SAN FRANCISCO, April 23, 2020 (GLOBE NEWSWIRE) -- Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including upcoming application deadlines, can be found at the links provided.
FNKO Investors Click Here.
GPOR Investors Click Here.
PAYS Investors Click Here.
RTIX Investors Click Here.
Funko, Inc. (FNKO) Securities Class Action:
Expanded Class Period: Aug. 8, 2019 – Mar. 5, 2020
Lead Plaintiff Deadline: May 11, 2020
Sign Up: www.hbsslaw.com/investor-fraud/FNKO
Contact An Attorney Now: FNKO@hbsslaw.com
844-916-0895
The complaint alleges that Defendants misrepresented and failed to disclose material facts regarding Funko’s business, operations and prospects. According to the complaint, while promoting the demand for Funko’s products and representing that it properly accounted for inventory, Defendants concealed that (1) Funko was experiencing lower than expected sales, and (2) as a result, Funko was reasonably likely to incur a writedown for slower moving inventory.
The market began to learn the truth on Feb. 5, 2020 when, after the market closed, Funko announced disappointing preliminary Q4 2019 results, including net sales of $214 million, an 8% year-over-year decrease. Management blamed these poor results in part on a $16.8 million charge to write down slow-moving inventory. On this news, Funko’s share price fell $6.20, or 40%.
Then, on Mar. 5, 2020, the Company issued a press release announcing its Q4 2019 and full year 2019 financial results. Therein, Funko affirmed that net sales for fourth quarter had decreased to $213.6 million due to, among other things, “softness at retail during the holiday season which led to a decrease in orders.” On this news, Funko’s share price fell another $0.32, or nearly 5%.
Gulfport Energy Corporation (GPOR) Securities Class Action:
Class Period: May 3, 2019 – Feb. 27, 2020
Lead Plaintiff Deadline: May 18, 2020
Sign Up: www.hbsslaw.com/investor-fraud/GPOR
Contact An Attorney Now: GPOR@hbsslaw.com
844-916-0895
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements about the effectiveness of the Company’s internal controls and procedures over financial reporting and investor disclosures, as well as the accuracy of its financial statements.
Specifically, according to the complaint, Defendants misrepresented and concealed (a) material weaknesses in the Company’s internal controls over financial reporting, (b) deficiencies in the Company’s disclosure controls and procedures, and (c) resulting misstatements in the Company’s financial reports.
Investors began to learn the truth, according to the complaint, on Feb. 27, 2020, when Gulfport disclosed that its 3Q 2019 financial statements contained material misstatements. Gulfport admitted it (1) understated its accumulated depreciation, depletion, and amortization (DD&A) by $553 million, (2) overstated its income from operations by $553 million, (3) overstated its net income by $436 million, and had a material weakness in its internal control over financial reporting.
This news drove the price of Gulfport shares sharply lower.
Paysign, Inc. (PAYS) Securities Class Action:
Class Period: Mar. 12, 2019 – Mar. 15, 2020
Lead Plaintiff Deadline: May 18, 2020
Sign Up: www.hbsslaw.com/investor-fraud/PAYS
Contact An Attorney Now: PAYS@hbsslaw.com
844-916-0895
The complaint alleges that Defendants made materially false and misleading statements concerning Paysign’s operations, financial performance and business prospects. According to the complaint, throughout the Class Period, Defendants misrepresented and concealed that: (1) Paysign’s internal control over financial reporting was not effective; and (2) Paysign’s information technology general controls were not effective.
The truth emerged on Mar. 16, 2020, when Paysign announced it would not timely file its 2019 annual report with the SEC. Paysign explained that its “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) [IT] general controls.” This news drove the price of Paysign shares sharply lower.
Recently, on Mar. 31, 2020, Paysign announced a second delay in the release of its 2019 annual financial results, again due to material weaknesses in its controls. This additional delay caused the price of Paysign shares to decline again.
RTI Surgical Holdings, Inc. (RTIX) Securities Class Action:
Class Period: Mar. 7, 2016 – Mar. 16, 2020
Lead Plaintiff Deadline: May 22, 2020
Sign Up: www.hbsslaw.com/investor-fraud/RTIX
Contact an Attorney Now: RTIX@hbsslaw.com
844-916-0895
The Complaint alleges that Defendants misrepresented and concealed that the Company inappropriately recognized revenues, including with its other equipment manufacturer (OEM) customers.
The truth emerged, according to the Complaint, on Mar. 17, 2020 when the Company announced it would not timely file its 2019 annual report. Defendants blamed the delay on an ongoing investigation into “the Company’s revenue recognition practices involving the timing of revenue recognition with respect to certain contractual arrangements, primarily with OEM customers.” This news drove the price of RTI Surgical shares sharply lower on Mar. 17, 2020.
Recent developments have strengthened investors’ securities fraud claims. On Mar. 20, 2020, the Company announced the termination of Johannes W. Louw, RTI Surgical’s former interim CFO, who headed the Company’s financial planning and analysis.
Most recently, on Apr. 9, 2020, the company announced it will restate all previously audited financial statements for 2014 – 2018, and its unaudited financial statements for the quarterly periods for 2016 – 2018 and the nine months ended Sept. 30, 2019. The Company explained, in effect, it recognized revenue prematurely by shipping products to customers earlier than agreed upon. The Company further noted that on some “occasions the goods were delivered early without obtaining the customers’ affirmative approval.” Additionally, the Company divulged that in July 2017, an adjustment was improperly made to a product return provision in the Direct Division.
Whistleblowers: Persons with non-public information regarding FNKO, GPOR, PAYS, and/or RTIX should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FNKO@hbsslaw.com, GPOR@hbsslaw.com, PAYS@hbsslaw.com, and/or RTIX@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895