NEW YORK, April 01, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Alpha and Omega Semiconductor Limited (NASDAQ: AOSL), LogicBio Therapeutics, Inc. (NADSAQ: LOGC)., PaySign, Inc. (NASDAQ: PAYS), and XP, Inc. (NASDAQ: XP). 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.
Alpha and Omega Semiconductor Limited (NASDAQ: AOSL)
Class Period: August 7, 2019 to February 5, 2020
Lead Plaintiff Deadline: May 18, 2020
On February 5, 2020, Alpha and Omega issued a press release announcing its financial results for the second fiscal quarter of 2020. Therein, the Company disclosed that the U.S. Department of Justice “recently commenced an investigation into the Company’s compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (‘Huawei’).” Moreover, “[i]n connection with this investigation, [the Department of Commerce] has requested the Company to suspend shipments of its products to Huawei.” Alpha and Omega stated that “financial performance in the March quarter will be negatively impacted by the Huawei shipment interruption and by additional professional fees incurred in connection with the investigation.”
On this news, Alpha and Omega’s stock price fell $1.48 per share, or 12%, to close at $10.85 per share on February 6, 2020.
The complaint, filed on March 19, 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 the Company’s export control practices were in violation of applicable laws and regulations; (2) that, as a result, the Company was vulnerable to regulatory scrutiny and liability; and (3) 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.
For more information on the Alpha and Omega class action go to: https://bespc.com/AOSL
LogicBio Therapeutics, Inc. (NADSAQ: LOGC)
Class Period: December 3, 2018 to February 10, 2020
Lead Plaintiff Deadline: May 18, 2020
On February 10, 2020, LogicBio issued a press release announcing, “that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on [LogicBio’s] Investigational New Drug (IND) submission for LB-001 for the treatment of methylmalonic acidemia (MMA) pending the resolution of certain clinical and nonclinical questions.”
On this news, shares of LogicBio fell $3.34 per share, or almost 32%, to close at $7.11 per share on February 11, 2020.
The complaint, filed on March 18, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) LogicBio’s behind-schedule and rushed Investigational New Drug (“IND”) submission of LB-001 did not answer certain pertinent clinical and nonclinical questions; (2) as a result, the U.S. Food and Drug Administration was likely to hold or deny the IND submission of LB-001 for treatment of methylmalonic acidemia (MMA); 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.
For more information on the LogicBio class action go to: https://bespc.com/LOGC
PaySign, Inc. (NASDAQ: PAYS)
Class Period: March 12, 2019 to March 15, 2020
Lead Plaintiff Deadline: May 18, 2020
On March 16, 2020, PaySign filed a Form 12b-25, disclosing it was unable to timely file its annual report for the fiscal year ended December 31, 2019 due to the need for additional time to complete the Company’s financial audit. The Company also stated that it had identified material weaknesses in its internal controls relating to its internal control over financial reporting and its information technology general controls.
On this news, shares of PaySign fell $0.93 per share, or nearly 17%, to close at $4.59 per share on March 16, 2020.
The complaint, filed on March 19, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) PaySign’s internal control over financial reporting was not effective; (2) PaySign’s information technology general controls were not effective; 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.
For more information on the PaySign class action go to: https://bespc.com/PAYS-2
XP, Inc. (NASDAQ: XP)
Class Period: Securities purchased pursuant and/or traceable to the Company’s December 2019 initial public offering (the “IPO” or “Offering”).
Lead Plaintiff Deadline: May 20, 2020
In December 2019, XP held the IPO, offering approximately 83 million Class A common shares to the investing public at $27.00 per share.By the commencement of this action, XP’s shares trade significantly below its IPO price.
The complaint, filed on March 21, 2020, alleges that the Registration Statement for the IPO contained false and/or misleading statements and/or failed to disclose that: (1) XP engaged in undisclosed related party transactions; (2) XP failed to disclose its common and large system failures and connected losses; (3) XP’s aggressive Independent Financial Agent strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due that firm finding and disclosing material weaknesses; and (6) as a result, defendants’ statements about XP’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the XP class action go to: https://bespc.com/XP
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.
(212) 355-4648
investigations@bespc.com
www.bespc.com