NEW YORK, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Baozun, Inc. (NASDAQ: BZUN), Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS), Cintas Corporation (NASDAQ: CTAS), and Correvio Pharma Corp. (NASDAQ: CORV). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Baozun, Inc. (NASDAQ: BZUN)
Class Period: March 6, 2019 to November 20, 2019
Lead Plaintiff Deadline: February 10, 2020
On November 21, 2019, Baozun announced its 3Q19 financial results for the interim period ended September 30, 2019 and provided its 4Q19 financial guidance. Rather than the revenues of $214 million Baozun had led the investment community to expect, the Company reported revenues of just $210.3 million. Likewise, earnings per ADR of $0.14 were below the $0.15 per ADR the investment community had been led to expect. More critically, Baozun disclosed the electronics customer loss would negatively impact results for the rest of 2019 and for the first half of 2020, stating that for the 4Q19 it now only expected revenues in the range of $384 million to $391.2 million, well below the $401 million the Company had led the investment community to expect based on its prior Class Period statements.
On this news, the market price of Baozun ADRs plummeted, declining by $7.60 per share, or approximately 17.5%, to close at $35.90 per share on November 21, 2019.
The complaint, filed on December 10, 2019, alleges that during the Class Period defendants made false and misleading statements and engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of Baozun ADRs and operated as a fraud or deceit on Class Period purchasers of Baozun ADRs by misrepresenting the value of the Company’s business and prospects. As Defendants’ misrepresentations and fraudulent conduct became apparent to the market, the price of Baozun ADRs fell precipitously, as the prior artificial inflation came out of the price. As a result of their purchases of Baozun ADRs during the Class Period, Plaintiff and other members of the Class suffered economic losses.
For more information on the Baozun class action go to: https://bespc.com/bzun
Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS)
Class Period: August 8, 2017 to September 30, 2019
Lead Plaintiff Deadline: February 10, 2020
Adamas’s primary product is GOCOVRI, an extended-release formulation of amantadine, which has been approved by the U.S. Food and Drug Administration for the treatment of levodopa-induced dyskinesia.
On March 4, 2019, during Adamas’s Q4 2018 conference call with investors, Adamas walked back its previous prescription growth estimates for GOCOVRI, warned of a continued slow-down in GOCOVRI prescriptions, and refused to make further predictions about GOCOVRI’s ability to achieve a sizeable market share.
On this news, Adamas’s stock fell $3.99 per share, or 32.84%, to close at $8.16 per share on March 5, 2019.
On September 30, 2019, Bank of America/Merrill Lynch analyst Tazeen Ahmad lowered its rating for Adamas shares to “Underperform” noting “existing overhangs for ADMS: (1) GOCOVRI coverage: a number of national formularies exclude GOCOVRI. We expect reimbursement hurdles in MSWI space especially with generic Ampyra launch.”
On this news, Adamas shares fell a further 42.83% from $7.05 per share on September 26 to $4.03 by October 3, 2019.
The complaint, filed on December 10, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants made materially false and misleading statements about: (1) managed care’s acceptance of GOCOVRI; (2) the breadth of insurer coverage for GOCOVRI prescriptions; and (3) the impact of the Company’s commercialization efforts. In addition, defendants failed to disclose: (1) that health insurers were excluding GOCOVRI from their prescription formularies or requiring patients to use “step therapy” - i.e., making patients try immediate-release amantadine prior to covering GOCOVRI; (2) that the rapid increase in physicians prescribing GOCOVRI during the Class Period was not due to its efficacy; and (3) that, as a result of the foregoing, the Company’s financial statements and defendants’ statements about Adamas’s business, operations, and prospects, were materially false and misleading at all relevant times.
For more information on the Adamas class action go to: https://bespc.com/adms-2
Cintas Corporation (NASDAQ: CTAS)
Class Period: Match 6, 2017 to November 13, 2019
Lead Plaintiff Deadline: February 10, 2020
On November 13, 2019, Spruce Point Capital Management (“Spruce Point”) issued a report alleging, based on information from FOIA requests, that “Cintas’ Fire Protection Services was charged with fraud and is causing a public safety hazard by having workers conduct fire and safety inspections without proper licenses or permits, and falsifying inspections.” Spruce Point also alleged that management may have misreported revenue and expenses for G&K Services, Inc., which the Company had acquired in 2017 for $2.1 billion.
On this news, shares of Cintas fell $3.61 per share, to close at $255.24 per share on November 13, 2019.
The complaint, filed on December 12, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Cintas never tracked legacy margins following the G&K acquisition; (2) the Company has systematically provided guidance with which it would outperform (a “Beat and Raise” scheme); (3) undisclosed to the investing public, the Company has breached the law multiple times; (4) as a result of publicly known and undisclosed breaches of law, the Company’s Credit Agreement may be jeopardized; and (5) 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. The lawsuit claims that when the truth was disclosed in the Spruce Point investment research report, investors suffered damages.
For more information on the Cintas class action go to: https://bespc.com/ctas-2
Correvio Pharma Corp. (NASDAQ: CORV)
Class Period: October 23, 2018 to December 5, 2019
Lead Plaintiff Deadline: February 10, 2020
Correvio is a specialty pharmaceutical company that engages in developing therapeutics worldwide. The Company’s portfolio of marketed brands comprise, among others, vernakalant IV, or Brinavess, for the rapid conversion of recent onset atrial fibrillation (“AF”) to sinus rhythm.
Earlier during Brinavess’s development, safety concerns led the U.S. Food and Drug Administration (“FDA”) to decline approval for Brinavess.
On October 23, 2018, Correvio announced its intention to resubmit a New Drug Application (“NDA”) for Brinavess to the FDA for recent onset AF (the “Resubmitted NDA”), which followed additional purported safety data the Company had accumulated, as well as discussions with the FDA regarding the drug’s potential regulatory path forward. The Company later announced on July 25, 2019, that the FDA had accepted the Resubmitted NDA.
On December 6, 2019, FDA staffers reviewing Brinavess announced that they did not believe that the drug’s benefits outweighed its risks. Specifically, the FDA noted that Brinavess was associated with “serious liabilities” including low blood pressure, irregular heartbeats in the lower heart chambers, and death.
On this news, Correvio’s stock price fell $0.86 per share, or 39.81%, to close at $1.30 per share on December 6, 2019.
Then, on December 10, 2019, during pre-market hours, the Nasdaq Stock Market (“NASDAQ”) suspended trading in Correvio securities in anticipation of the FDA’s Cardiovascular and Renal Drugs Advisory Committee’s (“RDAC”) review and discussion of the Resubmitted NDA. Finally, just before market-close that day, the RDAC voted 11-2 against approval of the Resubmitted NDA, noting that Brinavess’s benefit-risk profile was not adequate to support approval.
On this news, and after Correvio shares resumed trading on the NASDAQ, Correvio’s stock price fell $0.94 per share, or 67%, to close at $0.46 per share on December 11, 2019.
The complaint, filed on December 12, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the data supporting the Resubmitted NDA for Brinavess did not minimize the significant health and safety issues observed in connection with the drug’s original NDA; (2) the foregoing substantially diminished the likelihood that the U.S. Food and Drug Administration would approve the Resubmitted NDA; and (3) as a result, Correvio’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 the Correvio class action go to: https://bespc.com/corv
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.
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