NEW YORK, April 08, 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 Cronos Group, Inc. (NASDAQ: CRON), Gulfport Energy Corporation (NASDAQ: GPOR), 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.
Cronos Group, Inc. (NASDAQ: CRON)
Class Period: May 9, 2019 to March 2, 2020
Lead Plaintiff Deadline: May 11, 2020
On February 24, 2020, Cronos stated that it would delay its fourth quarter and fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020.
On this news, Cronos’s share price fell $0.78 per share, or 10.91%, to close at $6.37 on February 24, 2020.
Then, on March 2, 2020, Cronos disclosed that it had requested a 15-day extension for filing a complete Annual Report on Form 10-K with the SEC for its fourth quarter and fiscal year 2019. Cronos attributed the delay to a “review by the Audit Committee of the Company’s Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions.”
On this news, Cronos’s share price fell an additional $0.70 per share, or 11.63%, to close at $5.32 per share on March 3, 2020.
The complaint, filed on March 11, 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) Cronos had engaged in significant transactions for which its revenue recognition was inappropriate; (ii) the foregoing would foreseeably necessitate reviews that would delay the Company’s ability to timely file its periodic reports; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Cronos Group class action go to: https://bespc.com/CRON
Gulfport Energy Corporation (NASDAQ: GPOR)
Class Period: May 3, 2019 and February 27, 2020
Lead Plaintiff Deadline: May 18, 2020
Gulfport engages in the exploration, development, acquisition, and production of natural gas, crude oil, and natural gas liquids in the U.S.
On February 27, 2020, Gulfport disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.” Gulfport further advised investors that “the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements,” and, “[a]s a result, the Company has determined that a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective.”
On this news, Gulfport’s stock price fell $0.08 per share, or 8.89%, to close at $0.82 per share on February 28, 2020.
The complaint, filed on March 17, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business and operations. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) a material weakness existed in Gulfport’s internal control over financial reporting; (ii) accordingly, Gulfport’s disclosure controls and procedures were ineffective; (iii) as a result, Gulfport’s financial statements contained multiple misstatements; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Gulfport class action go to: https://bespc.com/GPOR
PaySign, Inc. (NASDAQ: PAYS)
Class Period: March 12, 2019 to March 31, 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