NEW YORK, Jan. 17, 2022 (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 KE Holdings (NYSE: BEKE), DocuSign, Inc. (NASDAQ: DOCU), Faraday Future Intelligent Electric, Inc. (NASDAQ: FFIE), and Arrival SA (NASDAQ: ARVL). 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.
KE Holdings (NYSE: BEKE)
Class Period: August 13, 2020 – December 16, 2021
Lead Plaintiff Deadline: February 28, 2022
The action arises out of the Company’s misstatements materially overstating its store count, agent counsel, new home sales gross transaction value (“GTF”), and revenues. The complaint alleges that defendants made materially false and misleading statements and omissions, and engaged in a scheme to deceive the market. The trust began to come to light when Muddy Waters Capital LLC, a research based equity investor, revealed that KE Holdings was overstating the agents and stores on its platforms, its GTV, and its revenues, among other wrongdoing. These misstatements artificially inflated the price of KE Holdings’ ADS and operated as a fraud or deceit on the Class. When the truth was revealed, the Company’s ADS price fells substantially and has continued falling since.
For more information on the KE Holdings class action go to: https://bespc.com/cases/BEKE
DocuSign, Inc. (NASDAQ: DOCU)
Class Period: May 27, 2020 – December 2, 2021
Lead Plaintiff Deadline: February 21, 2022
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the impact of the Covid-19 pandemic on DocuSign’s business was positive, not negative; (2) DocuSign misrepresented the role that the Covid-19 pandemic had on its growth; (3) DocuSign downplayed the impact that a ‘return to normal’ would have on the Company’s growth and business; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times.
On this news, DocuSign’s stock price plummeted $98.73 per share, or over 42%, to close at $135.09 per share on December 3, 2021, damaging investors.
For more information on the DocuSign class action go to: https://bespc.com/cases/DOCU
Faraday Future Intelligent Electric, Inc. (NASDAQ: FFIE)
Class Period: January 28, 2021 – November 15, 2021
Lead Plaintiff Deadline: February 22, 2022
On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday Future was unlikely to ever sell a car, noting that after eight years in business, the Company has “failed to deliver a car,” “has reneged on promises to build factories in five localities in the U.S. and China,” “is being sued by dozens of unpaid suppliers,” and “has failed to disclose that assets in China have been frozen by courts.” Moreover, the report alleged that Faraday Future’s claimed 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate. The report further alleges that contrary to representations of progress toward manufacturing made by Faraday Future in September 2021, former engineering executives did not believe that the car was ready for production.
On this news, the Company’s share price fell $0.35 per share, or more than 4%, to close at $8.05 per share on October 8, 2021.
On November 15, 2021, Faraday Future announced that it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time. Faraday Future further announced that its board of directors “formed a special committee of independent directors to review allegations of inaccurate disclosures,” including the claims in the J Capital report.
On this news, the Company’s share price fell $0.28 per share, or approximately 3%, to close at $8.83 per share on November 16, 2021.
The complaint filed in this class action 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 the Company had assets in China frozen by courts, (2) that a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; (3) that the Company’s cars were not as close to production as the Company claimed; (4) that, as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; 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 Faraday class action go to: https://bespc.com/cases/FFIE
Arrival SA (NASDAQ: ARVL)
Class Period: November 18, 2020 – November 19, 2021
Lead Plaintiff Deadline: February 22, 2022
On November 8, 2021, Arrival announced the Company’s financial results for the third quarter of 2021, including a loss of €26 million, and adjusted EBITDA loss for the quarter of €40 million. The Company also significantly scaled back its long-term projections, pushing its production and sales timelines into later time periods.
On this news, shares of Arrival plummeted $4.33, or 24%, to close at $13.46 on November 10, 2021.
Only a week later, on November 17, 2021, Arrival announced a $200 million offering of green convertible senior notes due 2026, intended to finance the development of EVs. On the same day, November 17, 2021, Arrival announced the commencement of an underwritten public offering of 25 million ordinary shares pursuant to a registration statement on Form F-1 filed with the SEC in a bid to raise around $330 million in cash.
On this news, Arrival shares again dropped $0.82, or approximately 8%, to close at $9.91 on November 18, 2021.
The Complaint alleges Arrival made false and misleading statements to the public throughout the Class Period and failed to disclose material adverse facts about the Company’s business, operational, and financial prospects. Specifically, Arrival made false and/or misleading statements concerning: (i) the Company would record a substantially greater net loss and adjusted EBITDA loss in the third quarter of 2021 compared to the third quarter of 2020; (ii) the Company would experience far greater capital and operational expenses required to operate and deploy its microfactories and manufacture EVs than disclosed; (iii) the Company would not capitalize on or achieve profitability or provide meaningful revenue in the time periods disclosed; (iv) the Company would not achieve its production and sales volumes; (v) the Company would not meet the disclosed production rollout deadlines; (vi) accordingly, the Company materially overstated its financial and operational position and/or prospects; and (vii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Arrival class action go to: https://bespc.com/cases/ARVL
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.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
