2024 and updated its outlook for the full year 2024.  Among other items, Silvaco lowered its full year revenue guidance to a range of $60 million to $63 million, compared to previous guidance of $63 million to $66 million, and lowered its year-over-year growth projection to a range of 10% to 16%, compared to previous guidance of 16% to 22%. 

On this news, Silvaco’s stock price fell $3.61 per share, or 32.64%, to lose at $7.45 per share on October 16, 2024.

Pomerantz Law Firm Investigates Claims On Behalf of Investors of Rayonier Advanced Materials Inc. - RYAM

Pomerantz LLP is investigating claims on behalf of investors of  Rayonier Advanced Materials Inc. (“Rayonier” or the “Company”) (NYSE: RYAM).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

 

The investigation concerns whether Rayonier 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 14, 2024, Rayonier issued a press release “report[ing] that an isolated fire occurred at its Jesup, Georgia facility on October 11 at approximately 6 p.m. during planned maintenance activity[,]” advising that “[w]hile the plant’s C line operations have resumed, the A and B lines will remain offline for repairs with a target start date the week of October 28.  Rayonier stated that “[w]hile the Company continues to assess the financial cost of the incident, the EBITDA impact is currently expected to be in the range of $15 to $20 million, subject to any potential insurance recovery.” 

 

On this news, Rayonier’s stock price fell $0.81 per share, or 9.05%, to close at $8.14 per share on October 14, 2024.

Pomerantz Law Firm Investigates Claims On Behalf of Investors of JFrog Ltd. - FROG

Pomerantz LLP is investigating claims on behalf of investors of  JFrog Ltd. (“JFrog” or the “Company”) (NASDAQ: FROG).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

 

The investigation concerns whether JFrog 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 August 7, 2024, JFrog released its second quarter 2024 financial results and lowered its fiscal year 2024 guidance, stating that it “expect[s] cloud revenue growth to slow relative to prior expectations.” 

 

On this news, JFrog’s stock price fell $9.37 per share, or 27.5%, to close at $34.05 per share on August 7, 2024.

Pomerantz Law Firm Investigates Claims On Behalf of Investors of Humana Inc. - HUM

Pomerantz LLP is investigating claims on behalf of investors of  Humana Inc. (“Humana” or the “Company”) (NYSE: HUM).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

 

The investigation concerns whether Humana 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 2, 2024, Humana disclosed that it has “approximately 1.6 million, or 25%, of its members currently enrolled in plans rated 4 stars and above for 2025, a reduction from 94% in 2024.” 

 

On this news, Humana’s stock price fell $32.98 per share, or 11.8%, to close at $246.47 per share on October 2, 2024.

 

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.

 

Attorney advertising.  Prior results do not guarantee similar outcomes.   

Pomerantz Law Firm Announces the Filing of a Class Action Against The Toronto-Dominion Bank - TD

Pomerantz LLP announces that a class action lawsuit has been filed against The Toronto-Dominion Bank (“TD Bank” or the “Company”) (NYSE: TD).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether TD Bank and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until December 23, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired TD Bank securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]

 

On October 10, 2024, TD Bank disclosed that it had pleaded guilty and agreed to pay over $3 billion in penalties to resolve investigations by U.S. authorities into violations of the Bank Secrecy Act (BSA) and money laundering.  The resolution of the investigations also included an asset cap preventing TD Bank’s U.S. subsidiaries from collectively exceeding $434 billion in assets and subjects TD Bank to more stringent approval processes for its products, services, and market rollouts.  In a corresponding press release, the U.S. Department of Justice described TD Bank as “the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering.” 

 

On this news, TD Bank’s stock price fell $4.07 per share, or 6.41%, to close at $59.44 per share on October 10, 2024.

Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in TMC the metals company Inc. of Class Action Lawsuit and Upcoming Deadlines – TMC

Pomerantz LLP announces that a class action lawsuit has been filed against TMC the metals company Inc.  (“TMC” or the “Company”) (NASDAQ: TMC) and certain officers.   The class action, filed in the United States District Court for the Central District Of California, and docketed under 24-cv-09684 is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired TMC securities between May 12, 2023 and March 25, 2024, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

 

If you are a shareholder who purchased or otherwise acquired TMC securities during the Class Period, you have until January 7, 2025 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

  

[Click here for information about joining the class action]

 

            TMC is a deep-sea minerals exploration company focused on the collection, processing, and refining of polymetallic nodules.

