Market Newsdesk

November 11, 2020 6:29 pm

Greenbrier to webcast presentation at the Stephens Annual Investment Conference

PR Newswire

LAKE OSWEGO, Ore., Nov. 11, 2020 /PRNewswire/ — The Greenbrier Companies, Inc. (NYSE: GBX) will be presenting on Wednesday, November 18, 2020, at the Stephens Annual Investment Conference to be held virtually.

The presentation will be webcast live, beginning at 11:00 am EST, on Wednesday, November 18, 2020. Listeners can access the webcast at the Greenbrier website at www.gbrx.com. To register for or access the webcast, click on the announcement shown on the home page of the Greenbrier website. The webcast will be archived for 30 days.

About Greenbrier
Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Greenbrier designs, builds and markets freight railcars and marine barges in North America. Greenbrier Europe is an end-to-end freight railcar manufacturing, engineering and repair business with operations in Poland, Romania and Turkey that serves customers across Europe and in other geographies as opportunities arise. Greenbrier builds freight railcars and rail castings in Brazil through two separate strategic partnerships. We are a leading provider of freight railcar wheel services, parts, repair, refurbishment and retrofitting services in North America through our wheels, repair & parts business unit. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and related transportation industries in North America. Through unconsolidated joint ventures, we produce industrial and rail castings, tank heads and other components. Greenbrier owns a lease fleet of 8,300 railcars and performs management services for 393,000 railcars. Learn more about Greenbrier at www.gbrx.com.

View original content:http://www.prnewswire.com/news-releases/greenbrier-to-webcast-presentation-at-the-stephens-annual-investment-conference-301171415.html

SOURCE The Greenbrier Companies, Inc.

November 11, 2020 6:20 pm

Frontdoor’s Rich Cacioppo to Discuss AR’s Role in Unlocking the Power of AI in Homes at CONNECTIONS Conference

Frontdoor’s Rich Cacioppo to Discuss AR’s Role in Unlocking the Power of AI in Homes at CONNECTIONS Conference

MEMPHIS, Tenn.–(BUSINESS WIRE)–
Rich Cacioppo, vice president of product at Frontdoor (NASDAQ: FTDR), will serve as a visionary speaker at CONNECTIONS: The Premier Connected Home Conference on Thursday, Nov. 12. The conference, hosted by Parks Associates, showcases emerging business models that will engage consumers and grow revenues in the converging IoT industries.

Cacioppo will give attendees a view into the not-so-distant future and how technology will play an increasingly transformative role in the lives of homeowners. “We’re at an inflection point, where AR is becoming the user interface for consuming AI in and around the home,” said Cacioppo. “Imagine a world where your wearable technology could tell you if your dishwasher needed attention based on the sounds it made, or if your fence was leaning a certain number of degrees due to a recent storm. The possibilities are endless.”

His presentation is part of the “AI and the Smart Home: Proactive and Predictive Intelligence” session, which examines services that are enabled by artificial intelligence (AI), machine learning and data analytics technologies that are transforming the smart home experience into one that is increasingly more personalized, predictive and proactive.

Cacioppo is an executive with Frontdoor, the nation’s leading provider of home service plans, which acquired the technology start-up Streem in December 2019. Streem’s award-winning platform uses augmented reality (AR), spatial mapping and AI to create a secure one-way video and two-way audio session between the host and homeowner to connect remotely. Streem’s proprietary technology is leveraged by leading brands in the home services industry, such as American Home Shield, as well as international retailers such as Lowes’s and Best Buy, and consumer brands such as Traeger. Streem recently announced the release of its cross-platform (iOS, Android, Web) software development kits (SDKs) and was featured in Apple’s Augmented Reality Guide for Business on Apple.com as an ideal use case for AR tools and technology in business.

Cacioppo has a unique background in technology, product management, and business development. Before joining Frontdoor, he led strategic initiatives in the health and wellness vertical at Amazon and was responsible for developing or bringing to market products including EU mobile devices, Prime Exclusive Phones and Amazon Go – the first store where you leave without checking out. Prior to this, he served as a product manager with Apple.

About Frontdoor

Frontdoor is a company that’s obsessed with taking the hassle out of owning a home. With services powered by people and enabled by technology, it is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard, as well as ProConnect, an on-demand membership service for home repairs and maintenance, and Streem, a technology company that enables businesses to serve customers through an enhanced augmented reality, computer vision and machine learning platform. Frontdoor serves 2.2 million customers across the U.S. through a network of approximately 17,000 pre-qualified contractor firms that employ approximately 60,000 technicians. The company’s customizable home service plans help customers protect and maintain their homes from costly and unexpected breakdowns of essential home systems and appliances. With nearly 50 years of experience, the company responds to over four million service requests annually. For details, visit frontdoorhome.com.

About Streem

Streem’s mission is to make the world’s expertise more accessible. Using augmented reality (AR), computer vision, and machine learning, Streem makes communication between consumers and brands more efficient, more accurate, and more convenient – all while providing contextual insights to the brand. Streem provides a full multi-platform (SDK and Web) that enables remote video collaboration, offers simple AR tools to make that experience as valuable as being on-site, and automatically captures relevant project or product data to better arm experts with the information they need. Streem is part of the Frontdoor (NASDAQ: FTDR) portfolio.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor’s filings with the United States Securities and Exchange Commission (which are available on the SEC’s EDGAR database atwww.sec.govand via Frontdoor’s website atinvestors.frontdoorhome.com).

View source version on businesswire.com: https://www.businesswire.com/news/home/20201111005918/en/

Investor Relations: Matt Davis | 901-701-5199 | [email protected]

Media: Nicole Ritchie | 901-701-5198 | [email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property

MEDIA:

Logo

November 11, 2020 6:19 pm

MultiPlan Corporation Announces Earnings Call Time Change; Third Quarter 2020 Earnings Call on November 12, 2020 at 8:00 a.m. (Eastern Time)

MultiPlan Corporation Announces Earnings Call Time Change; Third Quarter 2020 Earnings Call on November 12, 2020 at 8:00 a.m. (Eastern Time)

NEW YORK–(BUSINESS WIRE)–
MultiPlan Corporation (NYSE:MPLN) (“MultiPlan” or the “Company”), today announced that it has changed the timing of its previously announced earnings call in part to address market concerns that recently affected stock trading. MultiPlan will release its third quarter 2020 financial results before the market opens on Thursday, November 12, 2020, and hold its conference call that morning at 8:00 a.m. (Eastern Time).

To access the live conference call, please dial (833) 423-1182 (domestic) or (236) 714-2584 (international). The conference ID for the live call is 6454654. Interested investors and other parties can also listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at investors.multiplan.us/events-and-presentations. A supplementary slide presentation will also be available on such website.

For those unable to listen to the live conference call, a replay will be available approximately two hours after the call through the archived webcast on the MultiPlan website or by dialing (800) 585-8367 or (416) 621-4642. The conference ID for the replay is 6454654. The replay will be available until 11:59 p.m. (Eastern Time) on December 11, 2020.

About MultiPlan

MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets clients’ needs and customizes innovative solutions that combine its payment integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, dental, government and property and casualty markets. For more information, visit multiplan.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20201111005917/en/

Investor Relations Contact

Shawna Gasik

AVP, Investor Relations

MultiPlan

866-909-7427

[email protected]

Media Contact

Pamela Walker

Senior Director, Marketing & Communication

MultiPlan

781-895-3118

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Hospitals Health Other Health

MEDIA:

November 11, 2020 6:18 pm

Acreage Holdings Reports Third Quarter 2020 Results

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) today reported financial results for the third quarter of 2020.

THIRD QUARTER FINANCIAL HIGHLIGHTS (UNAUDITED)

Reported revenue was $31.7 million, a 42% increase compared to the same period in 2019, and a 17% increase compared to the second quarter of 2020.
Partner revenue was $17.0 million, a 79% increase compared to the same period in 2019, and a 2% increase compared to the second quarter of 2020.
Company-owned same store sales growth was 36%, marking the seventh consecutive quarter of double-digit same store sales comparisons.
Same store sales growth for our managed entities was 22%.
Gross margin was 42.5%, an 80 basis point decrease compared to the same period in 2019, and a 110 basis point increase compared to the second quarter of 2020. The year over year gross margin decline was in large part due to a one-time significant wholesale opportunity in Massachusetts, which did not repeat this year.
Net loss attributable to Acreage was $35.7 million, while adjusted net loss* attributable to Acreage was $14.3 million.
Adjusted EBITDA* was a loss of $6.9 million compared to a loss of $11.7 million in the same period in 2019.
Managed Entities’ EBITDA* was $4.7 million compared to a loss of $0.6 million in the same period in 2019.

“I am pleased with another solid quarter of improving fundamentals,” said Bill Van Faasen, Interim Chief Executive Officer of Acreage. “Our refocused strategy continues to work. Operational excellence led to improved financials and a stronger balance sheet. Our core profitability is in sight in the first half of 2021. Much work remains, but we are absolutely on the right path both short and long-term, with a team that’s as energized and results-focused as it’s ever been.”

EARNINGS CALL DETAILS

Acreage will host a conference call with management on Thursday, November 12th at 8:30 A.M. EST. The call will be webcast and can be accessed at investors.acreageholdings.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software.

ABOUT ACREAGE HOLDINGS, INC.

Headquartered in New York City, Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including the company’s national retail store ‎brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a ‎seamless, consumer-focused, branded experience. More information is available at www.acreageholdings.com.

On June 27, 2019, Acreage implemented an arrangement under section 288 of the Business Corporations ‎Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”), which was subsequently amended on September 23, 2020 (the “Amended Arrangement”)‎. Pursuant to the Amended Arrangement, ‎upon ‎the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), Canopy Growth will, subject to the ‎satisfaction or waiver of certain closing conditions, acquire ‎all of the issued and outstanding Class E subordinate voting shares (the “Fixed Shares”) on the basis of 0.3048 of a Canopy Growth share per ‎Fixed Share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment ‎in accordance with the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and on September 23, 2020).

In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the ‎issued and outstanding Class D subordinate voting shares (the “Floating Shares”) at the time that Canopy Growth acquires the Fixed Shares, for ‎cash or Canopy Growth shares, as Canopy Growth may determine, at a price per Floating Share based ‎upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the Canopy Growth shares at the time of the ‎occurrence or waiver of the Triggering Event, subject to a minimum price of US$6.41 per Floating Share.

For more information about the Amended Arrangement please see the Acreage proxy statement and management information circular dated August 17, 2020 (the “Circular”) and the respective ‎information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on ‎Acreage’s and Canopy Growth’s respective profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR website at www.sec.gov. For additional information regarding ‎Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com.

