Market Newsdesk

NEW YORK, Sept. 27, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Vaxart, Inc, (“Vaxart” or the “Company”) (NASDAQ: VXRT).   Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Vaxart 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 July 25, 2020, the New York Times published an article entitled “Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine.”  The New York Times article reported that Vaxart’s “[c]ompany insiders, who weeks earlier had received stock options worth a few million dollars, saw the value of those awards increase sixfold” when the Company announced that its COVID-19 vaccine had been selected by the U.S. government to be part of Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat COVID-19. 

On this news, Vaxart’s stock price fell $1.13 per share, or 9.19%, to close at $11.16 per share on July 27, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

NEW YORK, Sept. 27, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, 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 Odonate securities during the class period, you have until November 16, 2020, 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 Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (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]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

NEW YORK, Sept. 27, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Las Vegas Sands Corporation (“Las Vegas Sands” or the “Company”) (NYSE: LVS).   Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Las Vegas Sands 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 September 16, 2020, Bloomberg reported that Las Vegas Sands’ Singapore casino, Marina Bay Sands, “has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties[.]”  The article quoted Singapore’s Casino Regulatory Authority as stating that “there were weaknesses in [Marina Bay Sands’] casino control measures pertaining to fund transfers[.]” 

On this news, Las Vegas Sands’ stock price fell $2.18 per share, or 4.2%, to close at $49.67 per share on September 16, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

NEW YORK, Sept. 27, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Nikola Corporation  (“Nikola” or the “Company”) (NASDAQ: NKLA) and certain of its officers.   The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-04354, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Nikola securities between June 4, 2020, and September 9, 2020, 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 Nikola securities during the class period, you have until November 16, 2020, 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 Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (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]

Nikola purports to operate as an integrated zero-emissions transportation systems provider. The Company purports to design and manufacture battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. The Company also purports to develop electric vehicle solutions for military and outdoor recreational applications. Nikola was founded in 2015 by Defendant Trevor Milton (“Milton”), and in June 2020, the Company’s securities began trading publicly after the execution of a reverse merger with VectoIQ Acquisition Corp.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendant Milton had repeatedly misrepresented and/or exaggerated Nikola’s financial, technological, and operational profile; (ii) the foregoing misrepresentations were intended to, and did, present a materially false image of the Company’s growth and success, thereby artificially inflating the Company’s stock price; (iii) the foregoing misrepresentations were foreseeably likely to subject the Company to enhanced regulatory scrutiny and/or enforcement, along with reputational harm when the truth came to light; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On September 10, 2020, Hindenburg Research (“Hindenburg”) published a report entitled, “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America” (the “Hindenburg Report” or the “Report”). Asserting that it had gathered “extensive evidence—including recorded phone calls, text messages, private emails, and behind-the-scenes photographs,” Hindenburg represented that it had identified “dozens of false statements by” Milton, which had led Hindenburg to conclude that Nikola “is an intricate fraud built on dozen of lies over the course of . . . Milton’s career.” Defendant Milton made these misrepresentations, the Report asserted, to substantially grow the Company and secure partnerships with top auto companies.

On this news, Nikola’s stock price fell $4.80 per share, or 11.33%, to close at $37.57 per share on September 10, 2020.

Then, on September 14, 2020, after the market had closed, Bloomberg reported that the Securities and Exchange Commission (“SEC”) was investigating Nikola to assess the merits of the Hindenburg Report.

Finally, on September 15, 2020, during intra-day trading, the Wall Street Journal reported that the United States Department of Justice had joined the SEC’s investigation of Nikola.

On this news, Nikola’s stock fell an additional $0.17 per share during intra-day trading, to close at $32.83 on September 15, 2020, an 8.27% decline from its previous close on September 14, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

NEW YORK, Sept. 27, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Gol Linhas Aereas Inteligentes S.A. (“Gol Linhas” or the “Company”) (NYSE: GOL).   Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Gol Linhas 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]

In mid-June 2020, Gol’s auditor, KPMG, raised significant concerns about Gol during the accounting firm’s first annual audit of the Company after being hired in 2019, stating that it had an “adverse opinion” on the strength of Gol’s internal controls regarding the preparation of financial statements, adding that there was “substantial doubt” about the airline’s ability to exist a year from now.”  KPMG’s adverse opinion prompted Gol to carry out a review of its financial reporting procedures.  Then, on July 23, 2020, Gol announced the termination of KPMG as its external auditor. 

On this news, Gol’s American depositary receipt (“ADR”) price fell $0.65, or 7.05%, to close at $7.25 per ADR on July 23, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

NEW YORK, Sept. 27, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against STAAR Surgical Company (“STAAR” or the “Company”) (NASDAQ: STAA) and certain of its officers.   The class action, filed in United States District Court for the Central District of California, Southern Division, and docketed under 20-cv-01660, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired STAAR Surgical Company securities between February 26, 2020, and August 10, 2020, 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 by the SEC, 17 C.F.R. § 240.10b-5.

