NEW YORK, Oct. 28, 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 Wrap Technologies, Inc. (NASDAQ: WRTC), Golar LNG Limited (NASDAQ: GLNG), BioMarin Pharmaceuticals, Inc. (NASDAQ: BMRN), and Garrett Motion, Inc. (NYSE: GTX). 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.
Wrap Technologies, Inc. (NASDAQ: WRTC)
Class Period: April 29, 2020 to September 23, 2020
Lead Plaintiff Deadline: November 23, 2020
On September 23, 2020, White Diamond Research published a report entitled “Wrap Technologies: Disastrous LAPD BolaWrap Pilot Program Results, No Evidence These Have Been Communicated To Investors” alleging, among other things, that the Company’s trial pilot program with the LAPD was a disaster, and that the Company had not disclosed the results to investors.
On this news, securities of Wrap fell $2.07 per share, or 25.43% to close at $6.07 per share on September 23, 2020.
The complaint, filed on September 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had concealed the results of the LAPD BolaWrap pilot program, which demonstrated that the BolaWrap was ineffective, expensive, and sparingly used in the field; and (2) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Wrap Technologies class action go to: https://bespc.com/cases/WRTC
Golar LNG Limited (NASDAQ: GLNG)
Class Period: April 30, 3030 to September 24, 2020
Lead Plaintiff Deadline: November 23, 2020
On September 24, 2020, media reported that the Chief Executive Officer (“CEO”) of Golar’s joint venture, Hygo Energy Transition Ltd. (“Hygo”), was involved in a bribery network investigated in Brazil’s Operation Car Wash.
On this news, the Company’s share price fell $3.28, or 32%, to close at $6.86 per share on September 24, 2020.
The complaint, filed on September 24, 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 certain employees, including Hygo’s CEO, had bribed third parties, thereby violating anti-bribery policies; (2) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties; (3) that, as a result of the foregoing reputational harm, Hygo’s valuation ahead of its IPO would be significantly impaired; and (4) 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 Golar LNG class action go to: https://bespc.com/cases/GLNG
BioMarin Pharmaceuticals, Inc. (NASDAQ: BMRN)
Class Period: February 28, 2020 to August 18, 2020
Lead Plaintiff Deadline: November 24, 2020
BioMarin was founded in 1996 and is headquartered in San Rafael, California. BioMarin is a biotechnology company that develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. The Company’s product candidates include, among others, valoctocogene roxaparvovec, an investigational adenoassociated virus (“AAV”) gene therapy, which is in Phase 3 clinical development for the treatment of patients with severe hemophilia A.
On August 19, 2020, BioMarin announced receipt of a Complete Response Letter (“CRL”) from the FDA to the Company’s Biologics License Application (“BLA”) for valoctocogene roxaparvovec. BioMarin advised investors that in the CRL, “the FDA introduced a new recommendation for two years of data from the Company’s ongoing 270-301 study (Phase 3) to provide substantial evidence of a durable effect using Annualized Bleeding Rate (ABR) as the primary endpoint” and “recommended that the Company complete the Phase 3 Study and submit two-year follow-up safety and efficacy data on all study participants.” In explaining the new recommendation, the “FDA concluded that the differences between Study 270-201 (Phase 1/2) and the Phase 3 study limited its ability to rely on the Phase 1/2 study to support durability of effect.”
On this news, BioMarin’s stock price fell $41.82 per share, or 35.28%, to close at $76.72 per share on August 19, 2020.
The complaint, filed on September 25, 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) differences between the Phase 1/2 and Phase 3 study of valoctocogene roxaparvovec limited the reliability of the Phase 1/2 study to support valoctocogene roxaparvovec’s durability of effect; (ii) as a result, it was foreseeable that the FDA would not approve the BLA for valoctocogene roxaparvovec without additional data; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the BioMarin securities class action go to: https://bespc.com/cases/BMRN
Garrett Motion, Inc. (NYSE: GTX)
Class Period: October 1, 2018 to September 18, 2020
Lead Plaintiff Deadline: November 24, 2020
Garrett designs, manufactures and sells turbocharger, electric-boosting and connected vehicle technologies for original equipment manufacturers and the aftermarket. In October 2018, the Company formed as a spin-off of the Transportation Systems business of Honeywell International Inc. (“Honeywell”).
On August 26, 2020, the Company disclosed that its “leveraged capital structure poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers.” Garrett further stated that its “high leverage is exacerbated by significant claims asserted by Honeywell against certain Garrett subsidiaries under the disputed subordinated asbestos indemnity and the tax matters agreement.”
On this news, the Company’s share price fell $3.04, or 44%, to close at $3.84 per share on August 26, 2020.
On Sunday, September 20, 2020, Garrett announced that it had filed for Chapter 11 bankruptcy.
On Monday, September 21, 2020, the New York Stock Exchange (“NYSE”) announced that it would commence proceedings to delist Garrett’s stock from the NYSE after the Company’s disclosure that it had filed for bankruptcy.
On this news, the Company’s stock began trading over-the-counter and closed at $1.76 per share on September 22, 2020, a 12% decline from the closing price on September 18, 2020.
The complaint, filed on September 25, 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, due to its agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, Garrett was saddled with an unsustainable level of debt; (2) that, as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (3) that, as a result of the foregoing, Garrett’s ability to gain or hold market share was impaired; (4) that, as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; 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.
For more information on the Garrett Motion class action go to: https://bespc.com/cases/GTX
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.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com