NEW YORK, June 19, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Rollins, Inc. (NYSE: ROL), Lightwave Logic, Inc. (NASDAQ: LWLG), Target Corporation (NYSE: TGT), and Loyalty Ventures, Inc. (NASDAQ: LYLT). 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.
Rollins, Inc. (NYSE: ROL)
On October 28, 2020, Rollins disclosed a U.S. Securities and Exchange Commission (“SEC”) investigation into how the Company established accruals and reserves at period-end and the impact of those accruals and reserves on reported earnings for periods beginning January 1, 2015. The Company's subsequently filed Annual Report later disclosed the results of an internal Company-initiated investigation that found a significant deficiency in the Company's internal controls relating to the documentation and review of accounting entries for certain reserves and accruals. Then, on October 29, 2021, Rollins reported that it had initiated discussions with the SEC staff regarding a potential investigation resolution.
For more information on the Rollins investigation go to: https://bespc.com/cases/ROL
Lightwave Logic, Inc. (NASDAQ: LWLG)
On June 2, 2022, during trading hours, market analyst Kerrisdale Capital published a report entitled “Lightwave Logic, Inc. (LWLG): A High-Frequency Failure” which alleged, among other things, that “[u]nderneath the façade of accomplishment… is almost nothing of substance[,]” and that “Lightwave hasn’t ever come close to commercializing anything: in the 15 years since it’s gone public, it has generated a toal of about $6 thousand in revenues, which stands in start contrast to the steady stream of promotional announcements celebrating overhyped prototype completions, product tests, and patents over that time.” The report also alleged that “Lightwave’s polymer ‘technology’ is behind the curve and the feasibility of a manufacturing process to commercialize it [and] may never be achieved[.]”
On this news, Lightwave Logic’s stock fell $0.99 per share, or 12%, to close at $6.94 per share on June 2, 2022, on unusually heavy trading volume.
For more information on the Lightwave Logic investigation go to: https://bespc.com/cases/LWLG
Target Corporation (NYSE: TGT)
On May 18, 2022, before trading hours, Target announced its first quarter 2022 financial results in a press release. The Company also provided guidance, expecting second quarter 2022 “operating income margin rate [to] be in a wide range centered around first quarter’s operating margin rate of 5.3 percent.”
On this news, Target’s stock price fell $53.67 per share, or over 25%, to close at $161.61 per share on May 18, 2022, on unusually heavy trading volume.
Then, just three weeks later, on June 7, 2022, before trading hours, Target revised its guidance, expecting the second quarter 2022 operating margin rate to “be in a range around 2%.” The Company attributed the change to “a set of actions to right-size [Target’s] inventory for the balance of the year[.]”
On this news, Target’s stock fell $3.69, or 2.3%, to close at $155.98 per share on June 7, 2022.
For more information on the Target investigation go to: https://bespc.com/cases/TGT
Loyalty Ventures, Inc. (NASDAQ: LYLT)
Loyalty Ventures provides consumer loyalty solutions. The Company owns and operates the AIR MILES Reward Program, an end-to-end loyalty platform; and BrandLoyalty, a campaign-based loyalty solution for grocers and other high-frequency retailers.
On November 5, 2021, Loyalty Ventures became a publicly traded company after its separation from Alliance Data Systems Corporation.
On June 8, 2022, the Company disclosed that its AIR MILES Reward Program segment and AIR MILES’ Sponsor, Sobeys, were unable to align on extension terms; consequently, Sobeys provided notice of its intent to exit the program on a region-by-region basis, beginning with Atlantic Canada, between August and the first quarter of 2023. The Company stated, “Given the uncertainty related to the timing of the transition of Sobeys’ additional regions and the currency and program timing issues often associated with its BrandLoyalty business, Loyalty Ventures will re-evaluate its 2022 revenue and EBITDA guidance when there is more clarity, which management hopes to have by the time of its second quarter earnings release.”
On this news, the price of Loyalty Ventures shares declined by $5.01 per share, or approximately 45.4%, from $11.03 per share to close at $6.02 per share on June 8, 2022.
For more information on the Loyalty Ventures investigation go to: https://bespc.com/cases/LYLT
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.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
