NEW YORK, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Trulieve Cannabis Corporation (Other OTC: TCNNF), Forescout Technologies, Inc. (NASDAQ: FSCT), 500.com Limited (NYSE: WBAI), and Portola Pharmaceuticals (NASDAQ: PTLA). 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.
Trulieve Cannabis Corporation (Other OTC: TCNNF)
Class Period: September 25, 2018 to December 17, 2019
Lead Plaintiff Deadline: February 28, 2020
On December 17, 2019, Grizzly Research published an article reporting that the majority of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI corruption investigations, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in various undisclosed related party transactions.
On this news, Trulieve’s stock price fell $1.51 per share, or over 12.6%, to close at $10.40 per share on December 17, 2019.
The complaint, filed on December 30, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) 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.
For more information on the Trulieve Cannabis class action go to: https://bespc.com/tcnnf
Forescout Technologies, Inc. (NASDAQ: FSCT)
Class Period: February 7, 2019 to October 9, 2019
Lead Plaintiff Deadline: March 2, 2020
On October 10, 2019, during pre-market hours, Forescout issued a press release announcing preliminary third quarter 2019 (“3Q19”) financial results. That press release lowered 3Q19 revenue guidance to $90.6 million to $91.6 million, compared to prior revenue guidance of $98.8 million to $101.8 million, and market consensus of $100.52 million. In explaining these results, defendants cited “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in EMEA.”
On this news, Forescout’s stock price fell $14.63 per share, or 37.32%, to close at $24.57 per share on October 10, 2019.
The complaint, filed on January 2, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa (“EMEA”); (ii) the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Forescout class action go to: https://bespc.com/fsct
500.com Limited (NYSE: WBAI)
Class Period: April 27, 2018 to December 31, 2019
Lead Plaintiff Deadline: Mach 16, 2020
On December 31, 2019, the Company disclosed an internal investigation regarding alleged illegal money transfers after one of its former directors was arrested. 500.com also announced that its Chairman of the Board of Directors resigned and that its Chief Executive Officer would “step aside” from his position until the investigation concluded.
On this news, the Company’s share price fell as much as $0.94 per share, nearly 11% on January 2, 2020, thereby injuring investors.
The complaint, filed on January 15, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 500.com executives and consultants engaged in a bribery scheme with Japanese officials in an effort to gain favor in a bid to run an upcoming Japanese casino resort; (2) consequently, 500.com was in violation of Japanese anti-bribery laws and its Code of Ethics; 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.
To learn more about the 500.com class action go to: https://bespc.com/wbai
Portola Pharmaceuticals, Inc. (NASDAQ: PTLA)
Class Period: November 5, 2019 to January 9, 2020
Lead Plaintiff Deadline: March 16, 2020
On January 9, 2020, Portola announced preliminary net revenues of only $28 million for the fourth quarter of 2019. Portola attributed the result to a $5 million reserve adjustment for short-dated product, and flat quarter-over-quarter demand.
On this news, Portola’s share price fell $9.98, or 40%, to close at $14.76 per share on January 10, 2020.
The complaint, filed on January 16, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (2) that Portola was shipping longer-dated product with 36-month shelf life; (3) that Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) that, as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
To learn more about the Portola class action go to: https://bespc.com/ptla
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.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(646) 860-9156
investigations@bespc.com
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