NEW YORK, Aug. 15, 2022 (GLOBE NEWSWIRE) -- , August 15, 2022 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against CytoDyn, Inc. (OTCMKTS: CYDY), World Wrestling Entertainment, Inc. (NYSE: WWE), F45 Training Holdings, Inc. (NYSE: FXLV), and Hyzon Motors, Inc. (NASDAQ: HYZN). 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.
CytoDyn, Inc. (OTCMKTS: CYDY)
On August 6, 2022, CytoDyn disclosed in a filing with the U.S. Securities and Exchange Commission that the Company’s previously issued consolidated audited financial statements for (1) the fiscal year ended May 31, 2021, which were included in the Company’s Annual Report on Form 10-K filed on July 30, 2021, and (2) the Company’s previously issued unaudited interim consolidated financial statements as of and for the quarters ended November 30, 2020, February 28, 2021, August 31, 2021, November 30, 2021, and February 28, 2022, will be restated and, accordingly, that the foregoing financial statements should no longer be relied upon. CytoDyn stated that “[d]uring the preparation and audit of the annual financial statements as of and for the fiscal year ended May 31, 2022, the Company concluded that a material error was identified in how the Company was accounting for common stock issued to settle certain convertible note obligations dating back to fiscal year 2021. The Company had been accounting for these transactions in accordance with debt extinguishment accounting. However, although the contractual terms did not explicitly describe the transactions as induced conversions, the transactions should be accounted for as induced conversions rather than extinguishments of debt and are therefore subject to induced conversion accounting.”
On this news, CytoDyn’s stock price fell $0.23 per share, or 20.18%, to close at $0.91 per share on August 8, 2022.
For more information on the CytoDyn investigation go to: https://bespc.com/cases/CYDY
World Wrestling Entertainment, Inc. (NYSE: WWE)
WWE is the subject of a June 15, 2022, article in the Wall Street Journal titled: “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say.” According to the article, the Company’s board “is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article continues, “the board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On June 17, 2022, the Company issued a press release stating, “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.
For more information on the WWE investigation go to: https://bespc.com/cases/WWE
F45 Training Holdings, Inc. (NYSE: FXLV)
On or around July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares of stock priced at $16.00 per share.
Then, on July 26, 2022, F45 issued a press release entitled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty. The press release further disclosed the departure of the Company’s Chief Executive Officer Adam J. Gilchrist and announced that the Company is “reducing global workforce by approximately 110 employees.”
On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.
For more information on the F45 investigation go to: https://bespc.com/cases/FXLV
Hyzon Motors, Inc. (NASDAQ: HYZN)
After the market closed on August 4, 2022, Hyzon Motors disclosed in a SEC filing that “the Company’s Board of Directors appointed a committee of independent board members to investigate, with the assistance of independent outside counsel and other advisors, certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations.” The Company further announced that “Due to the ongoing investigation, the Company will be unable to file its Form 10-Q for the quarter ended June 30, 2022 by August 15, 2022, the due date for filing, and does not have an anticipated filing date at this time.”
Following this news, when trading of Hyzon Motors opened on August 5, 2022, the price of the shares fell $1.71 per share, or 38.1%, to close at $2.78 per share.
For more information on the Hyzon Motors investigation go to: https://bespc.com/cases/HYZN
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