*NON-GAAP MEASURES, RECONCILIATION AND DISCUSSION (UNAUDITED)

This release contains tables that reconcile our results of operations reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to adjusted results that exclude the impact of certain items identified as affecting comparability (non-GAAP). We use EBITDA, adjusted EBITDA, adjusted net loss attributable to Acreage, among other measures, to evaluate our actual operating performance and for planning and forecasting future periods. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below reconcile our results of operations in accordance with GAAP to the adjusted results mentioned above:

Reconciliation of GAAP to Non-GAAP Measures
US$ (thousands, except per share amounts)	Q3’20			Q3’19			FY’20			FY’19
Net loss (GAAP)	$	(42,036	)	$	(49,502	)	$	(308,635	)	$	(129,571	)
Income tax expense (benefit)	3,826			2,327			(21,633		)	6,125
Interest expense (income), net	4,541			(1,094		)	6,023			(2,576		)
Depreciation and amortization	1,396			2,182			4,888			5,313
EBITDA (non-GAAP)*	$	(32,273	)	$	(46,087	)	$	(319,357	)	$	(120,709	)
Adjusting items:
(Income) loss from investments, net	433			1,696			195			(294		)
Loss on impairment of intangible assets	—			—			187,775			—
Loss on notes receivable	—			—			8,161			—
Write down of assets held-for-sale	2,893			—			11,003			—
Equity-based compensation expense – Plan	7,607			13,673			33,388			48,228
Equity-based compensation expense – Plan (Plan of Arrangement Awards)	2,688			10,772			14,680			11,086
Equity-based compensation expense – other	150			3,729			17,301			8,530
Transaction costs	3,114			1,330			3,114			7,580
Other non-recurring expenses	8,505			3,147			17,755			9,180
Adjusted EBITDA (non-GAAP)*	$	(6,883	)	$	(11,740	)	$	(25,985	)	$	(36,399	)

* Due to the Company’s transition from IFRS to U.S. GAAP, certain expenses related to leased assets formerly classified as depreciation and interest expense are now included in EBITDA as a general and administrative expense. The Company’s lease expenses associated with non-finance leases were $2,499 and $1,935 in Q3’20 and Q3’19, respectively. The Company’s lease expenses associated with non-finance leases were $7,620 and $4,317 for FY’20 and FY’19, respectively.

Reconciliation of GAAP to Non-GAAP Measures
US$ (thousands, except per share amounts)	Q3’20				Q3’19				FY’20				FY’19
Net loss attributable to Acreage Holdings, Inc. (GAAP)	$	(35,748	)		$	(38,716	)		$	(244,894	)		$	(99,634	)
Net loss per share attributable to Acreage Holdings, Inc. (GAAP)	$	(0.35	)		$	(0.43	)		$	(2.49	)		$	(1.17	)
Adjusting items:⁽¹⁾
(Income) loss from investments, net	$	363			$	1,313			$	156			$	(223	)
Loss on impairment of intangible assets	—				—				150,220				—
Loss on notes receivable	—				—				6,529				—
Write down of assets held-for-sale	2,427				—				8,802				—
Equity-based compensation expense – Plan	6,382				10,585				26,710				36,658
Equity-based compensation expense – Plan (Plan of Arrangement Awards)	2,255				8,340				11,744				8,426
Equity-based compensation expense – other	126				2,887				13,841				6,484
Transaction costs	2,613				1,030				2,491				5,762
Other non-recurring expenses	7,136				2,436				14,204				6,978
Tax impact of adjustments above	130				(264		)		(24,648		)		86
Total adjustments	$	21,432			$	26,327			$	210,049			$	64,171
Adjusted net loss attributable to Acreage Holdings, Inc. (non-GAAP)*	$	(14,316	)		$	(12,389	)		$	(34,845	)		$	(35,463	)
Adjusted net loss per share attributable to Acreage Holdings, Inc. (non-GAAP)*	$	(0.14	)		$	(0.14	)		$	(0.35	)		$	(0.42	)
Weighted average shares outstanding – basic and diluted	103,450				89,262				98,304				84,817
Weighted average NCI ownership %	16.10			%	22.59			%	20.00			%	23.99			%

(1) Adjusting items have been reduced by the respective non-controlling interest percentage for the period.

MANAGED ENTITIES SELECTED FINANCIAL RESULTS

This release contains tables that display the results of entities which we have management or consulting agreements with, whom we earn a management fee from. These figures are not included within our consolidated results.

Managed Entity Net Sales
US$ (thousands)		Q3’20		Q3’19		FY’20		FY’19
	New England	$	6,754	$	4,515	$	16,960	$	12,783
	Mid-Atlantic*	—		2,157		7,515		5,479
	Midwest	8,377		2,121		18,402		5,353
	West	1,887		707		4,216		1,623
Revenue from Entities under Management or Consulting Agreements		$	17,018	$	9,500	$	47,093	$	25,238

Managed Entity EBITDA
US$ (thousands)		Q3’20		Q3’19			FY’20			FY’19
	New England	$	2,007	$	627		$	3,866		$	1,870
	Mid-Atlantic*	—		(373		)	(165		)	(752		)
	Midwest	2,549		(671		)	3,628			(2,250		)
	West	184		(148		)	(367		)	(976		)
EBITDA from Entities under Management or Consulting Agreements		$	4,740	$	(565	)	$	6,962		$	(2,108	)

* Following the acquisition of Compassionate Care Foundation, Inc. on June 26, 2020, figures for the Mid-Atlantic region are reported in consolidated results.

FORWARD LOOKING STATEMENTS

This news release and each of the documents referred to herein contains “forward-looking information” and ‎‎“forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, ‎respectively. All statements, other than statements of historical fact, included herein are forward-looking ‎information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of completion thereof, the ‎occurrence or waiver of the Triggering Event, the satisfaction or waiver of the closing conditions set out in the ‎Arrangement Agreement and other statements with respect to the proposed transactions with Canopy Growth. ‎Often, but not always, forward-looking statements and information can be identified by the use of words such as ‎‎“plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, ‎or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, ‎‎‎“would”, “might” or “will” be taken, occur or be achieved. ‎

Forward-looking statements or information involve known and unknown risks, uncertainties and other ‎factors which may cause the actual results, performance or achievements of Acreage or its ‎subsidiaries to be materially different from any future results, performance or achievements expressed or ‎implied by the forward-looking statements or information contained in this news release. Risks, uncertainties and other factors involved with forward-looking ‎information could cause actual events, results, performance, prospects and opportunities to differ ‎materially from those expressed or implied by such forward-looking information, including, but not ‎limited to financing and liquidity risks, and the risks disclosed in the Circular, Acreage’s ‎management information circular dated May 17, 2019 filed on May 23, 2019, Acreage’s annual report on Form 10-K for the year ended ‎December 31, 2019 ‎dated May 29, 2020 and the amendment thereto on Form 10-K/A ‎dated August 14, 2020, and Acreage’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with ‎Canadian securities regulators ‎and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify ‎important factors that could cause actual results to differ materially from those contained in forward-looking ‎information, there may be other factors that cause results not to be as anticipated, estimated or intended. ‎

Although Acreage believes that the ‎assumptions and factors used in preparing the forward-looking information or forward-looking ‎statements in this news release are reasonable, undue reliance should not be placed on such information ‎and no assurance can be given that such events will occur in the disclosed time frames or at all. The ‎forward-looking information and forward-looking statements included in this news release are made as of ‎the date of this news release and Acreage does not undertake any obligation to publicly update such ‎forward-looking information or forward-looking statements to reflect new information, subsequent events ‎or otherwise unless required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept ‎responsibility for the adequacy or accuracy of the content of this news release.‎

Media Contact:	Investor Contact:
Howard Schacter	Steve West
Vice President of Communications	Vice President, Investor Relations
[email protected]	[email protected]
917-893-5300	917-893-5300

November 11, 2020 6:14 pm

Nonhuman Rights Project Presents Oral Arguments in Landmark Elephant Rights Case

Live stream from New York Appeals Court open to media

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) —

WHAT:		Oral arguments in the landmark elephant rights case filed by the Nonhuman Rights Project (NhRP) on behalf of Happy, a 49-year-old Asian elephant held alone in captivity at the Bronx Zoo. In November, the exhibit closes for the winter, with Happy held in an industrial cement structure lined with windowless, barred cages (the zoo’s “elephant barn”) until the exhibit reopens in May.

WHEN:		Thursday, Nov. 19, 2020

		Oral Arguments Between 2-5 pm Eastern (NhRP will receive 10-minute advance notice; will then notify all confirmed press)
		Press Conference starts 15 minutes after conclusion of Oral Arguments

WHERE:		Links to Oral Arguments and Press Conference will be provided upon RSVP to [email protected]

WHO:		Nonhuman Rights Project Founder and President Steven M. Wise, and Elizabeth Stein, New York legal counsel for NhRP, will argue on Happy’s behalf. The Nonhuman Rights Project is the only civil rights organization in the United States working through litigation, legislation, and education to secure fundamental rights for nonhuman animals. Attorneys with Phillips Lytle LLP will argue for the Wildlife Conservation Society (which manages the Bronx Zoo) and James Breheny, Director of the Bronx Zoo. A panel of three judges will hear the case. They are not expected to rule from the bench on the 19th.

WHY:		The question of whether an autonomous nonhuman animal is a legal person with the fundamental right to liberty is, in the words of Court of Appeals Judge Eugene Fahey regarding the NhRP’s chimpanzee rights cases, “a deep dilemma of ethics and policy that demands our attention.” The NhRP will argue that the First Judicial Department “can and should now put an end to the injustice of Happy’s decades-long imprisonment at the Bronx Zoo and grant her freedom.” As world-renowned elephant expert Dr. Joyce Poole has written in support of Happy’s elephant rights case, “Simply put, the Bronx Zoo’s exhibit is too small to meet the needs of Happy or any elephant. Happy deserves to live the rest of her life at [a sanctuary] where the utmost care will be given to her individual needs and she’ll have the space and conditions needed to heal and to form psychologically necessary bonds with other elephants.” The case has also received support from world-renowned legal scholar and Harvard Law School Professor Laurence H. Tribe. In July 2020, Professor Tribe requested leave to file an amicus brief in support of a habeas corpus petition filed by the Nonhuman Rights Project (NhRP) on behalf of Happy.

