NEW YORK, June 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against RH (NYSE: RH), Hayward Holdings, Inc. (NYSE: HAYW), Bright Green Corporation (NASDAQ: BGXX), and Veradigm, Inc. (NASDAQ: MDRX). 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.
RH (NYSE: RH)
On February 6, 2023, RH announced that it expects 2022 revenue growth at the lower end of the prior range of (3.5%) to (4.5%). RH also disclosed that its annual report for the fiscal year ended January 29, 2022 and quarterly report for the fiscal quarter ended October 29, 2022 contained errors in the calculation of net income per share, and that the Company's financial statements for each of the quarterly periods ended April 30, July 30, and October 29, 2022 should no longer be relied upon.
On this news, the Company's stock price fell $25.19 per share or 7.33% percent, to close at $318.43 per share on February 6, 2023.
For more information on the RH investigation go to: https://bespc.com/cases/RH
Hayward Holdings, Inc. (NYSE: HAYW)
On July 28, 2022, Hayward Holdings revealed that it was expecting its channel partners to reduce its inventory on hand by approximately 4 to 6 weeks in the second half of 2022. Hayward Holdings further disclosed that it was reducing its 2022 guidance to reflect this inventory reduction.
On this news, the price of Hayward Holdings common stock fell by approximately 18%.
For more information on the Hayward Holdings investigation go to: https://bespc.com/cases/HAYW
Bright Green Corporation (NASDAQ: BGXX)
On June 2, 2022, Green Market Report (“Green Market”) published a report entitled “Bright Green Former CEO Claims Valuation Fraud,” which stated that the Company “involves a burned-down building, a years-long battle with the state of New Mexico, a bankruptcy case, and an angry former CEO who is accusing the company of fraud.” Per the Green Market report’s allegations, John Stockwell, listed as the Company’s CEO in 2017, filed for bankruptcy in the state of New Mexico in 2017. After a greenhouse fire “devastated Stockwell financially,” the reported stated that “greenhouses were transferred to Lynn Stockwell,” John Stockwell’s wife and a Bright Green Board member, “who then transferred the property to Bright Green.” In addition, the report stated that Bright Green’s former CEO John Fikany is suing the company, alleging that “Bright Green was a ‘sham, operated illegally and fraudulently’” by the Stockwells.
On this news, Bright Green’s stock price fell $0.56 per share, or 15.56%, to close at $3.04 per share on June 3, 2022.
For more information on the Bright Green investigation go to: https://bespc.com/cases/BGXX
Veradigm, Inc. (NASDAQ: MDRX)
On February 28, 2023, Veradigm disclosed that it “detected certain internal control failures related to revenue recognition that have occurred over the prior six quarters, resulting in a mis-statement to reported revenues during those periods.” As a result, the Company reported that it expects “a reduction in revenue from continuing operations of approximately $20 million dollars in the aggregate from what it otherwise reported since the 3rd quarter of 2021 and expected to report for the 4th quarter of 2022.” The Company added that it is “continuing to evaluate the materiality of the mis-statement to determine if the full amount of this adjustment will flow through in the 4th quarter of 2022 or if prior periods will also require adjustment.” As a result, Veradigm revised its 2023 guidance downward and announced that it would not be filing its 2022 annual report on time.
On this news, Veradigm’s stock price fell $2.12 per share, or 12.76%, to close at $14.49 per share on March 1, 2023.
For more information on the Veradigm investigation go to: https://bespc.com/cases/MDRX
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.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