If you are a shareholder who purchased STAAR securities during the class period, you have until October 19, 2020, 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 Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (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]

STARR designs, develops, manufactures, and sells implantable lenses for the eye and companion delivery systems used to deliver the lenses into the eye. STAAR’s primary products are: (1) “implantable Collamer® lenses,” or “ICLs,” used in refractive surgery; and (2) intraocular lenses, or “IOLs,” used in cataract surgery.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants’ public statements were materially false and misleading at all relevant times.

On August 5, 2020, after the markets closed, STAAR reported disappointing financial results, as detailed below. On this news, shares of STAAR common stock fell approximately 10%, down from the August 5, 2020 closing price of $61.81 to an August 6, 2020 close of $55.86.

On August 11, 2020, analyst J Capital Research published a report in which it wrote that “[w]e think that STAAR Surgical has overstated sales in China by at least one-third, or $21.6 mln. That would mean that all of the company’s $14 mln in 2019 profit is fake.” The report continued that “[f]ake sales [in China] come at 100% margins and therefore translate directly into profit. That means that the roughly $21.6 mln in overstated Chinese sales in 2019 represents 152% of total company profit. In other words, without the fraud that we believe pervades the China business, STAAR is losing money.”

J Capital Research stated in reaching its conclusions, it “conduct[ed] over 75 interviews, visited company sites in China and Switzerland, and reviewed financial statements and other government documents for STAAR’s distributors and customers in China. We will show that sales of STAAR’s ICLs are dramatically overstated.”

On this news, the stock continued its descent, closing at just $48.25 per share on August 11, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

NEW YORK, Sept. 26, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Genius Brands International, Inc. (“Genius” or the “Company”) (NASDAQ: GNUS) and certain of its officers.   The class action, filed in United States District Court for the Central District of California, and docketed under 20-cv-07764, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Genius securities from March 17, 2020, through July 5, 2020, 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 Genius securities during the class period, you have until October 19, 2020, 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 Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (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]

Genius stock was heavily marketed to retail investors through the use of several misleading tactics to entice investment. For example, Genius repeatedly compared itself to Netflix, calling itself the “Netflix for Kids, but free.” Netflix is, of course, one of the most successful growth stocks of the last decade, growing from under $10 per share in 2010 to over $450 per share today, and likening Genius to Netflix created an unwarranted “fear of missing out” feeling among investors. Genius also touted its purported association with celebrities like Arnold Schwarzenegger and Stan Lee to create hype.

Genius is a multimedia company that licenses entertainment content for children.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Nickelodeon’s purported broadcast expansion of Genius’s Rainbow Rangers cartoon; (ii) subscription fees for the Kartoon Channel!; and (iii) the Company’s growth potential and overall prospects as a company. While the share price of Genius stock was artificially inflated because of these misstatements, Genius registered for sale tens of millions of shares, allowing certain longtime investors to cash out at the expense of Plaintiff and the Class.

On June 5, 2020, Hindenburg Research published a report entitled “A Bagholder’s Guide to Why We Think Genius Brands Will Be a $1.50 Stock Within a Month” (the “Hindenburg Research Report”). This report questioned the valuation of Genius and highlighted inaccurate public statements made by Genius.

With respect to the Rainbow Rangers intellectual property, the Hindenburg Research Report showed that Rainbow Rangers was actually airing nine times per week, rather than the 26-airings figure noted in Genius’s press release. Moreover, the shows were not airing in favorable time slots and were, instead, being broadcast daily at 3:49 a.m. and then twice additionally on Sunday mornings at 6:00 a.m. and 6:30 a.m.

As the price of Genius shares was still artificially inflated, Genius once again filed securities registration documentation with the United States Securities and Exchange Commission (“SEC”). On June 11, 2020, just prior to the official launch of the Kartoon Channel!, Genius registered 60 million shares for sale by a group of “selling shareholders.” These selling shareholders were the same long-standing investors that purchased shares in the direct offerings described above, who could now “cash out” their investment in Genius at inflated prices. The share price listed in the prospectus was $4.51 per share.

Unfortunately for investors, Genius’s multimedia properties and the Kartoon Channel! in general were more hype than substance. When Genius announced the slate of content, investors began to realize that the Kartoon Channel! was not going to be the new Netflix for Kids, and was just another app in a crowded space. Indeed, on June 16, 2020, Genius stock declined by approximately 14% as the Company announced the programming lineup for the app.

Investors were also disappointed to learn that, although Genius repeatedly touted the Kartoon Channel! as being free, users wishing to download and interact with the Kartoon Channel! app through Amazon Prime would be forced to pay a $3.99 monthly fee. In fact, Genius often listed Amazon Prime first when discussing the potential reach of the Kartoon Channel!.