MORE ON HAPPY CASE:		Happy made history in 2005 as the first elephant to demonstrate self-awareness via the mirror test, and in December of 2018 she became the first elephant in the world to have a habeas corpus hearing after the Orleans Supreme Court issued the NhRP’s requested habeas corpus order. In early 2019, the Orleans Supreme Court transferred her case to the Bronx. For over 10 hours spread across two days in September and October of 2019, the NhRP argued in Bronx Supreme Court for recognition of Happy’s right to liberty and release to a sanctuary. Both the duration and substance of these hearings were unique for arguments on preliminary motions. Justice Alison Y. Tuitt scheduled a third court date in Jan. 2020 to provide ample time to delve into the most pressing issues in Happy’s case, such as who counts as a legal person with rights and why Happy must be released to a sanctuary. Alongside the NhRP’s litigation, its grassroots advocacy campaign on behalf of Happy has gained significant momentum, drawing the support of influential public figures such as Queen guitarist Brian May, elected officials such as New York City Council Speaker Corey Johnson, and animal advocates in New York and around the world. A Change.org petition calling for Happy’s release from solitary confinement has over a million signatures and continues to grow. In October 2019, Mayor Bill de Blasio commented on Happy’s plight, telling WNYC “something doesn’t feel right” about keeping Happy in the Bronx Zoo. The NhRP expects to further address the core merits of Happy’s habeas corpus petition—that she is a legal person with the fundamental right to liberty who must be released to either The Elephant Sanctuary in Tennessee or the Performing Animal Welfare Society sanctuary in California. For details about the appeal, see this press re lease.

MORE ON NhRP:		The Nonhuman Rights Project is the only civil rights organization in the United States working through litigation, legislation, and education to secure fundamental rights for nonhuman animals. In 2015, the NhRP secured the world’s first habeas corpus hearing on behalf of a nonhuman animal in its chimpanzee rights case on behalf of Hercules and Leo, who were used in locomotion research at Stony Brook University.

CASE NO./ NAME:		THE NONHUMAN RIGHTS PROJECT, INC. on behalf of HAPPY, Petitioner, v. JAMES J. BREHENY, in his official capacity as Executive Vice President and General Director of Zoos and Aquariums of the Wildlife Conservation Society and Director of the Bronx Zoo, and WILDLIFE CONSERVATION SOCIETY (Appellate Case No. 2020-02581)

PRESS CONTACTS:		Stacey Doss Sagon-Phior [email protected] 949-285-2362 Lauren Choplin Nonhuman Rights Project [email protected] 856-381-9447

November 11, 2020 6:13 pm

Multi-Center Evaluation of Bionano Optical Genome Mapping by Cytogenetics Thought Leaders in the US Leads to Recommendation for Bionano’s Saphyr to Replace Karyotyping as First-Line Test for Detection and Identification of Structural and Copy Number Variants in Leukemia Patients

Saphyr
detected
all clinically relevant
structural variants (
SVs
)
and
copy number variants
(
CNVs
)
in 100 AML samples
making it 100% concordant with standard of care
Saphyr
also
detect
ed additional
clinically relevant SVs
above and beyond standard of care
in
11% of cases and
refined the
genomic structure
analysis
in
another
13%
of cases
, which
means
Optical Genome Mapping
(OGM)
with Saphyr has the potential
to
change
prognosis and
patient management
Study
a
uthors
are from leading institutions in the United States
,
including
Augusta University, Columbia University, Fred Hutchinson Cancer
Research
Center,
Mayo Clinic, MD Anderson
Cancer Center
and
,
Penn State University

SAN DIEGO, Nov. 11, 2020 (GLOBE NEWSWIRE) — Bionano Genomics, Inc. (Nasdaq: BNGO) announced the publication of a study led by cytogenetics experts from the nation’s top clinical and cancer centers in which they recommended that optical genome mapping (OGM) using Bionano’s Saphyr System be considered as a first-line test for detection and identification of clinically relevant structural variants and copy number variants in leukemias. The paper, published this week in medRxiv, describes detection and identification of structural variants and copy number variants in 100 patients with acute myeloid leukemia (AML). This study is the largest to-date in leukemia for Bionano and the first published study from the United States comparing Bionano’s OGM to karyotyping, the current standard of care in leukemia testing.

The authors, who are cytogenetic leaders from prestigious institutions including Augusta University, Columbia University, Fred Hutchinson Cancer Center, Mayo Clinic, MD Anderson and Penn State University, reported that Saphyr detected 100% of all clinically relevant SVs and CNVs previously detected by standard of care methods and that Saphyr provided additional actionable data in 24% of the cases.

Karyotyping, which provides a whole genome analysis of single cells, has been the standard of care for AML patients for decades. This study demonstrated several advantages of OGM over karyotyping with no obvious deficiencies in performance. The authors reported that the performance of OGM surpassed even the performance of karyotyping combined with other tests, such as fluorescence in situ hybridization (FISH) and chromosomal microarray, in a more refined and simplified workflow that was more cost effective than current methods.

Erik Holmlin, Ph.D., CEO of Bionano Genomics commented, “This study is our flagship study in the United States. The authors come from leading institutions across the country and belong to the groups that influence what technologies are included in medical guidelines. While their finding of 100% concordance with standard of care is an important benchmark, the finding of incremental diagnostic information above and beyond the standard of care is what makes Saphyr compelling as a potential new standard in testing leukemia patients. We believe the authors’ recommendation to make Saphyr a first-line test for the detection and identification of clinically relevant genomic variants in AML and other leukemias indicates that Saphyr is ready for broad clinical adoption. We further believe that this study and others published like it form the basis of an important dossier that shows the clinical utility and validity of Bionano optical genome mapping, which we will be able use in connection with assays developed through our Lineagen business to outline a potential path to reimbursement of laboratory developed tests that are performed on Saphyr.”

The publication is available at: https://www.medrxiv.org/content/10.1101/2020.11.07.20227728v1

About Bionano Genomics

Bionano is a genome analysis company providing tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing, and providing diagnostic testing for those with autism spectrum disorder (ASD) and other neurodevelopmental disabilities through its Lineagen business. Bionano’s Saphyr system is a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline the study of changes in chromosomes, which is known as cytogenetics. The Saphyr system is comprised of an instrument, chip consumables, reagents and a suite of data analysis tools, and genome analysis services to provide access to data generated by the Saphyr system for researchers who prefer not to adopt the Saphyr system in their labs. Lineagen has been providing genetic testing services to families and their healthcare providers for over nine years and has performed over 65,000 tests for those with neurodevelopmental concerns. For more information, visit www.bionanogenomics.com or www.lineagen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the contribution of Bionano’s OGM technology to the improved detection of diagnostic information in patients with leukemia and other genetic diseases; the capabilities of Bionano’s OGM technology in comparison to other genome analysis technologies; Bionano’s beliefs regarding Saphyr’s readiness for broad clinical adoption; the ability of this study’s authors to influence what technologies are included in medical guidelines; our expectations regarding the utilization of Bionano OGM technology with assays developed through our Lineagen business; and Bionano’s strategic plans. Each of these forward-looking statements involves risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the risks and uncertainties associated with: the impact of the COVID-19 pandemic on our business and the global economy; general market conditions; changes in the competitive landscape and the introduction of competitive products; changes in our strategic and commercial plans; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts; the ability of medical and research institutions to obtain funding to support adoption or continued use of our technologies; the loss of key members of management and our commercial team; and the risks and uncertainties associated with our business and financial condition in general, including the risks and uncertainties described in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2019 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

CONTACTS

Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
[email protected]

Investor Relations Contact:

Ashley R. Robinson
LifeSci Advisors, LLC
+1 (617) 430-7577
[email protected]

Media Contact:

Darren Opland, PhD
LifeSci Communications
+1 (617) 733-7668
[email protected]

November 11, 2020 6:09 pm

ROSEN, LEADING INVESTOR COUNSEL, Reminds Turquoise Hill Resources Ltd. Investors of Important December 14 Deadline in Securities Class Action – TRQ

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Turquoise Hill Resources Ltd. (NYSE: TRQ) between July 17, 2018 and July 31, 2019, inclusive (the “Class Period”), of the important December 14, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Turquoise Hill investors under the federal securities laws.

To join the Turquoise Hill class action, go to http://www.rosenl e gal.com/cases-register-1971.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, throughout the Class Period and regarding the development of the Oyu Tolgoi copper-gold mine in Mongolia, defendants made false and/or misleading statements and/or failed to disclose that: (1) the stability issues were much more severe than represented and called into question the design of the mine, the projected cost and timing of production; (2) the publicly disclosed estimates of the cost, date of completion and dates for production from the underground mine were not achievable; (3) the “challenging ground conditions” were much more severe than defendants represented, and in fact made it impossible for Turquoise Hill and Rio Tinto to achieve those estimates; (4) the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what Turquoise Hill and Rio Tinto had represented; (5) Turquoise Hill would require additional financing and/or equity to complete the project; (6) the progress of underground development and of Oyu Tolgoi was not proceeding as planned; and (7) the “key risks” had not been “well understood and managed” but had placed the project schedule and cost into severe jeopardy. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1971.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        [email protected]
        [email protected]
        www.rosenlegal.com

November 11, 2020 6:05 pm

ALIANSCE SONAE: High occupancy rate of 94.8%

PR Newswire

RIO DE JANEIRO, Nov. 11, 2020 /PRNewswire/ — Aliansce Sonae Shopping Centers S.A. (B3: ALSO3), one of the largest shopping mall owners and operators in Brazil, announces its results for the third quarter of 2020 (3Q20).

3Q20 Highlights

All malls reopened. During the 3Q20, Aliansce Sonae’s entire portfolio resumed its operations and remained open for around 70% of regular hours.

Consistent sales recovery. Aliansce Sonae’s total sales reached 69.3% of the 3Q19 sales level, while in September, sales were already 18.3% lower. In October, there was a greater recovery of this indicator, with a drop of only 12.1%. The Company’s SSS in 3Q20 was -25.1%, while the SAS was -24.9%, showing a steady sales performance.

High occupancy rate. As highlighted at the beginning of the pandemic, the Company’s primary goal, from a commercial standpoint, was to reopen the assets with a high occupancy rate to allow malls to continue delivering a unique experience to consumers. At the end of the quarter, occupancy reached approximately 95%.

Strong NOI recovery. Aliansce Sonae reached R$98.7 million in NOI, already accounting for a higher PDA and excluding the straight-line rent adjustment, reflecting a gradual and consistent recovery and efficiency in controlling costs.

Cash management winning strategy. Aliansce Sonae ended 3Q20 with a solid cash position of R$1.3 billion and Net Debt/Ebitda of 1.3x. In 2020, operational cash generation remained strong enough to cover interests and financing amortizations, though still extraordinarily affected by the adverse business conditions caused by the COVID-19 pandemic.

Aliansce Sonae innovates with PEG. In line with its omnichannel approach and reinforcing the digital strategy of integrating physical points with online platforms, the Company developed an innovation that aims to reduce friction for collecting and exchanging goods. PEGs are structures located in the parking lots and inside the malls to organize and facilitate the delivery and pick-up of goods sold through the most diverse channels.

