NEW YORK, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Embark Technology, Inc. (NASDAQ: EMBK), Affirm Holdings, Inc. (NASDAQ: AFRM), Applied Therapeutics, Inc. (NASDAQ: APLT), and Gatos Silver, Inc. (NYSE: GATO). 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.
Embark Technology, Inc. (NASDAQ: EMBK)
On January 6, 2022, The Bear Cave published a short report entitled “Problems at Embark Technology (EMBK”) (the “Bear Cave Report”). The Bear Cave Report alleged, among other issues, “that Embark appears to lack true economic substance" and that its “current evaluation appears to be based on puffery rather than actual substance”, noting that “[t]he company holds no patents, has only a dozen or so test trucks, and may be more bark than bite.”
On this news, Embark’s stock price fell $1.37 per share, or 16.75%, to close at $6.81 per share on January 6, 2022.
For more information on the Embark investigation go to: https://bespc.com/cases/EMBK
Affirm Holdings, Inc. (NASDAQ: AFRM)
On December 16, 2021, the Consumer Financial Protection Bureau (the “CFPB”) announced that it has launched an inquiry into the payment service offered by Affirm known as “buy-now, pay-later” (“BNPL”). The CFPB issued an order to Affirm, along with four other companies offering BNPL, seeking information about Affirm’s facilitation of excessive consumer debt, regulatory arbitrage and data harvesting. The CFPB said it is concerned about “accumulating debt, regulatory arbitrage, and data harvesting,” and is seeking data on the risks and benefits of the products. In a statement addressing BNPL services, CFPB Director Rohit Chopra said, “[t]he consumer gets the product immediately but gets the debt immediately too.”
On this news, Affirm’s stock price declined by $11.74 per share, or approximately 10.6%, from $110.98 per share to close at $99.24 per share on December 16, 2021.
For more information on the Affirm Holdings investigation go to: https://bespc.com/cases/AFRM
Applied Therapeutics, Inc. (NASDAQ: APLT)
On January 3, 2022, Applied Therapeutics issued a press release “provid[ing] a regulatory update on the AT-007 Galactosemia program.” In the press release, Applied Therapeutics announced that “[f]ollowing discussions with the FDA at the end of the year, the Company has decided to hold on submitting an NDA for AT-007 for treatment of Galactosemia pending additional discussions with the agency. Although the Galactosemia program had previously been discussed in the context of an NDA for Accelerated Approval based on reduction in galactitol, the FDA has now indicated that clinical outcomes data will likely be required for approval.”
On this news, Applied Therapeutics’ stock price fell $1.77 per share, or 28.46%, over the following two trading sessions, closing at $4.45 per share on January 5, 2022.
For more information on the Applied Therapeutics investigation go to: https://bespc.com/cases/APLT
Gatos Silver, Inc. (NYSE: GATO)
Gatos Silver is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico.
On January 25, 2022, after-market hours, Gatos Silver revealed that “there were errors in the technical report entitled ‘Los Gatos Project, Chihuahua, Mexico’ with an effective date of July 1, 2020… as well as indications that there is an overestimation in the existing resource model.” On a preliminary basis, the Company estimates a potential reduction of the metal content of its Cerro Los Gatos’ mineral reserve ranging from 30% to 50% of the metal content remaining after depletion.
On this news, the price of Gatos Silver stock declined by $7.02 per share, or approximately 68.9%, from $10.19 per share to close at $3.17 per share on January 26, 2022.
For more information on the Gatos investigation go to: https://bespc.com/cases/GATO
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