 

            In February 2023, TMC and its wholly owned subsidiary, Nauru Ocean Resources Inc. (“NORI”), entered into a strategic partnership with Low Carbon Royalties Inc. (“LCR”) (the “LCR Partnership”).  In a press release discussing the terms of the LCR Partnership, TMC stated, in relevant part, that “[t]he Company agreed with LCR to a purchase and sale agreement whereby LCR acquired a 2.0% gross overriding royalty on [TMC’s] NORI project area in the Clarion Clipperton Zone of the Pacific Ocean” and, “[i]n consideration . . ., the Company received $5,000,000 cash and an initial 35.0% equity interest in LCR.”

 

            The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TMC maintained deficient internal controls over financial reporting; (ii) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt; (iii) the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements; and (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

 

            On March 25, 2024, TMC disclosed in a filing with the United States Securities and Exchange Commission that the Company’s financial statements for the first three quarters of 2023 “should be restated and, accordingly, should no longer be relied upon”, citing the “re-evaluat[ion of] whether the offsetting entry to the proceeds it received from LCR should be classified as debt or deferred income.”  Further, TMC explained that, “[a]s the transaction with LCR was considered an equity investment rather than a sale transaction, the sale of future revenue will be reclassified as Royalty liability” per appropriate accounting standards. 

 

            On this news, TMC’s stock price fell $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024.

Pomerantz Law Firm Announces the Filing of a Class Action Against Iris Energy Limited - IREN

Pomerantz LLP announces that a class action lawsuit has been filed against Iris Energy Limited (“Iris Energy” or the “Company”) (NASDAQ: IREN).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Iris Energy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until December 6, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Iris Energy securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]

 

On July 11, 2024, Culper Research published a report alleging, among other things, that Iris “talks a big game of its [high performance computing (‘HPC’)] plans but ultimately seems entirely disinterested in actually doing what it takes to compete in the space,” and that the Company “is a painfully transparent stock promotion that will unravel as investors realize [its] HPC claims are nonsense and [it] remains a cash guzzling machine.”  The Culper Research report further states that the Company’s facilities, having been built for BTC mining, “are ill-equipped for HPC workloads without billions in additional costs.” 

 

On this news, Iris’s stock price fell $1.70 per share, or 13.2%, to close at $11.20 per share on July 11, 2024.

Pomerantz Law Firm Announces the Filing of a Class Action Against EngageSmart, Inc. – ESMT

Pomerantz LLP announces that a class action lawsuit has been filed against EngageSmart, Inc. (“EngageSmart” or the “Company”) (NYSE: ESMT).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

 

The class action concerns alleged violations of the federal securities laws in connection with the January 2024 take-private acquisition of the Company (the “Merger”) by Vista Equity Partners Management, LLC and its affiliates.  Specifically, a complaint has been filed alleging that the Merger was driven by and dominated by controlling shareholder General Atlantic, L.P. and its affiliates and assisted by conflicted financial and legal advisors retained by the special committee purported established to evaluate the merger and EngageSmart’s board of directors.  The complaint specifically alleges that these conflicts wholly tainted the merger process, resulting in a conflicted and unfair sales process that prevented Class Members from making an informed vote on the Merger.

 

You have until December 9, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who (1) purchased or otherwise acquired EngageSmart common stock between October 23, 2023 and January 26, 2024, or (2) held EngageSmart common stock as of the December 21, 2023 record date for the Merger.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

 

[Click here for information about joining the class action]   

Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Domino’s Pizza, Inc. of Class Action Lawsuit and Upcoming Deadlines – DPZ

Pomerantz LLP announces that a class action lawsuit has been filed against Domino’s Pizza, Inc. (“Domino’s” or the “Company”) (NYSE: DPZ) and certain officers.   The class action, filed in the United States District Court for the Eastern District of Michigan, and docketed under 24-cv-12477, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Domino’s securities between December 7, 2023 and July 17, 2024, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

 

If you are a shareholder who purchased or otherwise acquired Domino’s securities during the Class Period, you have until November 19, 2024 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

 

[Click here for information about joining the class action]

 

Domino’s, through its subsidiaries, operates as a global pizza company in three segments: U.S. Stores, International Franchise, and Supply Chain.  Domino’s offers pizzas and other food products under the Domino’s brand name through Company-owned and franchised stores.  The Company’s largest “master franchisee”—i.e., a franchisee that is charged with developing a geographical area and may profit by sub-franchising and selling food and equipment to those sub-franchisees—is Domino’s Pizza Enterprises (“DPE”).  As of December 31, 2023, DPE operated 3,840 stores in 12 international markets, accounting for approximately 28% of the Company’s international store count and 19% of its global store count. 

