NEW YORK, April 01, 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 Exela Technologies, Inc. (NADAQ: XELA), RTI Surgical Holdings, Inc. (NADAQ: RTIX), DouYu International Holdings Limited (NASDAQ: DOYU), and AnaptysBio, Inc. (NASDAQ: ANAB). 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.
Exela Technologies, Inc. (NASDAQ: XELA)
Class Period: March 16, 2018 to March 16, 2020
Lead Plaintiff Deadline: May 22, 2020
On March 16, 2020, the Company issued a press release announcing that it would be postponing its earnings and conference call due to a delayed filing of the Company’s Form 10-K for fiscal year 2019.
On this news, the Company’s shares fell $0.0154 per share, or over 8.3%, to close at $0.17 per share on March 17, 2020.
The next day, Exela issued another press release containing an update regarding their delayed filing. The Company disclosed that, in addition to not being able to timely file their Form 10-K, there was a need to restate its financial statements for fiscal years 2017 and 2018, and its interim 2019 statements.
On this news, the Company’s shares fell an additional $0.025 per share or over 14.7% to close at $0.145 per share on March 18, 2020.
The complaint, filed on March 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Exela’s previously issued financial statements for the twelve months ended December, 31, 2017 and December 31, 2018, and the quarterly statements for the three and nine months ended September 30, 2019 contained numerous accounting errors, could not be relied upon, and required restatement; and (2) as a result, Defendants’ statements about Exela’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Exela class action go to: https://bespc.com/XELA
RTI Surgical Holdings, Inc. (NASDAQ: RTIX)
Class Period: March 7, 2016 to March 16, 2020
Lead Plaintiff Deadline: May 22, 2020
On March 16, 2020, RTI announced in a press release that it would file a Form 12b-25 with SEC due to its inability to timely file its Form 10-K for the fiscal year ended December 31, 2019. The Company disclosed that the cause of the delay was that its Audit Committee was investigating the Company’s revenue recognition practices.
On this news, RTI’s shares fell $0.40 per share or over 14.55% to close at $2.35 per share on March 17, 2020.
The complaint, filed on March 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company inappropriately recognized revenues with respect to certain contractual arrangements, including other equipment manufacturer customers; (2) the Company’s internal controls over financial reporting were not effective; (3) as a result, the Company would be forced to delay the filing of its Form 10-K for fiscal year ended December 31, 2019; 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.
For more information on the RTI class action go to: https://bespc.com/RTIX
DouYu International Holdings Limited (NASDAQ: DOYU)
Class Period: Securities purchased pursuant and/or traceable to DouYu’s July 16, 2019 initial public offering (the “IPO” or “Offering”).
Lead Plaintiff Deadline: May 26, 2020
In its July 2019 IPO, DouYu sold about 67.4 million shares of stock at $11.50 per share, raising $774,951,765 in new capital. However, since the IPO, DouYu’s stock price has plunged. On the date that this action was filed, DouYu shares closed at $6.69 per share.
The complaint, filed on March 24, 2020, alleges that DouYu’s Offering Documents were materially inaccurate, misleading, and/or incomplete because they failed to disclose that: (1) DouYu’s risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu’s platform; and (b) the costs associated with retaining top streamers was swelling; (2) DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available on line; and (3) key interactive features of DouYu’s “lucky draw” were noncompliant with current regulatory requirements, requiring DouYu to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results.
For more information on the DouYu class action go to: https://bespc.com/doyu
AnaptysBio, Inc. (NASDAQ: ANAB)
Class Period: October 10, 2017 to November 7, 2019
Lead Plaintiff Deadline: May 26, 2020
During the Class Period, the Company’s lead asset was etokimab (formerly ANB020), a drug intended for the treatment of various inflammatory diseases. On October 10, 2017—the first day of the Class Period—the Company reported data from an interim analysis of its Phase 2a clinical trial of etokimab in atopic dermatitis.
The complaint, filed on March 25, 2020, alleges that, throughout the Class Period, defendants made false and misleading statements regarding the purported efficacy of etokimab, touting data from the Company’s Phase 2a trial in peanut allergies as showing a “remarkable efficacy result” and describing the drug as having a “pretty profound efficacy” in its treatment of patients with atopic dermatitis based on AnaptysBio’s Phase 2a trial data for that indication. In truth, defendants provided misleading clinical trial data which failed to disclose key information and used questionable analysis, making the trial results regarding etokimab’s efficacy and its prospects appear far better than they were. As a result of defendants' misrepresentations, shares of AnaptysBio common stock traded at artificially inflated prices throughout the Class Period.
The truth emerged through a series of disclosures, beginning on March 26, 2018, when an analyst from RBC Capital Markets issued a report that questioned the veracity of data from AnaptysBio’s interim analysis of its Phase 2a clinical trial for etokimab in adult patients with peanut allergies that the Company had reported earlier that day. In particular, the RBC report revealed that the response rate for etokimab in the full trial population “does not appear to be meaningfully differentiated” relative to a placebo. Less than five months later, in August 2018, the Company abandoned its clinical pursuit of etokimab as a treatment for peanut allergies.
Then, on June 21, 2019, an analyst from Credit Suisse issued a report questioning the reliability of the Company's Phase 2a atopic dermatitis trial data. Specifically, the Credit Suisse report questioned patients’ use of topical corticosteroids to supplement treatment of their symptoms as a rescue therapy during the study and criticized the Company’s failure to provide details on the timing of rescue therapy use or whether the subjects that utilized rescue therapy were classified as responders. As a result of the Company’s misleading atopic dermatitis trial data, Credit Suisse was “now less certain about etokimab’s efficacy profile, particularly in atopic dermatitis.”
On this news, the price of AnaptysBio common stock declined nearly 12%, from a closing price of $67.02 per share on June 20, 2019, to a closing price of $59.24 per share on June 21, 2019.
Then, on November 8, 2019, the Company announced “very disappoint[ing]” data from its ATLAS trial, a Phase 2b multi-dose study which evaluated the efficacy of etokimab in approximately 300 patients with moderate-to-severe atopic dermatitis. Specifically, AnaptysBio disclosed that each of the etokimab dosing arms “failed to meet the primary endpoint of the trial” by not demonstrating statistically greater efficacy relative to a placebo.
On this news, the price of AnaptysBio common stock declined nearly 72%, from a closing price of $36.16 per share on November 7, 2019, to a closing price of $10.18 on November 8, 2019.
For more information on the AnaptysBio class action go to: https://bespc.com/ANAB
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.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
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