NEW YORK, July 02, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Pyxus International, Inc., Ascena Retail Group, Inc., ChinaCache International Holding Ltd., and Zuora, Inc. 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.
Pyxus International, Inc. (NYSE: PYX)
Class Period: June 7, 2018 to November 8, 2018
Lead Plaintiff Deadline: August 6, 2019
On November 8, 2018, the company disclosed that sales declined approximately 12% year-over-year due to the timing of shipments and the larger crop last year in South America.
On this news, the company’s share price fell $7.01, or nearly 28%, to close at $18.26 on November 8, 2018, on unusually heavy trading volume.
On November 9, 2018, the SEC announced that the company had settled charges that it had materially misstated its financial statements filed with the SEC from at least 2011 through the second quarter of 2015 due to improper and insufficient accounting, processes, and control activities for inventory, deferred crop costs, and revenue transactions in Africa.
On this news, the company’s share price fell $2.88, or nearly 16%, to close at $15.38 on November 9, 2018, on unusually heavy trading volume.
The complaint filed on June 7, 2019 alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the company was experiencing longer shipping cycles; (2) that, as a result, the company’s financial results would be materially affected; (3) that the company lacked adequate internal control over financial reporting; (4) that the company’s accounting policies were reasonably likely to lead to regulatory scrutiny; and (5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
To learn more about the Pyxus class action go to: https://bespc.com/pyx/
Ascena Retail Group (NASDAQ: ASNA)
Class Period: September 16, 2015 – June 8, 2017
Lead Plaintiff Deadline: August 6, 2019
The complaint filed on June 7, 2019 charges Ascena and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Ascena is a leading national specialty retailer of apparel for women and teen girls. In August 2015, Ascena completed the acquisition of Ann Inc. (“Ann”), the parent company of Ann Taylor and LOFT (the “Ann Acquisition”).
The complaint also alleges that during the Class Period, defendants made materially misleading statements and/or failed to disclose adverse information regarding Ascena’s business and operations. Specifically, the complaint alleges that defendants failed to disclose that the Ann Acquisition was a complete disaster for the Company as Ann’s operations were in far worse condition than had been represented to the public; that, in order to mask the true condition of Ann, defendants improperly delayed recognizing an impairment charge to the value of Ann’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with Generally Accepted Accounting Principles (“GAAP”); and that many of the brands acquired in the Ann Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statements. As a result of this information being withheld from the market, the price of Ascena common stock was artificially inflated to more than $14 per share during the Class Period.
To learn more about the Ascena class action go to: http://bespc.com/asna/
ChinaCache International Holdings, Ltd. (NASDAQ: CCIH)
Class Period: April 10, 2015 to May 17, 2019
Lead Plaintiff Deadline: August 12, 2019
The complaint filed on June 12, 2019 alleges that on April 29, 2019, ChinaCache filed a Form NT 20-F with the U.S. Securities and Exchange Commission revealing that it would delay filing its annual report for fiscal year 2018. On May 17, 2019, ChinaCache announced that the Company and its Chief Executive Officer and Chairman of the Board of Directors (“Chairman”), Song Wang (“Wang”), were under criminal investigation by a government prosecutor office in Beijing for charges of enterprise bribery. Wang resigned as CEO and Chairman, and on that same day, ChinaCache securities were halted from trading on the NASDAQ.
Further, on May 23, 2019, ChinaCache said that it received a NASDAQ Notification Letter, three days earlier on May 20, 2019, because it failed NASDAQ listing requirements by delaying its 2018 Form NT 20-F (the "NASDAQ Letter"). The NASDAQ Letter also probed the company regarding the resignation of its auditor, Grant Thornton China, ChinaCache’s engagement of its new auditor, and the allegations of enterprise bribery by ChinaCache and Wang. To date, ChinaCache securities remain halted, and consequently ChinaCache securities are essentially valueless.
To learn more about the ChinaCache class action go to: http://bespc.com/CCIH
Zuora, Inc. (NYSE: ZUO)
Class Period: April 12, 2018 to May 30, 2019
Lead Plaintiff Deadline: August 13, 2019
The complaint filed on June 14, 2019 alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company would focus on implementing RevPro for new customers ahead of the deadline to comply with accounting standard ASC 606; (2) that, as a result, the Company lacked adequate resources to integrate RevPro with the core business; (3) that the Company would focus on RevPro integration a year after the acquisition closed; (4) that delays in integrating RevPro would materially impact the business; (5) that the market for RevPro was limited to customers seeking to implement new accounting standards such as ASC 606; (6) that, after the deadline for ASC 606 compliance passed, demand for RevPro was reasonably likely to decline; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
To learn more about the Zuora class action go to: https://bespc.com/ZUO
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.