For a full version of 3Q20 Earnings Release, please, refer to https://ri.alianscesonae.com.br/en

Aliansce Sonae will hold its conference call and webcast on November 12^th, at 09:00 a.m. US ET (in portuguese) / 10:00 a.m. US ET (in english). To access the call, dial +1 (412) 717-9627 / +55 11 3181-8565 / +55 11 4210-1803, code “Aliansce Sonae”. Webcast is available at https://ri.alianscesonae.com.br/en

For more information, please, contact Daniella Guanabara, IRO, at + 55 21 2176-7272 or [email protected]

View original content:http://www.prnewswire.com/news-releases/aliansce-sonae-high-occupancy-rate-of-94-8-301171399.html

SOURCE Aliansce Shopping Centers S.A.

November 11, 2020 6:03 pm

Bright Scholar Announces Unaudited Financial Results for the Fourth Fiscal Quarter

Fiscal Year 2020 Revenue Up 31.3% and Adjusted EBITDA Up 36.5%

PR Newswire

FOSHAN, China, Nov. 11, 2020 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar,” the “Company,” “we” or “our”) (NYSE: BEDU), a global premier education service company, today announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended August 31, 2020.

Fourth Fiscal Quarter Ended August 31, 2020 Financial Highlights
(in comparison to the same period of the last fiscal year):

*RMB in million* *Except EPS and %*	Fourth Fiscal Quarter Ended August 31, 2020	Fourth Fiscal Quarter Ended August 31, 2019	YoY % Change
Revenue	652.1	711.6	(8.4%)
Gross Profit	149.5	212.1	(29.5%)
Gross Margin	22.9%	29.8%	(6.9%)
Operating Loss	(171.9)	(44.4)	286.9%
Operating Margin	(26.4%)	(6.2%)	(20.2%)
Net Loss	(148.6)	(48.1)	208.8%
Net Margin	(22.8%)	(6.8%)	(16.0%)

Adjusted Gross Profit⁽¹⁾	158.0	221.6	(28.7%)
Adjusted Gross Margin⁽¹⁾	24.2%	31.1%	(6.9%)
Adjusted Operating Loss⁽²⁾	(80.4)	(28.4)	183.4%
Adjusted Operating Margin⁽²⁾	(12.3%)	(4.0%)	(8.3%)
Adjusted Net Loss⁽³⁾	(59.0)	(34.1)	72.9%
Adjusted Net Margin⁽³⁾	(9.1%)	(4.8%)	(4.3%)
Adjusted EBITDA⁽⁴⁾	1.4	4.0	(65.8%)
Adjusted EBITDA Margin⁽⁴⁾	0.2%	0.6%	(0.4%)

Basic and Diluted Loss per Share	(1.29)	(0.43)	200.0%
Adjusted Basic and Diluted Loss per Share⁽⁵⁾	(0.54)	(0.31)	74.2%

Fiscal Year 2020 Ended August 31, 2020 Financial Highlights
(in comparison to the same period of the last fiscal year):

*RMB in million* *Except EPS and %*	Fiscal Year 2020 Ended August 31, 2020	Fiscal Year 2019 Ended August 31, 2019	YoY % Change
Revenue	3,366.5	2,563.0	31.3%
Gross Profit	1,221.7	977.0	25.0%
Gross Margin	36.3%	38.1%	(1.8%)
Operating Income	307.7	300.5	2.4%
Operating Margin	9.1%	11.7%	(2.6%)
Net Income	164.2	252.8	(35.0%)
Net Margin	4.9%	9.9%	(5.0%)

Adjusted Gross Profit⁽¹⁾	1,263.2	1,000.3	26.3%
Adjusted Gross Margin⁽¹⁾	37.5%	39.0%	(1.5%)
Adjusted Operating Income⁽²⁾	420.0	375.5	11.9%
Adjusted Operating Margin⁽²⁾	12.5%	14.6%	(2.1%)
Adjusted Net Income⁽³⁾	267.7	322.6	(17.0%)
Adjusted Net Margin⁽³⁾	8.0%	12.6%	(4.6%)
Adjusted EBITDA⁽⁴⁾	670.8	491.6	36.5%
Adjusted EBITDA Margin⁽⁴⁾	19.9%	19.2%	0.7%

Basic and Diluted Earnings per Share	1.34	1.97	(32.0%)
Adjusted Basic and Diluted Earnings per Share⁽⁵⁾	2.20	2.54	(13.4%)

1. Adjusted gross profit/(loss) is defined as gross profit/(loss) excluding amortization of intangible assets. Adjusted gross margin is defined as adjusted gross profit/(loss) divided by revenue.
2. Adjusted operating income/(loss) is defined as operating income/(loss) excluding share-based compensation expense, amortization of intangible assets, impairment loss on operating lease right-of-use assets and impairment loss on goodwill. Adjusted operating margin is defined as adjusted operating income/(loss) divided by revenue.
3. Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation expense, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on operating lease right-of-use assets and impairment loss on goodwill. Adjusted net margin is defined as adjusted net income/(loss) divided by revenue.
4. Adjusted EBITDA is defined as net income/(loss) excluding interest income/(expense), net; income tax expense/benefit; depreciation and amortization, share-based compensation expense, impairment loss on operating lease right-of-use assets and impairment loss on goodwill. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.
5. Adjusted basic and diluted earnings/(loss) per share is defined as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) to ordinary shareholders excluding share-based compensation expense, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on operating lease right-of-use assets and impairment loss on goodwill) divided by the weighted average number of basic and diluted ordinary shares or American depositary shares (each an “ADS”), each representing one Class A ordinary share of the Company, on an as-converted basis.

For more information on these adjusted financial measures, please see the section captioned under “Non-GAAP Financial Measures” and the tables captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

BUSINESS PERFORMANCE HIGHLIGHTS
(in comparison to the same period of the last fiscal year)

Domestic K-12 Schools

The domestic K-12 schools comprise our international schools, bilingual schools, kindergartens in China.

The average number of students increased by 6.6% for the fourth fiscal quarter and 9.9% for the fiscal year.
Revenue amounted to RMB416.2 million and accounted for 63.9% of the total revenue in the fourth fiscal quarter. For the fiscal year, revenue increased by 4.1% to RMB1,968.3 million and accounted for 58.5% of the total revenue.
For the fourth fiscal quarter, gross margin was 27.5% compared to 31.0% for the same period of the last fiscal year, and operating margin was (10.2%) compared to 7.5% for the same period of the last fiscal year. For the fiscal year, gross margin was 39.2% compared to 39.9% for the last fiscal year, and operating margin was 20.5% as compared to 24.4% for the last fiscal year.

Overseas Schools

The overseas schools comprise our overseas schools including Bournemouth, St. Michael’s, Bosworth and CATS.

Revenue amounted to RMB69.1 million and accounted for 10.6% of the total revenue for the fourth fiscal quarter. For the fiscal year, revenue amounted to RMB835.9 million and accounted for 24.8% of the total revenue for the same period.
For the fourth fiscal quarter, gross margin was (49.3%) and operating margin was (171.0%). For the fiscal year, gross margin was 29.6% and operating margin was (5.4%).

Education Technology

The education technology business comprises online career counselling, online Academic Olympiad training, and online international school.

Revenue amounted to RMB31.6 million and accounted for 4.8% of the total revenue for the fourth fiscal quarter. For the fiscal year, revenue amounted to RMB103.3 million and accounted for 3.1% of the total revenue.
For the fourth fiscal quarter, gross margin was 50.5% and operating margin was 20.5%. For the fiscal year, gross margin was 62.7% and operating margin was 30.2%.

Complementary Education Services

The complementary education services comprise language training, overseas study and counselling, camps and study tours, and others.

Revenue amounted to RMB135.2 million and accounted for 20.7% of the total revenue for the fourth fiscal quarter. For the fiscal year, revenue was RMB459.0 million and accounted for 13.6% of the total revenue.
For the fourth fiscal quarter, gross margin increased from 30.9% to 39.2%, and operating margin increased from 13.6% to 24.9%. For the fiscal year, gross margin was 30.0% compared to 31.8%, and operating margin was 10.5% compared to 12.0%.

“As with most businesses around the globe, COVID-19 pandemic has had an unprecedented impact on our industry and our Company in the second half of fiscal 2020. Amidst the significant challenges and disruptions particularly in our overseas schools, Bright Scholar still delivered solid revenue growth of 31.3% and a solid growth of 36.5% in adjusted EBITDA for fiscal year of 2020. We have also accelerated digital transformation as we continued to focus on executing our strategic priorities to build a global network of schools and a diverse business portfolio, enhance academic and operational performance, and expand the breadth and depth of our capabilities through investment in education technologies,” said Jerry He, Executive Vice Chairman of Bright Scholar.

“China’s encouraging signs of steady economic recovery from the pandemic and its continuous efforts to minimize the risk of resurgences of the virus provides strong impetus to strengthen our business recovery,” commented by Wanmei Li, Chief Executive Officer of Domestic K-12. “Over 54,000 students have enrolled for the September 2020 school term in our domestic K-12 schools, as of the reporting date. The average number of students increased by 6.6% for the fourth fiscal quarter and 9.9% for the fiscal year compared to the same period in the prior fiscal year. All of our K-12 campuses in China have re-opened with safeguards in all of our facilities to protect our students and staff, including increased frequency of cleaning and disinfecting facilities, social distancing practices and other measures to minimize any potential risks of resurgence. Despite the positive momentum, we stay vigilant of the continued impact and focus on optimizing utilization and profitability from our operations.” Ms. Li continued, “I am pleased to report that Fettes Guangzhou School and kindergarten opened as scheduled in September.”

“Despite the impact from COVID-19, revenue for fiscal year 2020 grew by 9.1% as compared to the prior fiscal year as we seized the opportunity in the summer by launching new products and services to strengthen our market position. The acquisition of Leti Camp will further expand our capability to include adoption of hands-on inquiry-based learning that offers enormous potential and synergy which will expedite the expansion of our outdoor camp business in the post COVID-19 period,” commented by Zi Chen, Chief Executive Officer of Complementary Education Services. “There are enormous market opportunities in complementary education service space including after school tutoring for K-12, study tours and camp activities. We plan to further leverage the collaboration with Country Garden to explore more opportunities in broadening our outdoor camp business within China, as well as acquisitions to expand our service offerings.”

Mr. He commented on the performance of overseas school business, “Overseas school operation was most negatively affected amid the continuing pandemic and lockdown in the UK. Our ‘We Care’ Campaign put the well-being of our students and employees first, has earned high marks from our parents and students. We also took this opportunity to reduce our cost structure, upgrade our IT and management systems, realign our sales and marketing strategies and improve our education outcome. We believe we will be in a more competitive position than our peers when students return to schools post COVID-19. Our global network is of strategic importance in enriching student lives and learning experience, enhancing academic performance through global recruitment and training, joint R&D, collaboration between our overseas and domestic schools as well as across different business units within Bright Scholar.”

