NEW YORK, Oct. 24, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Tencent Music Entertainment Group (NYSE: TME), Myriad Genetics, Inc. (NASDAQ: MYGN), Ovetstock.com (NASDAQ: OSTK), and Waitr Holdings, Inc. (NASDAQ: WTRH). 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.
Tencent Music Entertainment Group (NYSE: TME)
Class Period: December 12, 2018 to August 26, 2019
Lead Plaintiff Deadline: November 25, 2019
On August 27, 2019, Bloomberg reported that the State Administration of Market Regulation, China’s antitrust authority, was investigating exclusive licensing deals between Tencent Music and major record labels including Universal Music Group, Sony Music Entertainment, and Warner Music Group.
On this news, Tencent Music’s American depositary share price fell $0.92 per share, or 6.83%, to close at $12.57 per share on August 27, 2019.
The complaint, filed on September 26, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Tencent Music’s exclusive licensing arrangements with major record labels were anticompetitive; (2) consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Tencent class action go to: https://bespc.com/tme.
Myriad Genetics, Inc. (NASDAQ: MYGN)
Class Period: September 2, 2019 to August 13, 2019
Lead Plaintiff Deadline: November 26, 2019
On September 1, 2016, Myriad announced the completion of its acquisition of Assurex Health, Inc. (“Assurex”). Myriad also acquired GeneSight through this acquisition.
On July 31, 2018, Myriad announced that it had closed its acquisition of Counsyl, Inc. (“Counsyl”). This acquisition provided Myriad with two new products—ForeSight and Prelude—in the expanded carrier screening and non-invasive prenatal testing markets, respectively. The company estimated that these markets would grow to approximately three million tests performed in the U.S. and $1.5 billion over the next five years.
The complaint, filed on September 27, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) GeneSight lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (ii) the U.S. Food and Drug Administration (“FDA”) had requested changes to GeneSight and questioned the validity of the test’s purported benefits; (iii) Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight; (iv) Myriad’s acquisition of Counsyl—and thereby, Foresight—caused the company to incur the risk of suffering from lower reimbursement for its expanded carrier screening tests, which had the potential to, and actually did, materialize into a material negative impact on the company’s revenue; and (v) as a result, the company’s public statements were materially false and misleading at all relevant times.
On August 13, 2019 Myriad issued an earnings release, wherein the company reported its fiscal fourth quarter and full year 2019 financial results. In this release, it was disclosed that “[u]nfortunately, revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for [the Company’s] expanded carrier screening test”—i.e., Foresight.
Later that day, in an earnings conference call with investors and analysts, it was revealed that “the FDA requested changes to the GeneSight test offering” after Myriad had provided the FDA with clinical evidence and other information to support GeneSight Psychotropic, and that the company has “been in ongoing discussions with the FDA regarding its request.”
Also later that day, Myriad filed an Annual Report on Form 10-K with the SEC, reporting the Company’s financial and operating results for the fiscal year ended June 30, 2019 (the “2019 10-K”). In the 2019 10-K, Defendants disclosed that the FDA had questioned whether the validity of GeneSight’s purported benefits had been established. The 2019 10-K also revealed that, since at least late 2018, the FDA had repeatedly questioned the claims of marketed genetics tests, such as GeneSight.
On this news, Myriad’s stock price fell $19.05 per share, or 42.76% to close at $25.50 per share on August 14, 2019.
For more information on the Myriad Genetics class action go to: https://bespc.com/MYGN
Overstock.com, Inc. (NASDAQ: OSTK)
Class Period: May 9, 2019 to September 23, 2019
Lead Plaintiff Deadline: November 26, 2019
The complaint, filed on September 27, 2019, alleges that on September 23, 2019, following months of media reports on the erratic behavior of founder Patrick Byrne, who resigned as CEO in August 2019 and subsequently sold over $91.98 million worth of company stock within a three day period, the company later disclosed the sudden and unexpected departure of CFO Gregory Iverson the week prior, and that the company would lower guidance to break even EBITDA for the year, eliminating the projected $17.5 million that Overstock had recently provided and which was critical to support the launch of its tZERO service.
On this news, the price of Overstock shares fell from a closing price of $14.97 per share on September 20, 2019, the trading day prior to September 23, 2019, to close at $11.19 per share on September 23, 2019.
For more information on the Overstock class action go to: https://bespc.com/ostk.
Waitr Holdings, Inc. (NASDAQ: WTRH)
Class Period: Securities purchased between May 17, 2018 to August 8, 2019 (the “Class Period”) and/or pursuant or traceable to Waitr’s November 2018 going public transaction with Landcadia or in its May 2019 secondary public offering (“SPO”).
Lead Plaintiff Deadline: November 26, 2019
Waitr is an online food ordering and delivery services company that was formed on November 15, 2018 through a public transaction between Waitr Inc. and Landcadia Holdings, Inc. After the transaction, its shares began publicly trading on the Nasdaq under the symbol "WTRH."
On August 8, 2019, the company disclosed highly disappointing financial and operational results for the second quarter of 2019, including the resignation of its CEO; that its integration of BiteSquad.com, LLC, which it acquired in January 2019, was not proceeding according to plan; that the company was laying off personnel; and that losses were far higher than previously anticipated.
On this news, the price of Waitr shares fell 50%. Waitr's market capitalization was $134 million, down from $910 million on March 13, 2019.
For more information on the Waitr class action go to: https://bespc.com/WTRH
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.
(212) 355-4648
investigations@bespc.com
www.bespc.com