NEW YORK, Jan. 27, 2021 (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 Qiwi plc (NASDAQ: QIWI), ACM Research, Inc. (NASDAQ: ACMR), Triterras, Inc. (NASDAQ: TRIT), and Restaurant Brands International (NYSE: QSR). 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.
Qiwi Plc (NASDAQ: QIWI)
Class Period: March 28, 2019 to December 9, 2020
Lead Plaintiff Deadline: February 9, 2021
Qiwi together with its subsidiaries, purports to operate electronic online payment systems primarily in the Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.
On December 9, 2020, after the market closed, Qiwi filed a Form 6-K with the SEC, announcing that the Central Bank of Russia had imposed a fine of approximately $150,000 for deficient record-keeping and reporting, and suspended the Company’s conduct most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.
On this news, Qiwi’s ADS price fell $2.80 per share, or 20.6%, to close at $10.79 per share on December 10, 2020.
The complaint, filed on December 11, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Qiwi’s internal controls related to reporting and record-keeping were ineffective; (2) consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon the Company’s ability to make payments to foreign merchants and transfer money to pre-paid cards; and (3) 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 Qiwi class action go to: https://bespc.com/cases/QIWI
ACM Research, Inc. (NASDAQ: ACMR)
Class Period: March 6, 2019 to October 7, 2020
Lead Plaintiff Deadline: February 19, 2021
On October 8, 2020, analyst J Capital Research (“J Capital”) published a report concerning ACM, in which J Capital concluded that ACM “is a fraud, over-reporting both revenue and profit.” The report cited, among other things, J Capital’s visits to “sites in China, Korea, and California” and “more than 40 interviews.” J Capital asserted that “[w]hat real profit the company has is apparently being siphoned off to related parties.” The J Capital report concluded that ACM’s revenue was overstated by 15-20% and claimed to have “evidence that undisclosed related parties are diverting revenue and profit from the company.”
Following this news, ACM’s stock price $1.09 per share, or 1.52%, to close at $70.79 per share on October 8, 2020.
The complaint, filed on December 21, 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) the Company’s revenue and profits had been diverted to undisclosed related parties; (ii) accordingly, the Company had materially overstated its revenues and profits; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the ACM research class action go to: https://bespc.com/cases/ACMR
Triterras, Inc. (NASDAQ: TRIT)
Class Period: August 20, 2020 to December 16, 2020
Lead Plaintiff Deadline: February 19, 2021
Triterras is a fintech company focused on trade and trade finance. It operates Kratos, a commodity trading and trade finance platform that connects commodity traders to trade and source capital from lenders directly online. Triterras formed via merger of Netfin and Triterras Fintech Pte. Ltd., which closed on November 11, 2020.
Rhodium Resources Pte. Ltd. (“Rhodium”) is a commodity trading business controlled by Srinivas Koneru, the Company’s Chief Executive Officer (“CEO”). Rhodium enabled the launch of the Kratos platform, and substantially all of the Company’s users were referred to it by Rhodium.
On December 17, 2020, Triterras stated that Rhodium was seeking a moratorium to shield itself from creditor actions while it planned a restructuring of its debts and continue its business as a going concern.
On this news, the Company’s share price fell $4.11, or 31%, to close at $9.09 per share on December 17, 2020. The Company’s warrant price fell $1.09, or 35%, to close at $2.01 per warrant on December 17, 2020.
The complaint, filed on December 21, 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) the extent to which Company’s revenue growth relied on Triterras’ relationship with Rhodium to refer users to the Kratos platform; (2) that Rhodium faced significant financial liabilities that jeopardized its ability to continue as a going concern; (3) that, as a result, Rhodium was likely to refer fewer users to the Company’s Kratos platform; 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 Triterras class action go to: https://bespc.com/cases/TRIT
Restaurant Brands International, Inc. (NYSE: QSR)
Class Period: April 29, 2019 to October 28, 2019
Lead Plaintiff Deadline: February 19, 2021
On April 24, 2018, Restaurant Brands announced a new strategy designed to improve performance within the Company’s Tim Hortons brand. Specifically, the “Winning Together Plan” would focus on three key pillars: restaurant experience; product excellence; and brand communications.
On March 20, 2019, Restaurant Brands announced “Tims Rewards”—a new loyalty program for Tim Hortons customers in Canada. Under the Tims Rewards program, customers would be eligible for a free hot brewed coffee, hot tea, or baked good after every seventh paid visit to a participating Tim Hortons restaurant. On April 10, 2019, Restaurant Brands announced that it was expanding the Tims Rewards program to include customers in the United States.
Throughout the Class Period, Defendants repeatedly touted the implementation and execution of the Company’s Winning Together Plan and Tims Rewards loyalty program. On the heels of the Company touting the benefits of these initiatives, the Company completed two stock offerings on or about August 12, 2019, and September 5, 2019, collectively resulting in proceeds of approximately $3 billion to insiders.
On October 28, 2019, mere weeks after the offerings were completed, investors learned the truth about Tim Hortons’s hyped growth initiatives when the Company announced disappointing financial results for the third quarter ended September 30, 2019. Specifically, Defendants acknowledged that “results at Tim Hortons were not where we want them to be with global comparable sales dipping into negative territory” and admitted that “discounting [associated with Tims Rewards] is slightly more than offsetting the traffic levels, which is causing a little bit of softness in sales.”
On this news, the price of Restaurant Brands common stock declined $2.59 per share, or approximately 4%, from a close of $68.45 per share on October 25, 2019, to close at $65.86 per share on October 28, 2019.
The complaint, filed on December 21, 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 and operations. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company’s Winning Together Plan was failing to generate substantial, sustainable improvement within the Tim Hortons brand; (2) the Tims Rewards loyalty program was not generating sustainable revenue growth as increased customer traffic was not offsetting promotional discounting; and (3) as a result, defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis.
For more information on the Restaurant Brands class action go to: https://bespc.com/cases/QSR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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