NEW YORK, July 31, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Cavco Industries, Inc. (NASDAQ: CVCO), Discover Financial Services (NYSE: DFS), MINISO Group Holding Limited (NYSE: MNSO), and World Wrestling Entertainment, Inc. (NYSE: WWE). 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.
Cavco Industries, Inc. (NASDAQ: CVCO)
On November 8, 2018, Cavco revealed in an SEC filing that it had “received a subpoena from the SEC's Division of Enforcement requesting certain documents relating to, among other items, trading in the stock of another public company.”
On this news, Cavco share prices fell $49.48 per share, or over 23%, to close at $165.20 per share on November 9, 2018.
On February 4, 2019, revealed that it had received requests for additional documents. Cavco further disclosed spending, and expecting to spend, millions of dollars on legal and insurance expenses in relation to the SEC’s subpoenas and the Company’s independent investigation into the matter.
On this news, Cavco share prices fell $26.92 per share or about 16.7% to close at $134.37 per share on February 5, 2019.
On September 2, 2021, the SEC filed a complaint against Cavco, former CEO Joseph Stegmayer, and former CFO and Chief Compliance Officer Daniel Urness. The SEC complaint alleged that Stegmayer and Urness caused Cavco to purchase shares of publicly traded companies on material non-public information.
On this news, Cavco share prices fell $6.59 per share, or about 2.5%, to close at $252.48 per share on September 3, 2021.
For more information on the Cavco investigation go to: https://bespc.com/cases/CVCO
Discover Financial Services (NYSE: DFS)
Discover is a digital banking and payment services company offering customers credit card loans, private student loans, personal loans, home loans, and deposit products.
In 2015, the U.S. Consumer Financial Protection Bureau (“CFPB”) issued a consent order against Discover based on the CFPB’s finding that Discover engaged in illegal debt collection practices and that Discover misstated the minimum amounts due on billing statements as well as tax information consumers needed to get federal income tax benefits. In 2020, the CFPB issued a consent order against Discover based on its findings that Discover violated the prior CFPB order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.
On July 20, 2022, Discover revealed that it was “suspending until further notice its existing share repurchase program because of an internal investigation relating to its student loan servicing practices and related compliance matters.” Discover further disclosed that “[t]he investigation is ongoing and is being conducted by a board-appointed independent special committee.”
On this news, the price of Discover stock fell by $8.49 per share, or 7.8%%, to close at $100.00
per share on July 21, 2022.
For more information on the Discover investigation go to: https://bespc.com/cases/DFS
MINISO Group Holding Limited (NYSE: MNSO)
The investigation concerns whether MINISO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around October 15, 2020, MINISO conducted its initial public offering (“IPO”) of 30.4 million American Depositary Shares (“ADSs”), priced at $20.00 per ADS.
On July 26, 2022, Blue Orca Capital (“Blue Orca”) published a short report concerning MINISO. Citing a “seven-month investigation of Chinese corporate records and store level data,” the Blue Orca report alleged, among other things, that “hundreds of [MINISO] stores are secretly owned and operated by MINISO executives or individuals closely connected to the chairman” and that “Chinese corporate filings also indicate . . . that the chairman siphoned hundreds of millions from the public company through opaque Caribbean jurisdictions as the middleman in a crooked headquarters deal.”
On this news, the price of MINISO’s ADS declined intraday to $6.13, $0.87 lower than the July 26, 2022 opening price and $13.87 below the IPO price.
For more information on the MINISO investigation go to: https://bespc.com/cases/MNSO
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
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
