NEW YORK, April 14, 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 Apache Corporation (NASDAQ: APA), AgEagle Aerial Systems, Inc. (NYSE: UAVS), Infinity Q Diversified Alpha Fund (NASDAQ: IQDAX, IQDNX), and Velodyne Lidar (NASDAQ: VLDR). 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.
Apache Corporation (NASDAQ: APA)
Class Period: September 7, 2016 to March 13, 2020
Lead Plaintiff Deadline: April 26, 2021
The Class Period begins on September 7, 2016, when Apache, while under immense pressure to show results from its new strategy and reverse its lagging share price, announced the discovery of a new resource play called Alpine High.
Throughout the Class Period, the defendants claimed that Alpine High had valuable oil and gas reserves and promoted Alpine High as the centerpiece of its development business.
The truth about Alpine High and its lack of viability emerged in a series of disclosures between April 2019 and March 2020 that caused Apache’s stock price to decline over 83% from its Class Period high.
Most recently, on March 16, 2020, a Seeking Alpha article published pre-market explained that Apache was particularly challenged amongst its peers, carrying “the highest debt-to-equity ratio among large-cap independent [exploration and production companies],” and noted that “[t]he company doesn’t have a strong balance sheet” and its “financial health isn’t great.” The article emphasized Apache’s “weak balance sheet marked by high levels of debt” of over $8 billion in 2019, “which translates into a lofty debt-to-equity ratio of almost 250% - the highest among all large-cap independent oil producers.” Regarding Alpine High, the article observed that low gas prices “forced Apache to shift capital away from the wet-gas rich Alpine High play which has been driving the company’s production growth.” The article also noted that “Apache also reduced Alpine High’s value by $1.4 billion.”
Following this news, Apache’s stock price fell $3.61 per share, or approximately 45%, over two trading days, from a close of $8.07 per share on March 13, 2020, to close at $4.46 per share on March 17, 2020.
For more information on the Apache class action go to: https://bespc.com/cases/APA
AgEagle Aerial Systems, Inc. (NYSE: UAVS)
Class Period: September 3, 2019 to February 18, 2021
Lead Plaintiff Deadline: April 27, 2021
On October 14, 2020, news broke that Amazon did not have a partnership agreement with AgEagle, and in fact never did. The Wichita Business Journal published a story with the headline: “Exclusive: Who’s AgEagle’s big customer? We now know who it’s not.”
On this news, shares of AgEagle, fell $5.13, or 36.4%, to close at $8.96 on February 18, 2021, damaging investors.
The complaint, filed on February 26, 2021, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) AgEagle did not have a partnership with Amazon and in fact never had any relationship with Amazon; (2) rather than correct the public’s understanding about a partnership with Amazon, defendants were actively contributing to the rumor that AgEagle had a partnership with Amazon; and (3) as a result, defendants’ statements about AgEagle’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the AgEagle class action go to: https://bespc.com/cases/UAVS
Infinity Q Diversified Alpha Fund (NASDAQ: IQDAX, IQDNX)
Class Period: December 21, 2018 to February 22, 2021
Lead Plaintiff Deadline: April 27, 2021
On February 22, 2021, Infinity Q filed a request with the SEC for an order pursuant to Section 22(e)(3) of the Investment Company Act of 1940 suspending the right of redemption with respect to shares of the Fund, effective February 19, 2021, because of Infinity Q’s inability to determine Fund Pricing, or Net Asset Value (“NAV”). The request also stated that the Fund was liquidating its portfolio and distributing its assets to shareholders
The complaint, filed on February 26, 2021, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Infinity Q’s Chief Investment Officer made adjustments to certain parameters within the third-party pricing model that affected the valuation of the swaps held by the Fund; (2) consequently, Infinity Q would not be able to calculate NAV correctly; (3) as a result, the previously reported NAVs were unreliable; (4) because of the foregoing, the Fund would halt redemptions and liquidate its assets; and (5) as a result, the prospectuses were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Infinity Q class action go to: https://bespc.com/cases/InfinityQ
Velodyne Lidar, Inc. (NASDAQ: VLDR)
Class Period: July 2, 2020 to March 17, 2021
Lead Plaintiff Deadline: May 3, 2021
On February 22, 2021, Velodyne announced that the Board had “removed David Hall as Chairman of the Board and terminated Marta Hall’s employment as Chief Marketing Officer of the Company” after the Audit Committee’s investigation “concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to certain Board and Company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with Company officers and directors.” In addition, the Company announced that Velodyne’s Board formally censured Mr. Hall and Ms. Hall, but that they would remain directors of Velodyne.
On this news, Velodyne’s common stock fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021. Additionally, Velodyne’s warrants fell $1.47, or approximately 20%, to close at $5.90 per warrant on February 22, 2021.
The complaint, filed on March 2, 2021, 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 that: (1) that certain of Velodyne’s directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company’s officers and directors; (2) that the Company was investigating the foregoing matters; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
For more information on the Velodyne class action go to: https://bespc.com/cases/VLDR
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