NEW YORK, Jan. 28, 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 Merit Medical Systems, Inc. (NASDAQ: MMSI) and Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS). 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.
Merit Medical Systems, Inc. (NASDAQ: MMSI)
Class Period: February 26, 2019 to October 30, 2019
Lead Plaintiff Deadline: February 3, 2020
On July 25, 2019, Merit announced disappointing second quarter 2019 financial results and cut its fiscal 2019 sales and earnings per share outlook. Defendants attributed these reductions to a variety of factors, including “slower than anticipated conversion and uptake of acquired products.”
On this news, the Company’s stock price declined more than 25%.
Then, on October 30, 2019, the Company announced its third quarter 2019 financial results, reporting adjusted earnings per share well below consensus estimates, and slashed fiscal 2019 revenue and earnings per share guidance by 20%. Furthermore, defendants stated that, in addition to the fiscal 2019 guidance cut, “2020 guidance [was] off the table” until they had reasonable confidence in their forecasting ability, and reported significant operational issues in all aspects of Merit’s business, conceding that many of these failures were due to their “own overestimation and forecasting.”
Following these disclosures, Merit’s stock price declined more than 29%, to close at $20.66 per share on October 31, 2019.
The complaint, filed on December 3, 2019, alleges that throughout the Class Period defendants made false and misleading statements and/or failed to disclose adverse information concerning Merit’s business and prospects. Specifically, defendants failed to disclose that: (a) the integrations of Cianna and Vascular Insights, including their products, sales people, and R&D facilities, had caused operational disruptions and reduced sales and were months behind schedule; (b) sales of acquired company products had slowed substantially due to pre-acquisition pipeline fill, in particular for Vascular Insights products which, as late as July 2019, had zero orders during fiscal 2019; and (c) in light of the foregoing, the Company’s reported financial guidance for fiscal 2019 and 2020 was made without a reasonable basis. As a result of defendants’ material misrepresentations and omissions, Merit stock traded at artificially inflated prices of more than $62 per share.
For more information on the Merit Medical class action go to: https://bespc.com/mmsi
Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS)
Class Period: September 12, 2018 to November 8, 2018
Lead Plaintiff Deadline: February 3, 2020
On November 8, 2018, UEPS filed a Form 8-K with the SEC under item 4.02(a) for non-reliance on previously issued financial statements.
On this news, the price of the Company’s stock price declined $2.16, from a closing price of $7.00 per share on November 8, 2018 to a closing price of $4.84 per share on November 9, 2018, a drop of approximately 30 percent.
The complaint, filed on December 5, 2019, alleges that throughout the Class Period UEPS made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal control over financial reporting; (2) the Company had misclassified its investment in Cell C Proprietary Limited; (3) the Company’s financial statements for the fiscal year 2018 were overstating its income; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
For more information on the Net 1 UEPS class action go to: https://bespc.com/ueps
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.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com