 

In December 2023, Domino’s hosted its 2023 Investor Day, during which Defendants provided new long-term guidance of “1,100+” annual global net store growth for the years 2024 to 2028.

 

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) DPE, the Company’s largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (ii) as a result, Domino’s was unlikely to meet its own previously issued long-term guidance for annual global net store growth; (iii) accordingly, Domino’s business and/or financial prospects were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

 

On July 18, 2024, Domino’s issued a press release announcing its Q2 2024 financial results.  Among other items, Domino’s disclosed that it “expects it will fall 175 to 275 stores below its 2024 goal of 925+ net stores in international primarily as a result of challenges in both openings and closures being faced by Domino’s Pizza Enterprises (‘DPE’), one of its master franchisees.”  Accordingly, “[t]he Company is temporarily suspending its guidance metric of 1,100+ global net stores until the full effect of DPE’s store opens and closures on international net store growth are known.”  On an earnings call held that same day to discuss the Company’s Q2 2024 results (the “Q2 2024 Earnings Call”), the Company’s Chief Financial Officer Defendant Sandeep Reddy further revealed that the long-term guidance announced at the 2023 Investor Day did not accurately reflect the extent of DPE’s challenges with respect to new store openings and closures of existing stores.

 

On this news, Domino’s stock price fell $64.23 per share, or 13.57%, to close at $409.04 per share on July 18, 2024.

Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Terran Orbital Corporation of Class Action Lawsuit and Upcoming Deadlines – LLAP

Pomerantz LLP announces that a class action lawsuit has been filed against Terran Orbital Corporation (“Terran” or the “Company”) (NYSE: LLAP) and certain officers.   The class action, filed in the United States District Court for the Southern District Of Florida, and docketed under 24-cv-81191 is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Terran securities between August 15, 2023 and August 14, 2024, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

 

If you are a shareholder who purchased or otherwise acquired Terran securities during the Class Period, you have until November 26, 2024 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

 

[Click here for information about joining the class action]

 

Terran manufactures and sells satellites for aerospace and defense industries in the United States (“U.S.”) and internationally.  Historically, Lockheed Martin Corporation (“Lockheed”) has been one of Terran’s most significant stakeholders and customers.  As of October 31, 2022, Lockheed owned approximately 9.5% of Terran’s stock, and by May 2, 2024, Lockheed owned an approximate 28.3% stake in the Company.  Likewise, as of December 21, 2021, contracts with Lockheed represented approximately 50% of Terran’s consolidated revenues, whereas Lockheed comprised approximately 70% of Terran’s consolidated revenues during the three months ended June 30, 2024.

 

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) it would take much longer than Defendants had represented to investors and analysts for Terran to convert its contracts with its customers (collectively, “Customer Contracts”) into revenue and free cash flow; (ii) Terran did not have adequate liquidity to operate its business while waiting for the Customer Contracts to generate revenue and free cash flow; (iii) Terran had concealed the true scope and severity of its dire financial situation; and (iv) as a result of the foregoing, Terran’s public statements were materially false and misleading at all relevant times.

 

In February 2023, Terran issued a press release announcing that its wholly owned subsidiary Tyvak Nano-Satellite Systems, Inc. had been awarded a $2.4 billion contract from Rivada Space Networks GmbH (“Rivada”) to produce a total of 300 satellites for Rivada (the “Rivada Contract”).  Throughout the Class Period, Defendants repeatedly represented to investors and analysts that Terran would rapidly convert the Rivada Contract and other Customer Contracts into revenue and free cash flow, and that Terran had ample liquidity to operate its business while waiting to generate revenue and free cash flow from the Customer Contracts.

 

On March 1, 2024, Lockheed made a non-binding offer to acquire all of Terran’s outstanding common stock for $1.00 per share in cash (the “Initial Buyout Offer”).

 

On May 2, 2024, Lockheed disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that, “[o]n April 30, 2024, [it] notified [Terran] that it was withdrawing the [Initial Buyout Offer].”

 

On this news, Terran’s stock price fell $0.22 per share, or 17.05%, to close at $1.07 per share on May 3, 2024.

