NEW YORK, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire is investigating certain officers and directors of TrueCar, Inc. (NASDAQ: TRUE), Verb Technology Company, Inc. (NASDAQ: VERB), Yangtze River Port and Logistics Limited (Other OTC: YRIV), and YRC Worldwide, Inc. (NASDAQ: YRCW) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.
TrueCar, Inc. (NASDAQ: TRUE)
Bragar Eagel & Squire is investigating certain officers and directors of TrueCar, Inc. following a class action complaint that was filed against TrueCar on March 30, 2018.
The complaint alleges that during the class period the company made numerous positive statements concerning the company’s prospects and growth, while failing to disclose negative developments related to the United Services Automobile Association (“USAA”), its largest source of revenue. The complaint further alleges that, throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) that USAA had been planning significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (2) that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (3) that the changes to USAA’s website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and (4) that, as a result of the foregoing, defendants’ statements about TrueCar’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. On November 6, the company disclosed that USAA had made significant changes to its website during the class period that had a material adverse effect on the volume of purchases generated by USAA. On this news, TrueCar's shares declined by $5.76 per share, or 35.25%, to close at $10.58 per share on November 7, 2017 on heavy trading volume.
For more information on our investigation into TrueCar go to: https://bespc.com/true
Verb Technology Company, Inc. (NASDAQ: VERB)
Bragar Eagel & Squire is investigating certain officers and directors of Verb Technology Company, Inc. following a class action complaint that was filed against Verb on July 9, 2019.
The complaint alleges that on January 3, 2018, the company announced a purported agreement with Oracle America, Inc. (the “Oracle Agreement”) which received widespread attention. The company made this announcement via a filing with the United States Securities and Exchange commission (“SEC”) on Form 8-K, which omitted the text of the agreement itself. Throughout the class period, the company continued to tout this relationship. During the class period, the stock increased from approximately $0.12 per share on January 3, 2018 to $2.70 per share on April 19, 2018, an astonishing increase of over 2000%. Following the rapid rise of the Company's stock price, on April 23, 2018, the truth as to the company’s relationship with Oracle began to emerge. The company revealed the actual terms of the Oracle Agreement through the filing of a Form 8-K. The terms of the agreement revealed that the prior representations as to the scope of the relationship with Oracle were materially misleading. As the market digested the true nature of the Oracle Agreement, the stock began a precipitous decline, closing on April 30, 2018 at $1.54 per share, a decrease of 43% from the high a week prior. The market continued to digest this information and by the market close on May 2, 2018, the Company's stock was trading at $1.08 per share, a decrease of 64% from the high price of $3.04 per share on April 20th.
For more information on our investigation into Verb got to: https://bespc.com/verb
Yangtze River Port and Logistics Limited (Other OTC: YRIV)
Bragar Eagel & Squire is investigating certain officers and directors of Yangtze River Port and Logistics Limited following a class action complaint that was filed against Yangtze River on January 2, 2019.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Yangtze’s purported lease of the Wuhan Yangtze River Newport Logistics Center, the company’s main asset, was a fabrication; (2) Yangtze’s only operating subsidiary, Wuhan Yangtze River Newport Logistics Co., Ltd., was declared insolvent in China due to a number of default judgments against it; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on our investigation into Yangtze River go to: https://bespc.com/Yriv-2
YRC Worldwide, Inc. (NASDAQ: YRCW)
Bragar Eagel & Squire is investigating certain officers and directors of YRC Worldwide following a class action complaint that was filed against YRC Worldwide on January 2, 2019.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) from 2005 to at least 2013, YRC Worldwide’s units systematically overcharged the federal government for freight carrier services; (2) this alleged misconduct caused the Department of Defense to overpay by millions of dollars for shipments that were lighter, and thus cheaper, than the weights for which the government was charged; (3) consequently, this alleged misconduct would subject YRC Worldwide to enhanced government scrutiny and liabilities, including potentially owing treble damages under the False Claims Act; and (4) as a result, YRC Worldwide’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on our investigation into YRC Worldwide go to: https://bespc.com/YRCW-2
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com