NEW YORK, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Everbridge, Inc. (NASDAQ: EVBG), Aligos Therapeutics, Inc. (NASDAQ: ALGS), Laboratory Corporation of America Holdings (NYSE: LH), and SunPower Corporation (NASDAQ: SPWR). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Everbridge, Inc. (NASDAQ: EVBG)
On December 9, 2021, after the market closed, Everbridge announced that CEO David Meredith resigned. Bloomberg reported analyst Stifel as stating, “[t]he timing and uncertainty around the circumstances of Mr. Meredith’s departure combined with the company's guidance introduces a high degree of uncertainty into the story” and that there are “more questions than answers at this point.”
Following this news, Everbridge shares fell $52.37 per share, over 45%, to close at $63 per share on December 10, 2021.
For more information on the Everbridge investigation go to: https://bespc.com/cases/EVBG
Aligos Therapeutics, Inc. (NASDAQ: ALGS)
On or around October 15, 2020, Aligos conducted its initial public offering (“IPO”), offering 10 million shares of common stock priced at $15.00 per share. Then, on January 6, 2022, Aligos issued a press released “announc[ing] that it has halted further development of its STOPS™ drug candidate, ALG-010133, in development to address chronic hepatitis B (CHB).” Aligos stated that “[t]his decision is based on emerging data from the Phase 1 Study ALG-010133-101 that indicate that at the projected efficacious dose (400 mg, estimated to achieve liver exposures >3 x EC90 for HBsAg inhibition) there is no meaningful HBsAg reduction. Furthermore, higher doses levels (maximum feasible dose is 600 mg) that were planned to be evaluated in a subsequent cohort are very unlikely to reach the 1 log10 IU/mL HBsAg reduction level that Aligos had previously defined as necessary to advance the program.” Accordingly, “[b]ased on this information, Aligos management reviewed the data with members of the study's Study Review Committee (SRC) and jointly concluded that these data were not sufficient to support further development of ALG-010133 and that dosing should be discontinued.”
On this news, Aligos’s stock price fell $6.02 per share, or 56.74%, to close at $4.59 per share on January 6, 2022.
For more information on the Aligos investigation go to: https://bespc.com/cases/ALGS
Laboratory Corporation of America Holdings (NYSE: LH)
On January 1, 2022, an article from the New York Times called into question the accuracy of certain noninvasive prenatal tests, including that developed by Labcorp. The article alleges that positive results on tests are incorrect about 85% of the time. Patients who receive a positive result are supposed to pursue follow-up testing, which “can cost thousands of dollars, come with a small risk of miscarriage and can’t be performed until later in pregnancy.” The investigation highlights the statistical challenge of testing from things that are extremely rare. But, this isn’t adequately explained to patients who were sold the tests. Companies that develop these tests use language like “highly accurate” and “total confidence,” do not publish data on their tests’ overall performance, or only stress data from tests that are more accurate.
On this news, Labcorp.’s stock fell over $16.00, or 5%, to close at $298.18 per share on January 3, 2022, injuring investors.
For more information on the Labcorp. investigation go to: https://bespc.com/cases/LH
SunPower Corporation (NASDAQ: SPWR)
On January 21, 2022, SunPower announced that it had “identified a cracking issue that developed over time in certain factory-installed connectors.” The Company “expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022” to replace the faulty connectors.
On this news, SunPower’s stock fell $3.22, or 16.9%, to close at $15.80 on January 21, 2022, thereby injuring investors.
For more information on the SunPower investigation go to: https://bespc.com/cases/SPWR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
