LOS ANGELES, Sept. 14, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to fcruz@frankcruzlaw.com.
Intel Corporation (NASDAQ: INTC)
Class Period: April 23, 2020 – July 23, 2020
Lead Plaintiff Deadline: September 28, 2020
Shareholders with $50,000 in losses or more are encouraged to contact the firm.
The complaint filed in this class action alleges that throughout the Class Period, Intel 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 Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (2) that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products; (3) that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (4) that, as a result of the foregoing, Intel was reasonably likely to lose market share to its competitors who are already selling 7-nanometer products; 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.
ProShares Ultra Bloomberg Crude Oil (NYSEArca: UCO)
Class Period: March 6, 2020 – April 27, 2020
Lead Plaintiff Deadline: September 28, 2020
Shareholders with $1,000,000 in losses or more are encouraged to contact the firm.
The complaint filed in this class action alleges that throughout the Class Period, UCO 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 extraordinary market volatility caused by decreased demand for oil from the coronavirus pandemic and increased oil supply and diminished oil prices caused by the Russia/Saudi oil price war; (2) that a massive influx of investor capital into the Fund, totaling hundreds of millions of dollars, in a matter of days, which increased Fund inefficiencies, heightened illiquidity in the WTI futures contract markets in which the Fund invested, and caused the Fund to approach positional and regulatory limits (adverse trends exacerbated by the Offering itself); and (3) that a sharp divergence between spot and future prices in the WTI oil markets, leading to a super contango market dynamic as oil storage space in Cushing, Oklahoma dwindled and was insufficient to account for the excess supply expected to be delivered pursuant to the WTI May 2020 futures contract; (4) as a result, UCO could not continue to pursue the passive investment strategy represented in the Registration Statement, causing its results to significantly deviate from its purported benchmark.
Velocity Financial, Inc. (NYSE: VEL)
Class Period: January 2020 IPO
Lead Plaintiff Deadline: September 28, 2020
The complaint filed in this class action alleges that throughout the Class Period, Velocity 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 at the time of Velocity's initial public offering (the "IPO"), the Company's non-performing loans had dramatically increased in size from the figures provided in the Registration Statement and Prospectus that Velocity had issued in connection with the IPO; (2) that defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO; (3) as a result, the failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Registration Statement and Prospectus regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com