Mr. He continued on the performance of education technology business, “The COVID-19 crisis has been a major catalyst driving policymakers, service providers and more parents and families to explore online learning options. The increasing awareness and acceptance of online resources merging offline activities for optimal educational results, bodes well for us to drive academic excellence as we continued to expand investments in this space. Our new education technology business comprises online career counselling, online Academic Olympiad training and online international school – the ‘3i Global Academy’. The launch of the online international schools with online-merge-offline model in June represents a major milestone in utilizing technology to provide access to high quality education for students around the globe. ‘3i Global Academy’ has enrolled more than 170 paying students as of November 7th.”

“We recognize that the uncertainties our road ahead entails, but we are excited at the combination of growth drivers coming into alignment for fiscal 2021. These growth drivers include the steady economic recovery from the pandemic in China, the improved service mix of our portfolio and the new exciting opportunities in the complementary business and education technologies. We have a strong balance sheet to pursue organic and acquisitive growth opportunities, a terrific portfolio of assets that drives long-term growth. We are very confident that the strategic initiatives will enable us to emerge from the crisis as a stronger company that is well positioned for long-term growth and success. Furthermore, to underscore the confidence in the Company’s prospects, the Board has approved a new share repurchase plan of up to US$50 million on November 11, 2020,” Mr. He concluded.

UNAUDITED FINANCIAL RESULTS
for the Fourth
FISCAL QUARTER ENDED August 31, 2020

Revenue

Revenue	Fourth Fiscal Quarter Ended August 31, 2020		Fourth Fiscal Quarter Ended August 31, 2019		YoY % Change
	*(RMB in million)*	*(% of Total Revenue)*	*(RMB in million)*	*(% of Total Revenue)*
Domestic K-12 Schools	416.2	63.9%	393.5	55.3%	5.8%
International Schools	177.4	27.2%	154.3	21.7%	15.0%
Bilingual Schools	149.2	22.9%	130.8	18.4%	14.0%
Kindergartens	89.6	13.8%	108.4	15.2%	(17.3%)
Overseas Schools	69.1	10.6%	148.5	20.9%	(53.4%)
Education Technology	31.6	4.8%	27.7	3.9%	14.0%
Complementary Education	135.2	20.7%	141.9	19.9%	(4.7%)
Total	652.1	100.0%	711.6	100.0%	(8.4%)

Revenue for the quarter was RMB652.1 million, as compared to RMB711.6 million for the same period of the last fiscal year. The changes in revenue is primarily due to the COVID-19 impact on kindergartens, overseas schools and complementary business.

Cost of Revenue

Cost of revenue for the quarter was RMB502.7 million, as compared to RMB499.5 million for the same period of the last fiscal year. The changes in cost of revenue was mainly due to the cost increase in domestic K-12 schools and EdTech in the fourth fiscal quarter of 2020, partially offset by the cost reduction in overseas schools and complementary education.

Gross Profit, Gross Margin and Adjusted Gross Profit

Gross Profit	Fourth Fiscal Quarter Ended August 31, 2020		Fourth Fiscal Quarter Ended August 31, 2019		YoY % Change
	*(RMB in million)*	*(Margin %)*	*(RMB in million)*	*(Margin %)*
Domestic K-12 Schools	114.6	27.5%	122.0	31.0%	(6.0%)
International Schools	49.2	27.7%	36.9	23.9%	33.5%
Bilingual Schools	47.3	31.7%	44.5	34.0%	6.2%
Kindergartens	18.1	20.3%	40.6	37.5%	(55.2%)
Overseas Schools	(34.1)	(49.3%)	25.2	17.0%	(235.5%)
Education Technology	16.0	50.5%	21.1	76.0%	(24.3%)
Complementary Education	53.0	39.2%	43.8	30.9%	20.7%
Total	149.5	22.9%	212.1	29.8%	(29.5%)

Gross profit for the quarter was RMB149.5 million, as compared to RMB212.1 million for the same period of the last fiscal year. Gross margin was 22.9% for the quarter, as compared to 29.8% for the same period of the last fiscal year.

Adjusted gross profit for the quarter was RMB158.0 million, as compared to RMB221.6 million for the same period of the last fiscal year. Adjusted gross margin was 24.2% for the quarter, as compared to 31.1% for the same period of the last fiscal year.

Selling, General and Administrative Expenses and Adjusted SG&A Expenses⁽⁶⁾

SG&A Expenses	Fourth Fiscal Quarter Ended August 31, 2020		Fourth Fiscal Quarter Ended August 31, 2019		YoY % Change
	*(RMB in* *million)*	(% of Total Revenue)	*(RMB in* *million)*	(% of Total Revenue)
Domestic K-12 Schools	89.0	13.6%	92.7	13.1%	(4.0%)
International Schools	40.4	6.2%	38.5	5.4%	5.1%
Bilingual Schools	28.9	4.4%	29.6	4.2%	(2.5%)
Kindergartens	19.7	3.0%	24.6	3.5%	(19.8%)
Overseas Schools	85.1	13.1%	61.5	8.6%	38.5%
Education Technology	9.5	1.5%	6.6	0.9%	44.8%
Complementary Education	25.8	3.9%	24.7	3.5%	4.0%
Unallocated Corporate Expenses⁽⁷⁾	53.2	8.2%	74.5	10.4%	(28.5%)
Total	262.6	40.3%	260.0	36.5%	1.0%

Adj. SG&A Expenses⁽⁶⁾	Fourth Fiscal Quarter Ended August 31, 2020		Fourth Fiscal Quarter Ended August 31, 2019		YoY % Change
	*(RMB in* *million)*	(% of Total Revenue)	*(RMB in* *million)*	(% of Total Revenue)
Domestic K-12 Schools	88.3	13.5%	90.2	12.6%	(2.0%)
International Schools	40.5	6.2%	38.0	5.3%	6.5%
Bilingual Schools	28.6	4.4%	28.4	4.0%	0.7%
Kindergartens	19.2	2.9%	23.8	3.3%	(19.0%)
Overseas Schools	85.1	13.1%	61.5	8.6%	38.5%
Education Technology	9.5	1.5%	6.6	0.9%	44.8%
Complementary Education	26.0	3.9%	24.0	3.4%	7.2%
Unallocated Corporate Expenses⁽⁸⁾	52.3	8.1%	71.1	10.1%	(26.2%)
Total	261.2	40.1%	253.4	35.6%	3.1%

6. Adjusted SG&A expenses is defined as selling, general and administrative expenses excluding share-based compensation expense.
7. Unallocated corporate expenses are mainly from headquarter, including staff cost, share-based compensation expense and other office expenses.
8. Adjusted unallocated corporate expenses is defined as unallocated corporate expenses excluding share-based compensation expense.

Total SG&A expenses for the quarter were RMB262.6 million, representing a 1.0% increase from RMB260.0 million for the same period of the last fiscal year. Adjusted SG&A expenses for the quarter were RMB261.2 million, representing a 3.1% increase from RMB253.4 million for the same period of the last fiscal year.

Operating Loss, Operating Margin and Adjusted Operating Loss

Operating (Loss)/Income	Fourth Fiscal Quarter Ended August 31, 2020		Fourth Fiscal Quarter Ended August 31, 2019		YoY % Change
	(RMB in million)	*(Margin %)*	(RMB in million)	*(Margin %)*
Domestic K-12 Schools	(42.5)	(10.2%)	29.6	7.5%	(243.5%)
International Schools	(59.8)	(33.7%)	(1.2)	(0.8%)	4,932.3%
Bilingual Schools	18.5	12.4%	14.9	11.4%	24.5%
Kindergartens	(1.2)	(1.3%)	15.9	14.7%	(107.6%)
Overseas Schools	(118.2)	(171.0%)	(36.3)	(24.4%)	226.0%
Education Technology	6.5	20.5%	14.5	52.3%	(55.3%)
Complementary Education	33.4	24.9%	19.3	13.6%	74.6%
Unallocated Corporate Expenses	(51.1)	–	(71.5)	–	(28.3%)
Total	(171.9)	(26.4%)	(44.4)	(6.2%)	286.9%

Operating loss for the quarter was RMB171.9 million, as compared to operating loss of RMB44.4 million for the same period of the last fiscal year. Operating margin was (26.4%) for the quarter, as compared to (6.2%) for the same period of the last fiscal year.

Adjusted operating loss for the quarter was RMB80.4 million, as compared to RMB28.4 million for the same period of the last fiscal year. Adjusted operating margin was (12.3%) for the quarter, as compared to (4.0%) for the same period of the last fiscal year.

Net Loss and Adjusted Net Loss

Net loss for the quarter was RMB148.6 million, as compared to net loss of RMB48.1 million for the same period of the last fiscal year.

Adjusted net loss for the quarter was RMB59.0 million, as compared to adjusted net loss of RMB34.1 million for the same period of the last fiscal year.

Loss per ordinary share/ADS and Adjusted Loss per ordinary share/ADS

Basic and diluted net loss per ordinary share/ADS attributable to ordinary shareholders/ADS holders for the quarter were RMB1.29 and RMB1.29, respectively, as compared to loss per share of RMB0.43 and RMB0.43, respectively, for the same period of the last fiscal year.

Adjusted basic and diluted net loss per ordinary share/ADS attributable to ordinary shareholders/ADS holders for the quarter were RMB0.54 and RMB0.54, respectively, as compared to loss per share of RMB0.31 and RMB0.31, respectively, for the same period of the last fiscal year.

Adjusted EBITDA

Adjusted EBITDA for the quarter was RMB1.4 million, as compared to RMB4.0 million for the same period of the last fiscal year.

UNAUDITED FINANCIAL RESULTS
for the Fiscal year
ENDED August 31, 2020

Revenue

Revenue	Fiscal Year 2020 Ended August 31, 2020		Fiscal Year 2019 Ended August 31, 2019		YoY % Change
	*(RMB in million)*	*(% of Total Revenue)*	*(RMB in million)*	*(% of Total Revenue)*
Domestic K-12 Schools	1,968.3	58.5%	1,890.4	73.8%	4.1%
International Schools	872.9	25.9%	745.0	29.1%	17.2%
Bilingual Schools	722.4	21.5%	650.4	25.4%	11.1%
Kindergartens	373.0	11.1%	495.0	19.3%	(24.6%)
Overseas Schools	835.9	24.8%	181.8	7.1%	359.9%
Education Technology	103.3	3.1%	70.0	2.7%	47.7%
Complementary Education	459.0	13.6%	420.8	16.4%	9.1%
Total	3,366.5	100.0%	2,563.0	100.0%	31.3%

Revenue for fiscal year 2020 was RMB3,366.5 million, representing a 31.3% increase from RMB2,563.0 million for the last fiscal year.

