NEW YORK, March 14, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Amryt Pharma Plc (NASDAQ: AMYT), Grab Holdings, Inc. (NASDAQ: GRAB), Cano Health, Inc. (NYSE: CANO), and Celsius Holdings, Inc. (NASDAQ: CELH). 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.
Amryt Pharma Plc (NASDAQ: AMYT)
On February 28, 2022, Amryt Pharma issued a press release “announc[ing] it has received a Complete Response Letter (CRL) from the US Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for Oleogel-S10, for the treatment of the cutaneous manifestations of Dystrophic and Junctional Epidermolysis Bullosa (EB)”. Amryt Pharma reported that “[t]he FDA communicated that it had completed its review of the application and has determined that the application cannot be approved in its present form” and “has asked Amryt to submit additional confirmatory evidence of effectiveness for Oleogel-S10 in EB.”
On this news, Amryt Pharma’s American Depositary Shares (“ADSs”) declined by $1.15 per ADS, or approximately 14.15%, from $8.13 per ADS to close at $6.98 per ADS on February 28, 2022.
For more information on the Amryt investigation go to: https://bespc.com/cases/AMYT
Grab Holdings, Inc. (NASDAQ: GRAB)
In December 2021, Grab Holdings went public through a merger with a SPAC called Altimeter Growth Corp., emphasizing the Company’s dramatic growth in the food delivery, digital payments, ride-hailing and financial services areas through its “super app.” The Company highlighted its huge opportunity to grow further in the firm’s core businesses in Southeast Asia and other regions.
But on March 3, 2022, the sustainability of Grab Holdings’ growth came into question when Grab Holdings announced its first quarterly earnings report as a public company for Q4 2021 (ended December 31, 2021). The results were dismal. The Company reported a 44% decline in Q4 revenue from the prior year’s quarter, and a whopping FY 2021 loss of $3.6 billion. Management blamed the results on the Company having to increase spending to offer higher commissions to attract drivers and greater incentives to users and partners.
On this news, Grab Holdings’ stock price declined by $1.95 per share, or approximately 37.3%, from $5.23 per share to close at $3.28 per share on March 3, 2022.
For more information on the Grab Holdings investigation go to: https://bespc.com/cases/GRAB
Cano Health, Inc. (NYSE: CANO)
On February 28, 2022, Cano issued a press release “announc[ing] it will delay its fourth quarter and full year 2021 earnings release, conference call and 2022 guidance updates, previously scheduled for Monday, February 28, 2022.”
Cano stated that it “currently anticipates filing a Form 12b-25, Notification of Late Filing, no later than March 2, 2022, which will provide the Company with a 15-day calendar extension to file its Form 10-K” and “expects to report fourth quarter and full year 2021 earnings, as well as increased full year 2022 guidance, on or before March 16, 2022, the expiration date of the extension period.”
On this news, Cano’s stock price fell $0.32 per share, or 6.17%, to close at $4.87 per share on February 28, 2022.
For more information on the Cano investigation go to: https://bespc.com/cases/CANO
Celsius Holdings, Inc. (NASDAQ: CELH)
On March 1, 2022, Celsius disclosed that it could not timely file its 2021 annual report due to “staffing limitations, unanticipated delays and identified material errors in previous filings.” Specifically, Celsius “determined that the calculation and expense of non-cash share-based compensation, related to grants of stock options and restricted stock units awarded to certain former employees and retired directors were materially understated for the three and six month periods ended June 30, 2021 and three and nine month periods ended September 30, 2021.” As a result, management concluded that there was a material weakness in the Company’s internal controls over financial reporting.
On this news, Celsius’ stock fell as much as 10% during after-hours trading on March 1, 2022.
For more information on the Celsius investigation go to: https://bespc.com/cases/CELH
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
