WILMINGTON, Del., May 07, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. reminds investors of upcoming deadlines involving securities fraud class action lawsuits commenced against the following companies:
VMware, Inc. (NYSE: VMW)
Class Period: March 30, 2019 – February 27, 2020
Lead Plaintiff Deadline: June 1, 2020
According to the Complaint, on February 27, 2020, during after-market hours, and the same day that VMware announced its fourth quarter and fiscal year 2020 financial results, Defendants filed a Current Report on Form 8-K with the SEC, disclosing an SEC investigation into the Company’s backlog of unfilled orders. Specifically, that Form 8-K advised investors that, “[i]n December 2019, the staff of the Enforcement Division of the [SEC] requested documents and information related to VMware’s backlog and associated accounting and disclosures.” The Form 8-K also advised investors that, although “VMware is fully cooperating with the SEC’s investigation,” it was “unable to predict the outcome of this matter at this time.”
To learn more, visit: https://rl-legal.com/cases-vmware-inc.
Mesa Air Group, Inc. (NASDAQ GS: MESA)
Attention: All persons or entities that purchased the common stock of Mesa Air Group pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s August 2018 initial public offering (“IPO”)
Lead Plaintiff Deadline: June 1, 2020
According to the Complaint, in August 2018, Defendants held the IPO, offering approximately 11 million shares of common stock to the investing public at $12.00 per share.
Since the IPO, and as a result of the disclosure of material adverse facts omitted from the Company’s Registration Statement, Mesa Air Group’s stock price has significantly fallen below its IPO price, damaging Plaintiff and Class members. On March 30, 2020, the Company’s stock closed at $3.11 per share, or 74% less than its IPO price.
To learn more, visit: https://rl-legal.com/cases-mesa-air-group-inc.
Fifth Third Bancorp (NASDAQ GS: FITB)
Class Period: February 26, 2016 – March 6, 2020
Lead Plaintiff Deadline: June 8, 2020
According to the Complaint, on March 2, 2020, Fifth Third filed an Annual Report on Form 10-K with the SEC, reporting the Company’s financial and operating results for the quarter and year ended December 31, 2019 (the “2019 10-K”). According to the 2019 10-K, U.S. Consumer Financial Protection Bureau (“CFPB”) staff “notified Fifth Third that it intends to file an enforcement action in relation to alleged unauthorized account openings.”
However, the true scope of the Company’s alleged wrongdoing, and potential liability with respect to unauthorized account openings, was left undisclosed in the 2019 10-K, and was actively downplayed by the Company, thereby causing the Company’s stock price to continue to trade at artificially inflated prices throughout the remainder of the Class Period.
Then, on March 9, 2020, the CFPB announced that it had filed a lawsuit against Fifth Third Bank in federal court, disclosing significant additional information concerning its investigation into the Company that the Company had previously failed to disclose. Specifically, the CFPB “allege[d] that for several years,” and until at least 2016, “Fifth Third [Bank], without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts.” The CFPB further alleged that, “despite knowing since at least 2008 that employees were opening unauthorized consumer-financial accounts, Fifth Third [Bank] took insufficient steps to detect and stop the conduct and to identify and remediate harmed consumers.” Consequently, the CFPB concluded that Fifth Third Bank “violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations.”
To learn more, visit: https://rl-legal.com/cases-fifth-third-bancorp
If you would like to discuss any of these lawsuits and your rights cost and obligation free, please contact Seth D. Rigrodsky or Timothy J. MacFall toll-free at (888) 969-4242 or by e-mail at info@rl-legal.com.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Timothy J. MacFall
(888) 969-4242 (Toll Free)
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
https://rl-legal.com