Cost of Revenue

Cost of revenue for the fiscal year was RMB2,144.8 million, representing a 35.2% increase from RMB1,586.0 million for the last fiscal year.

Gross Profit, Gross Margin and Adjusted Gross Profit

Gross Profit	Fiscal Year 2020 Ended August 31, 2020		Fiscal Year 2019 Ended August 31, 2019		YoY % Change
	*(RMB in million)*	*(Margin %)*	*(RMB in million)*	*(Margin %)*
Domestic K-12 Schools	771.9	39.2%	755.0	39.9%	2.2%
International Schools	370.7	42.5%	289.0	38.8%	28.3%
Bilingual Schools	300.5	41.6%	250.4	38.5%	20.0%
Kindergartens	100.7	27.0%	215.6	43.6%	(53.3%)
Overseas Schools	247.1	29.6%	36.3	19.9%	584.0%
Education Technology	64.8	62.7%	51.9	74.1%	24.9%
Complementary Education	137.9	30.0%	133.8	31.8%	3.0%
Total	1,221.7	36.3%	977.0	38.1%	25.0%

Gross profit for the fiscal year was RMB1,221.7 million, representing a 25.0% increase from RMB977.0 million for the last fiscal year. Gross margin was 36.3% for the period, as compared to 38.1% for the last fiscal year. The increase in gross profit was primarily due to the acquisition of overseas schools including CATS, Bosworth and St. Michael’s.

Adjusted gross profit for the fiscal year was RMB1,263.2 million, representing a 26.3% increase from RMB1,000.3 million for the last fiscal year. Adjusted gross margin was 37.5% for the fiscal year, as compared to 39.0% for the last fiscal year.

Selling, General and Administrative Expenses and Adjusted SG&A Expenses⁽⁶⁾

SG&A Expenses	Fiscal Year 2020 Ended August 31, 2020		Fiscal Year 2019 Ended August 31, 2019		YoY % Change
	*(RMB in* *million)*	(% of Total Revenue)	*(RMB in* *million)*	(% of Total Revenue)
Domestic K-12 Schools	302.2	9.0%	298.5	11.7%	1.2%
International Schools	125.7	3.7%	110.4	4.3%	13.9%
Bilingual Schools	103.0	3.1%	104.6	4.1%	(1.5%)
Kindergartens	73.5	2.2%	83.5	3.3%	(12.0%)
Overseas Schools	301.9	9.0%	75.9	3.0%	297.7%
Education Technology	34.2	1.0%	18.7	0.7%	83.1%
Complementary Education	97.6	2.9%	83.9	3.3%	16.3%
Unallocated Corporate Expenses⁽⁷⁾	135.3	4.0%	214.9	8.3%	(37.1%)
Total	871.2	25.9%	691.9	27.0%	25.9%

Adj. SG&A Expenses⁽⁶⁾	Fiscal Year 2020 Ended August 31, 2020		Fiscal Year 2019 Ended August 31, 2019		YoY % Change
	*(RMB in* *million)*	(% of Total Revenue)	*(RMB in* *million)*	(% of Total Revenue)
Domestic K-12 Schools	297.8	8.8%	288.2	11.2%	3.3%
International Schools	125.5	3.7%	108.7	4.2%	15.4%
Bilingual Schools	100.8	3.0%	100.2	3.9%	0.6%
Kindergartens	71.5	2.1%	79.3	3.1%	(9.9%)
Overseas Schools	301.9	9.0%	75.9	3.0%	297.7%
Education Technology	34.2	1.0%	18.7	0.7%	83.1%
Complementary Education	96.7	2.9%	79.3	3.1%	22.0%
Unallocated Corporate Expenses⁽⁸⁾	151.2	4.5%	178.1	7.0%	(15.1%)
Total	881.8	26.2%	640.2	25.0%	37.7%

6. Adjusted SG&A expenses is defined as selling, general and administrative expenses excluding share-based compensation expense.
7. Unallocated corporate expenses are mainly from headquarter, including staff cost, share-based compensation expense and other office expenses.
8. Adjusted unallocated corporate expenses is defined as unallocated corporate expenses excluding share-based compensation expense.

Total SG&A expenses for the fiscal year were RMB871.2 million, representing a 25.9% increase from RMB691.9 million for the last fiscal year. The increase in SG&A expense was primarily due to the acquisition of overseas schools.

Adjusted SG&A expenses for the fiscal year were RMB881.8 million, representing a 37.7% increase from RMB640.2 million for the last fiscal year.

Operating Income, Operating Margin and Adjusted Operating Income

Operating Income/(Loss)	Fiscal Year 2020 Ended August 31, 2020		Fiscal Year 2019 Ended August 31, 2019		YoY % Change
	*(RMB in million)*	*(Margin %)*	*(RMB in million)*	*(Margin %)*
Domestic K-12 Schools	404.1	20.5%	460.8	24.4%	(12.3%)
International Schools	177.0	20.3%	181.0	24.3%	(2.2%)
Bilingual Schools	198.4	27.5%	146.2	22.5%	35.7%
Kindergartens	28.7	7.7%	133.6	27.0%	(78.5%)
Overseas Schools	(45.3)	(5.4%)	(39.8)	(21.9%)	13.9%
Education Technology	31.2	30.2%	33.2	47.4%	(5.9%)
Complementary Education	48.1	10.5%	50.5	12.0%	(4.7%)
Unallocated Corporate Expenses	(130.4)	–	(204.2)	–	(36.2%)
Total	307.7	9.1%	300.5	11.7%	2.4%

Operating income for the fiscal year was RMB307.7 million, representing a 2.4% increase from RMB300.5 million for the last fiscal year. Operating margin was 9.1% for the fiscal year, as compared to 11.7% for the last fiscal year.

Adjusted operating income for the fiscal year was RMB420.0 million, representing an 11.9% increase from RMB375.5 million for the last fiscal year. Adjusted operating margin was 12.5% for the fiscal year, as compared to 14.6% for the last fiscal year.

Net Income and Adjusted Net Income

Net income for the fiscal year was RMB164.2 million, as compared to RMB252.8 million for the last fiscal year.

Adjusted net income for the fiscal year was RMB267.7 million, as compared to RMB322.6 for the last fiscal year.

Earnings per ordinary share/ADS and Adjusted Earnings per ordinary share/ADS

Basic and diluted earnings per ordinary share/ADS attributable to ordinary shareholders/ADS holders for the fiscal year were RMB1.34 and RMB1.34, respectively, as compared to earnings per share of RMB1.97 and RMB1.97, respectively, for the last fiscal year.

Adjusted basic and diluted earnings per ordinary share/ADS attributable to ordinary shareholders/ADS holders for the fiscal year were RMB2.20 and RMB2.20, respectively, as compared to earnings per share of RMB2.54 and RMB2.54, respectively, for the last fiscal year.

Adjusted EBITDA

Adjusted EBITDA for the fiscal year was RMB670.8 million, representing a 36.5% increase from RMB491.6 million for the last fiscal year.

Cash and Working Capital

As of August 31, 2020, the Company’s cash and cash equivalents and restricted cash were RMB4,423.9 million (US$646.1 million), as compared to RMB2,092.0 million as of May 31, 2020. As of August 31, 2020, we also have short-term investments of RMB13.7 million (US$2.0 million). For the fiscal year ended August 31, 2020, the Company’s capital expenditure was approximately RMB 149.8 million, down 3.5% compared to the last fiscal year.

GUIDANCE FOR FISCAL YEAR ENDING AUGUST 31, 2021

For the fiscal year 2021, the Company currently expects its revenue to be in a range of RMB3.77 billion and RMB3.87 billion, representing a year-over-year growth of 12% to 15%, and its average student enrolment in our domestic and overseas schools to be between approximately 56,000 and 57,000, representing a year-over-year increase of 8% to 10%.

This guidance is based on the current market and operating conditions and reflects the Company’s current and preliminary estimates of such market and operating conditions and market demand, which are all subject to change.

Conference Call

BEDU’s management will host a conference call at 8:00 am US Eastern Time (9:00 pmBeijing/Hong Kong Time) on November 12, 2020 to discuss its quarterly results and recent business activities.

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:

Mainland China:	4001-201-203
Hong Kong:	852-301-84992
United States:	1-888-346-8982
Canada Toll Free:	1-855-669-9657
International:	1-412-902-4272

*No passcode is required for the call. Please request to join Bright Scholar Education Holdings Ltd.’s call as you dial in.

The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.brightscholar.com/.

Following the earnings conference call, an archive of the call will be available by dialling:

United States:	1-877-344-7529
International:	1-412-317-0088
Canada Toll Free:	855-669-9658
Replay Passcode:	10149104
Replay End Date:	November 19, 2020

CONVENIENCE TRANSLATION

The Company’s business is primarily conducted in China and the significant majority of revenue generated are denominated in Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date, for the convenience of readers. Translations of balances in the condensed consolidated balance sheets, and the related condensed consolidated statements of operations, and cash flows from RMB into U.S. dollars as of and for the quarter and fiscal year 2020 ended August 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8474, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on August 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on August 31, 2020 or at any other rate.

NON-GAAP FINANCIAL MEASURES

In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted SG&A, adjusted operating income/(loss), adjusted earnings/(loss) per share attributable to ordinary shareholders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) as gross profit/(loss) excluding amortization of intangible assets and adjusted gross margin as adjusted gross profit/(loss) divided by revenue. We define adjusted EBITDA as net income/(loss) excluding interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; impairment loss on operating lease right-of-use assets; impairment loss on goodwill, and adjusted EBITDA margin as adjusted EBITDA divided by revenue. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expense; amortization of intangible assets; tax effect of amortization of intangible assets; impairment loss on operating lease right-of-use assets; impairment loss on goodwill, and adjusted net margin as adjusted net income/(loss) divided by revenue. We define adjusted SG&A as selling, general and administration expense excluding share-based compensation expense. We define adjusted operating income/(loss) as net operating income/(loss) excluding share-based compensation expense; amortization of intangible assets; impairment loss on operating lease right-of-use assets; impairment loss on goodwill and adjusted operating margin as adjusted operating income/(loss) divided by revenue. Additionally, we define adjusted earnings/(loss) per share attributable to ordinary shareholders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) to ordinary shareholders excluding share-based compensation expense; amortization of intangible assets; tax effect of amortization of intangible assets; impairment loss on operating lease right-of-use assets and impairment loss on goodwill) divided by the weighted average number of basic and diluted ordinary shares or American depositary shares (each an “ADS”), each representing one Class A ordinary share of the Company, on an as-converted basis.