On June 19, 2020, while the price of Genius stock was artificially inflated, Defendant Andy Heyward (“Heyward”) sold 460,574 shares at an average price of $2.94 per share for a total sale of $1,354,088.

On July 2, 2020, Genius issued a press release touting that a “Key Business Development” would be announced on July 6, 2020. This vague announcement significantly boosted the stock price, as the price jumped from $2.31 per share on July 1, 2020, to $3.55 on July 2, 2020.

The July 6th announcement, however, was another exaggerated press release whereby Genius announced the creation of a joint venture with POW! Entertainment regarding the intellectual property that Stan Lee created after his time at Marvel Entertainment. Defendant Heyward stated that “[t]he potential value in this single asset, is greater than any IP anywhere in Hollywood.”

With these exaggerated statements, investors realized that the gig was up and that there was little substance behind the hype. Following the July 6, 2020 press release, the price of Genius stock dropped significantly from a close of $3.55 per share on the previous trading day to a closing price of $2.66 per share on July 6, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

NEW YORK, Sept. 26, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against OneSpan, Inc. (“OneSpan” or the “Company”) (NASDAQ: OSPN) and certain of its officers.   The class action, filed in United States District Court for the Northern District of Illinois, Eastern Division, and docketed under 20-cv-04906, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired OneSpan securities between May 9, 2018, and August 11, 2020, 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 OneSpan securities during the class period, you have until October 19, 2020, 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 Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (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]

OneSpan was founded in 1991 and is headquartered in Chicago, Illinois.  The Company was formerly known as VASCO Data Security International, Inc. and changed its name to OneSpan Inc. in May 2018.  OneSpan, together with its subsidiaries, designs, develops and markets digital solutions for identity, security, and business productivity worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) OneSpan had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, OneSpan overstated its revenue relating to certain contracts with customers involving software licenses in its financial statements spread out over the quarters from the first quarter of 2018 to the first quarter of 2020; (iii) as a result, it was foreseeably likely that the Company would eventually have to delay one or more scheduled earnings releases, conference calls, and/or financial filings with the SEC; (iv) OneSpan downplayed the negative impacts of errors in its financial statements; (v) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial results and reputation; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 4, 2020, during pre-market hours, OneSpan postponed its second-quarter 2020 earnings release and conference call by one week, attributing the delay to prior period revenue recognition problems relating to certain software license contracts spread out over the quarters from the first quarter of 2018 to the first quarter of 2020.  OneSpan further stated that “[t]he net contract assets that originated from a portion of these contracts in prior periods were not properly accounted for in subsequent periods, which caused overstatements of revenue.”

On this news, OneSpan’s common share price fell $0.46 per share, or 1.40%, to close at $32.50 per share on August 4, 2020.

Then, on August 11, 2020, during after-market hours, OneSpan disclosed that it would not timely file its quarterly report for the quarter ended June 30, 2020, with the SEC; reported that same quarter year-over-year revenues had declined; and withdrew its full-year 2020 earnings guidance, which the Company had affirmed one quarter earlier.

On this news, OneSpan’s common share price fell $12.36 per share, or 39.62%, to close at $18.84 per share on August 12, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

NEW YORK, Sept. 26, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Cabot Oil & Gas Corporation (“Cabot” or the “Company”) (NYSE: COG) and certain of its officers.   The class action, filed in United States District Court for the Southern District of Texas, Houston Division, and docketed under 20-cv-02827, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Cabot securities between October 23, 2015, and June 12, 2020, 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 Cabot securities during the class period, you have until October 13, 2020, 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 Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (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]

Cabot is an independent oil and gas company that explores, exploits, develops, produces, and markets oil and gas properties in the U.S.

Cabot primarily focuses its oil and gas efforts on the Marcellus Shale located in Susquehanna County, Pennsylvania. Cabot’s gas procuring activities in Pennsylvania have been the subject of controversy for over a decade, with the Company repeatedly denying any responsibility for environmental damage observed in the state.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (ii) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration; (iii) the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (iv) Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 26, 2019, during intraday trading hours, Cabot filed a quarterly report on Form 10-Q with the Securities and Exchange Commission, reporting the Company’s financial and operating results for the quarter ended June 30, 2019 (the “2Q19 10-Q”). The 2Q19 10-Q disclosed that the Company had received two proposed Consent Order and Agreements (“CO&As”) related to two Notices of Violation (“NOVs”) it had received from the Pennsylvania Department of Environmental Protection (“PaDEP”) back in June and November 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.

Following the release of the 2Q19 10-Q, Cabot’s stock price fell $2.63‬ per share, or 12.07%, to close at $19.16 per share on July 26, 2019.

Then, on June 15, 2020, during pre-market hours, following a grand jury investigation, the Pennsylvania attorney general’s office charged Cabot with fifteen criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration.

On this news, Cabot’s stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

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