 

On August 12, 2024, Terran filed its quarterly report for the second quarter of 2024 with the SEC, revealing, inter alia, that the Company had only $14.6 million in cash and debt of approximately $300 million as of June 30, 2024, as well as that it had removed the Rivada Contract from its backlog, thereby reducing the Company’s total backlog by over 88% from $2.7 billion to a mere $312.7 million as of June 30, 2024.

 

On this news, Terran’s stock price fell $0.06 per share, or 8.45%, to close at $0.65 per share on August 12, 2024.

 

Then, on August 15, 2024, Terran and Lockheed issued a joint press release announcing that they had entered into a definitive agreement whereby Lockheed would acquire Terran for $0.25 per share in cash (“Transaction”).  The sale price was well below the (i) $0.40 per share price at which the Company’s stock had closed the day prior, and (ii) the $1.00 per share price that Lockheed had offered in its Initial Buyout Offer.

 

On this news, Terran’s stock price fell $0.157 per share, or 39.25%, to close at $0.243 per share on August 15, 2024.

 

On September 9, 2024, Terran filed a preliminary proxy (“Proxy”) with the SEC in connection with the Transaction. The Proxy revealed that the reason Lockheed had withdrawn the Initial Buyout Offer, and was only willing to offer $0.25 per share in cash to acquire Terran, was because Terran had long suffered from severe liquidity challenges and was on the verge of bankruptcy. The Transaction announced on August 15, 2024, thus represented a materialization of the risks posed by Terran’s severe liquidity challenges that Defendants had deliberately concealed from Terran stockholders throughout the Class Period.

 

As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Elanco Animal Health Incorporated of Class Action Lawsuit and Upcoming Deadlines – ELAN

Pomerantz LLP announces that a class action lawsuit has been filed against Elanco Animal Health Incorporated (“Elanco” or the “Company”) (NYSE: ELAN) and certain officers.   The class action, filed in the United States District Court for the District Of Maryland, and docketed under 24-cv-02912  is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Elanco securities between November 7, 2023 and June 26, 2024, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

 

If you are a shareholder who purchased or otherwise acquired Elanco securities during the Class Period, you have until December 6, 2024 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

 

[Click here for information about joining the class action]

 

Elanco is an animal health company that develops, manufactures, and markets products for pets and farm animals.  The Company is developing, inter alia, Zenrelia, a “safe, highly effective, and convenient” once-daily oral Janus kinase inhibitor for canine dermatology, and Credelio Quattro, a broad spectrum parasiticide product for dogs. 

 

In November 2023, Elanco set a timeline for the (United States) (“U.S.”) approval of both Zenrelia and Credelio Quattro in the first half of 2024.

 

Then, in May 2024, Elanco set a timeline for the U.S. approval and commercial launch of Zenrelia in third quarter of 2024, as well as the U.S. approval of Credelio Quattro in the third quarter of 2024 with a commercial launch set for the fourth quarter of 2024.

 

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zenrelia was less safe than the Company had led investors to believe; (ii) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro; (iii) accordingly, the Company’s business and/or financial prospects were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

 

On June 27, 2024, the Company issued a press release providing an “innovation update” on Zenrelia and Credelio Quattro and their U.S. Food and Drug Administration (“FDA”) approval timelines.  The press release revealed that Elanco expected the U.S. label for Zenrelia to include a boxed warning on safety “based on the outcome of a trial with unvaccinated dogs dosed at 3x the label dose,” which the Company believed would “slow the product adoption curve in the U.S.” and initially limit the number of expected treatment days—i.e., the number of days Zenrelia can safely be administered to vaccinated dogs—by approximately 25%.  Further, Elanco stated that it was now expecting Zenrelia to receive FDA approval in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024, and that Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024.

 

On this news, Elanco’s stock price fell $3.69 per share, or 20.53%, to close at $14.28 per share on June 27, 2024.

 

On an August 4, 2024 call held to discuss the Company’s Q2 2024 results, Elanco’s Chief Executive Officer Defendant Jeffrey N. Simmons (“Simmons”) provided further details on the Zenrelia boxed warning.  Specifically, Defendant Simmons stated that “this label language will slow the initial product adoption curve in the U.S. as we believe it will require focused veterinary education on the product” and “[o]ur expectations for treatment days being limited by approximately 25% is based on expected language in the box warning related to vaccine usage.”