We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company’s newly-acquired and long-held business as the related intangibles does not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to redefine adjusted operating income/(loss), adjusted net income/(loss), and adjusted earnings/(loss) per share attributable to ordinary shareholders, basic and diluted.

We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted SG&A, adjusted operating income/(loss), adjusted earnings/(loss) per share attributable to ordinary shareholders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expense, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expense; amortization of intangible assets; tax effect of amortization of intangible assets; impairment loss on operating lease right-of-use assets and impairment loss on goodwill. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; and share-based compensation expense, have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

About Bright Scholar Education Holdings Limited

Bright Scholar is a global premier education service company, dedicated to providing quality international education to global students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China. As of August 31, 2020, Bright Scholar operated 81 schools across ten provinces in China and eight schools overseas, covering the breadth of K-12 academic needs of its students. In the fiscal year ended August 31, 2020, Bright Scholar had an average of 51,825 students enrolled at its schools.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:

GCM Strategic Communications
Email: [email protected]

Media Contact:
Email: [email protected]
Phone: +86-757-6683-2507

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)

			As of
			August 31,	August 31,
			2019	2020
			RMB	RMB	USD
ASSETS
	Current assets
		Cash and cash equivalents	3,246,995	3,377,684	493,280
		Restricted cash	18,019	1,044,853	152,591
		Short-term investments	241,270	13,695	2,000
		Accounts receivable	21,528	19,271	2,814
		Amounts due from related parties	10,652	18,521	2,705
		Other receivables, deposits and other assets	177,150	198,593	29,003
		Inventories	26,234	28,013	4,091
	Total current assets		3,741,848	4,700,630	686,484

		Restricted cash – non current	–	1,400	204
		Property and equipment, net	899,510	1,076,590	157,226
		Land use rights, net	88,204	86,076	12,571
		Intangible assets, net	552,011	597,527	87,263
		Goodwill	2,090,078	2,284,109	333,573
		Long-term investments	28,455	55,137	8,052
		Prepayment for construction contract	5,251	4,822	704
		Deferred tax assets, net	30,333	35,678	5,210
		Deposit for acquisition	338,585	–	–
		Other non-current assets	13,362	16,654	2,432
		Operating lease right-of-use assets	–	1,964,686	286,924
	Total non-current assets		4,045,789	6,122,679	894,159
TOTAL ASSETS			7,787,637	10,823,309	1,580,643

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED
(Amounts in thousands)

			As of
			August 31,	August 31,
			2019	2020
			RMB	RMB	USD
LIABILITIES AND EQUITY
	Current liabilities
		Accounts payable (including accounts payable of the consolidated VIEs without recourse to Bright Scholar Education of RMB 32,842 and RMB 28,691 as of August 31, 2019 and August 31, 2020, respectively)	94,295	93,090	13,595
		Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to Bright Scholar Education of RMB 76,117 and RMB 52,567 as of August 31, 2019 and August 31, 2020, respectively)	110,038	86,563	12,642
		Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to Bright Scholar Education of RMB 364,734 and RMB 393,247 as of August 31, 2019 and August 31, 2020, respectively)	615,082	633,397	92,500
		Short term loan (including short term loan of the consolidated VIEs without recourse to Bright Scholar Education of nil and RMB 7,500 as of August 31, 2019 and August 31, 2020, respectively)	50,000	938,300	137,030
		Income tax payable (including income tax payable of the consolidated VIEs without recourse to Bright Scholar Education of RMB 50,968 and RMB 51,521 as of August 31, 2019 and August 31, 2020, respectively)	93,479	118,716	17,337
		Contract liabilities (including contract liabilities of the consolidated VIEs without recourse to Bright Scholar Education of RMB 1,157,774 and RMB 1,291,781 as of August 31, 2019 and August 31, 2020, respectively)	1,529,137	1,544,184	225,514
		Refund liabilities (including refund liabilities of the consolidated VIEs without recourse to Bright Scholar Education of RMB 19,132 and RMB 23,804 as of August 31, 2019 and August 31, 2020, respectively)	20,259	70,711	10,327
		Operating lease liabilities (including operating lease liabilities of the consolidated VIEs without recourse to Bright Scholar Education of nil and RMB 30,601 as of August 31, 2019 and August 31, 2020, respectively)	–	210,082	30,681
	Total current liabilities		2,512,290	3,695,043	539,626
		Non-current portion of deferred revenue (including non-current portion of deferred revenue of the consolidated VIEs without recourse to Bright Scholar Education of nil and RMB 1,772 as of August 31, 2019 and August 31, 2020, respectively)	–	1,772	259
		Deferred tax liabilities, net (including deferred tax liabilities of the consolidated VIEs without recourse to Bright Scholar Education of RMB 35,895 and RMB 34,641 as of August 31, 2019 and August 31, 2020, respectively)	53,689	57,826	8,445
		Other non-current liability due to related parties (including non- current liabilities due to related parties of the consolidated VIEs without recourse to Bright Scholar Education of RMB 21,736 and RMB 26,843 as of August 31, 2019 and August 31, 2020, respectively)	21,736	26,843	3,920
		Other non-current liability due to third parties (including non- current liabilities due to third parties of the consolidated VIEs without recourse to Bright Scholar Education of RMB 7,621 and RMB 18,368 as of August 31, 2019 and August 31, 2020, respectively)	10,654	19,612	2,864
		Bonds payable	2,106,000	2,017,369	294,618
		Long term loan (including long term loan of the consolidated VIEs without recourse to Bright Scholar Education of nil and RMB 77,500 as of August 31, 2019 and August 31, 2020, respectively)	–	77,919	11,379
		Operating lease liabilities (including operating lease liabilities of the consolidated VIEs without recourse to Bright Scholar Education of nil and RMB 189,354 as of August 31, 2019 and August 31, 2020, respectively)	–	1,802,544	263,245
	Total non-current liabilities		2,192,079	4,003,885	584,730
	TOTAL LIABILITIES		4,704,369	7,698,928	1,124,356

			As of
			August 31,	August 31,
			2019	2020
			RMB	RMB	USD
EQUITY
		Share capital	8	8	1
		Additional paid-in capital	2,105,189	1,854,262	270,798
		Statutory reserves	64,945	65,567	9,575
		Accumulated other comprehensive income	78,955	185,371	27,072
		Accumulated retained earnings	472,339	632,722	92,403
	Shareholders’ equity		2,721,436	2,737,930	399,849
	Non-controlling interests		361,832	386,451	56,438
	Total equity		3,083,268	3,124,381	456,287
TOTAL LIABILITIES AND EQUITY			7,787,637	10,823,309	1,580,643

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for shares and per share data)

	Three Months Ended August 31,			Twelve Months Ended August 31,
	2019	2020		2019	2020
	RMB	RMB	USD	RMB	RMB	USD
Revenue	711,560	652,119	95,236	2,563,005	3,366,503	491,647
Cost of revenue	(499,453)	(502,664)	(73,409)	(1,586,014)	(2,144,786)	(313,226)
Gross profit	212,107	149,455	21,827	976,991	1,221,717	178,421
Selling, general and administrative expenses	(259,963)	(262,617)	(38,353)	(691,900)	(871,154)	(127,224)
Other operating income	3,428	22,778	3,327	15,435	38,661	5,646
Impairment loss on operating lease right-of-use assets	–	(12,772)	(1,866)	–	(12,772)	(1,866)
Impairment loss on goodwill	–	(68,723)	(10,036)	–	(68,723)	(10,036)
Operating (loss)/income	(44,428)	(171,879)	(25,101)	300,526	307,729	44,941
Interest (expense)/income, net	(8,036)	(53,048)	(7,747)	24,254	(159,352)	(23,272)
Investment income	1,678	52,105	7,609	17,414	106,675	15,579
Other expenses	(2,814)	(8,615)	(1,258)	(8,617)	(11,291)	(1,649)
(Loss)/Income before income taxes and share of equity in loss of unconsolidated affiliates	(53,600)	(181,437)	(26,497)	333,577	243,761	35,599
Income tax benefit/(expense)	5,696	33,176	4,845	(80,580)	(78,992)	(11,536)
Share of equity in loss of unconsolidated affiliates	(222)	(343)	(50)	(239)	(595)	(87)
Net (loss)/income	(48,126)	(148,604)	(21,702)	252,758	164,174	23,976
Net income attributable to non-controlling interests	3,798	5,234	764	11,659	3,169	463
Net (loss)/incomeattributable to ordinary shareholders	(51,924)	(153,838)	(22,466)	241,099	161,005	23,513
Net (loss)/earnings per share attributable to
ordinary shareholders
—Basic	(0.43)	(1.29)	(0.19)	1.97	1.34	0.20
—Diluted	(0.43)	(1.29)	(0.19)	1.97	1.34	0.20

Weighted average shares used in
calculating net (loss)/earnings per ordinary share:
—Basic	120,585,274	119,641,203	119,641,203	122,322,894	120,158,001	120,158,001
—Diluted	120,645,073	119,641,203	119,641,203	122,430,457	120,158,001	120,158,001

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)

	Three Months Ended August 31,			Twelve Months Ended August 31,
	2019	2020		2019	2020
	RMB	RMB	USD	RMB	RMB	USD
Net cash generated from operating activities	682,471	685,176	100,063	864,988	491,227	71,739
Net cash (used in)/generated from investing activities	(1,418,471)	1,829,279	267,149	(2,256,009)	72,567	10,598
Net cash generated from/(used in) financing activities	1,946,754	(112,211)	(16,387)	1,479,533	675,703	98,680
Effect of exchange rate changes on cash	(2,820)	(70,281)	(10,264)	12,421	(80,574)	(11,767)
Net change in cash and cash equivalents, and restricted cash	1,207,934	2,331,963	340,561	100,933	1,158,923	169,250
Cash and cash equivalents, and restricted cash at beginning of the period	2,057,080	2,091,974	305,514	3,164,081	3,265,014	476,825
Cash and cash equivalents, and restricted cash at end of the period	3,265,014	4,423,937	646,075	3,265,014	4,423,937	646,075

Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except for shares and per share data)

		Three Months Ended August 31,			Twelve Months Ended August 31,
		2019	2020		2019	2020
		RMB	RMB	USD	RMB	RMB	USD

Gross profit		212,107	149,455	21,827	976,991	1,221,717	178,421
	Add: Amortization of intangible assets	9,452	8,556	1,250	23,284	41,447	6,053
Adjusted gross profit		221,559	158,011	23,077	1,000,275	1,263,164	184,474

Operating (loss)/income		(44,428)	(171,879)	(25,101)	300,526	307,729	44,941
	Add: Share-based compensation expense	6,599	1,406	205	51,664	(10,631)	(1,553)
	Add: Amortization of intangible assets	9,452	8,556	1,250	23,284	41,447	6,053
	Add: Impairment loss on operating lease right-of-use assets	–	12,772	1,866	–	12,772	1,866
	Add: Impairment loss on goodwill	–	68,723	10,036	–	68,723	10,036
Adjusted operating (loss)/income		(28,377)	(80,422)	(11,744)	375,474	420,040	61,343

Net (loss)/income		(48,126)	(148,604)	(21,702)	252,758	164,174	23,976
	Add: Share-based compensation expense	6,599	1,406	205	51,664	(10,631)	(1,553)
	Add: Amortization of intangible assets	9,452	8,556	1,250	23,284	41,447	6,053
	Add: Tax effect of amortization of intangible assets	(2,056)	(1,874)	(274)	(5,123)	(8,822)	(1,288)
	Add: Impairment loss on operating lease right-of-use assets	–	12,772	1,866	–	12,772	1,866
	Add: Impairment loss on goodwill	–	68,723	10,036	–	68,723	10,036
Adjusted net (loss)/income		(34,131)	(59,021)	(8,619)	322,583	267,663	39,090

Net (loss)/income attributable to ordinary shareholders		(51,924)	(153,838)	(22,466)	241,099	161,005	23,513
	Add: Share-based compensation expense	6,599	1,406	205	51,664	(10,631)	(1,553)
	Add: Amortization of intangible assets	9,452	8,556	1,250	23,284	41,447	6,053
	Add: Tax effect of amortization of intangible assets	(2,056)	(1,874)	(274)	(5,123)	(8,822)	(1,288)
	Add: Impairment loss on operating lease right-of-use assets	–	12,772	1,866	–	12,772	1,866
	Add: Impairment loss on goodwill	–	68,723	10,036	–	68,723	10,036
Adjusted net (loss)/income attributable to ordinary shareholders		(37,929)	(64,255)	(9,383)	310,924	264,494	38,627

Net (loss)/income		(48,126)	(148,604)	(21,702)	252,758	164,174	23,976
	Less: Interest (expense)/income, net	(8,036)	(53,048)	(7,747)	24,254	(159,352)	(23,272)
	Add: Income tax (benefit)/expense	(5,696)	(33,176)	(4,845)	80,580	78,992	11,536
	Add: Depreciation and amortization	43,177	47,196	6,893	130,819	197,425	28,832
	Add: Share-based compensation expense	6,599	1,406	205	51,664	(10,631)	(1,553)
	Add: Impairment loss on operating lease right-of-use assets	–	12,772	1,866	–	12,772	1,866
	Add: Impairment loss on goodwill	–	68,723	10,036	–	68,723	10,036
Adjusted EBITDA		3,990	1,365	200	491,567	670,807	97,965

Selling, general and administrative expenses		259,963	262,617	38,353	691,900	871,154	127,224
	Less: Share-based compensation expense	6,599	1,406	205	51,664	(10,631)	(1,553)
Adjusted selling, general and administrative expenses		253,364	261,211	38,148	640,236	881,785	128,777

Weighted averageshares used in calculating (loss)/earnings per ordinary share:
—Basic		120,585,274	119,641,203	119,641,203	122,322,894	120,158,001	120,158,001
—Diluted		120,645,073	119,641,203	119,641,203	122,430,457	120,158,001	120,158,001

Adjusted net (loss)/earnings per share attributable to ordinary shareholders
—Basic		(0.31)	(0.54)	(0.08)	2.54	2.20	0.32
—Diluted		(0.31)	(0.54)	(0.08)	2.54	2.20	0.32

View original content:http://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-301170912.html

SOURCE Bright Scholar Education Holdings Ltd.

November 11, 2020 6:03 pm

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Loop Industries, Turquoise Hill Resources, Reta Pharmaceuticals, and Evolus and Encourages Investors to Contact the Firm

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Loop Industries, Inc. (NASDAQ: LOOP), Turquoise Hill Resources Ltd. (NYSE: TRQ), Reata Pharmaceuticals, Inc. (NASDAQ: RETA), and Evolus, Inc. (NASDAQ: EOLS). 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.

Loop Industries, Inc. (NASDAQ: LOOP)

Class Period: September 24, 2018 to October 12, 2020

Lead Plaintiff Deadline: December 14, 2020

On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally.” The report also stated that “Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible,’” according to a former employee. Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”

On this news, the Company’s share price fell $3.78, or over 32%, to close at $7.83 per share on October 13, 2020.

The complaint, filed on October 13, 2020, 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 Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; 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.

For more information on the Loop class action go to: https://bespc.com/cases/Loop

Turquoise Hill Resources Ltd. (NYSE: TRQ)

Class Period: July 17, 2018 to July 31, 2019

Lead Plaintiff Deadline: December 14, 2020

Turquoise Hill is an international mining company focused on the operation and development of the Oyu Tolgoi copper-gold mine in Southern Mongolia (“Oyu Tolgoi”), which is the Company’s principal and only material resource property. Turquoise Hill’s subsidiary, Oyu Tolgoi LLC, holds a 66% interest in Oyu Tolgoi, and the remainder is held by the Government of Mongolia.

Rio Tinto plc and Rio Tinto Limited are operated and managed together as single economic unit and engage in mining and metals operations in approximately 35 countries. Through their subsidiaries, Rio Tinto owns 50.8% of Turquoise Hill. A Rio Tinto subsidiary, Rio Tinto International Holdings, Inc. (“Rio Tinto International” or “RTIH”; and collectively with Rio Tinto plc and Rio Tinto Limited, “Rio Tinto”), is also the manager of the Oyu Tolgoi project, including having responsibility for its development and construction.

On July 31, 2019, Turquoise Hill issued a press release and Management Discussion & Analysis (“MD&A”) making further disclosures about the status of the project, including that Turquoise Hill took a $600 million impairment charge and a substantial “deferred income tax recognition adjustment” tied to the Oyu Tolgoi project, and that it suffered a loss in the second quarter. The next day, before the market open, Rio Tinto issued a release concerning in part the project status, including that it had also taken an impairment charge related to the Oyu Tolgoi project, of $800 million.

Following this news, on August 1, 2019, Turquoise Hill’s common stock price closed at $0.53 per share, down 8.62% from the prior day’s closing price of $0.58 per share.

The complaint, filed on October 15, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements and omitted to disclose material facts regarding the Company’s business and operations. Specifically, defendants made false and or misleading statements and/or failed to disclose that: (i) the progress of underground development of Oyu Tolgoi was not proceeding as planned; (ii) there were significant undisclosed underground stability issues that called into question the design of the mine, the projected cost and timing of production; (iii) the Company’s publicly disclosed estimates of the cost, date of completion and dates for production from the underground mine were not achievable; (iv) the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what the Company had represented; and (v) Turquoise Hill would require additional financing and/or equity to complete the project.

For more information on the Turquoise Hill class action go to: https://bespc.com/cases/TRQ

Reata Pharmaceuticals, Inc. (NASDAQ: RETA)

Class Period: October 15, 2019 to August 7, 2020

Lead Plaintiff Deadline: December 14, 2020

Reata is a clinical stage biopharmaceutical company that develops novel therapeutics for patients with serious or life-threatening diseases by targeting molecular pathways that regulate cellular metabolism and inflammation.

Among Reata’s drug candidates under development is omaveloxolone, which is in Phase 2 clinical development to treat Friedreich’s ataxia (“FA”). Following the announcement of positive data from the MOXIe Part 2 study of omaveloxolone for FA in October 2019, the Company represented that it would seek submission for marketing approval of omaveloxolone for the treatment of FA in the U.S. with the U.S. Food and Drug Administration (“FDA”).

On August 10, 2020, Reata issued a press release announcing its second quarter 2020 financial results, wherein it disclosed that the FDA is “not convinced that the MOXIe Part 2 results” of the Company’s study assessing omaveloxolone for the treatment of FA “will support a single study approval without additional evidence that lends persuasiveness to the results,” and that, “[i]n preliminary comments for [a] meeting, the FDA stated that [Defendants] will need to conduct a second pivotal trial that confirms the mFARS [modified Friedreich’s Ataxia Rating Scale] results of the MOXIe Part 2 study with a similar magnitude of effect.”

On this news, Reata’s stock price fell $51.79 per share, or 33.16%, to close at $104.41 per share on August 10, 2020.

The Complaint, filed on October 15, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the MOXIe Part 2 study results were insufficient to support a single study marketing approval of omaveloxolone for the treatment of FA in the U.S. without additional evidence; (ii) as a result, it was foreseeable that the FDA would not accept marketing approval of omaveloxolone for the treatment of FA in the U.S. based on the MOXIe Part 2 study results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Reata class action go to: https://bespc.com/cases/REATA

Evolus, Inc. (NASDAQ: EOLS)

Class Period: February 1, 2019 to July 6, 2020

Lead Plaintiff Deadline: December 15, 2020

Beginning in February 2019, Evolus embarked on a public campaign to hype the market right before the commercial launch of its sole leading product Jeuveau™. To secure an aggressive growth and an rapid influx of revenue, Evolus disseminated dozens of public statements in which they promoted Jeuveau™ as a proprietary formulation of the botulinum toxic type A complex, purportedly developed by Korean bioengineering company Daewoong through years of clinical research and millions of dollars’ worth of investment in research and development. Among other things, Evolus promised investors that it would attain the number two U.S. market position within 24 months of launch.

The investing public learned the real truth about Jeuveau™ on July 6, 2020 when the U.S. International Trade Commission (“ITC”) issued its Initial Final Determination in a case brought by Allergan and Medytox against Evolus, alleging that Evolus stole certain trade secrets to develop Jeuveau™. Coming as a great surprise to the unsuspecting investors, the ITC Judge found that Evolus misappropriated the botulinum toxin strain as well as the manufacturing processes that led to its development and manufacture. To make things even more catastrophic, the ITC Judge recommended a ten-year long ban on Evolus’ ability to import Jeuveau™ into the United States and a ten-year long cease and desist order preventing Evolus from selling Jeuveau™ in the United States.

On this news Evolus’s share price declined sharply, falling 37% over the course of two trading days, to close at $3.35 on July 8, 2020. Following the news of the ITC’s Initial Final Determination and the subsequent price drop of Evolus’s common shares, several securities analysts downgraded Evolus’s rating and significantly lowered the Company’s price target.

The complaint, filed on October 16, 2020, alleges that throughout the Class period defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and failed to disclose to investors that: (i) the real source of botulinum toxin bacterial strain as well as the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox; (ii) sufficient evidentiary support existed for the allegations that Evolus misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau™; (iii) as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™; which in turn (iv) seriously threatened Evolus’ ability to commercialize Jeuveau™ in the United States and generate revenue; and (v) any revenues generated from the sale of Jeuveau™ were based on Evolus’ unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox.

For more information on the Evolus class action go to: https://bespc.com/cases/EOLS

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com