NEW YORK, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against ReneSola Ltd. (NYSE: SOL), TaskUs, Inc. (NASDAQ: TASK), Tecnoglass, Inc. (NASDAQ: TGLS), and WeWork, Inc. (NYSE: WE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
ReneSola Ltd. (NYSE: SOL)
The investigation focuses on ReneSola’s statements about its purported development, construction, operation, and sales of solar power projects in Europe. More specifically, ReneSola has repeatedly touted its increasing number of late-stage projects throughout Europe, which would soon be ready to sell project rights at “notice to proceed”, or “NTP.”
But, on December 2, 2021, analyst Grizzly Research published a scathing report entitled “We believe ReneSola is a Fraudulent Company; Most Projects Never Existed.” According to the report: (1) “[o]ur on the ground due diligence, filings review, and communications with local municipalities in Europe indicate SOL has been vastly misrepresenting its project development pipeline;” (2) “[m]ost of SOL's projects are in Europe, but our research indicates that most of these projects seemingly do not exist;” (3) “SOL might have fabricated projects to give the appearance of a better development pipeline and future economics;” and, (4) “[w]orse yet, SOL continuously categorizes projects as ‘late-stage’, and close to finalization, that our research shows to be either non-existent or delayed for years.”
On this news, ReneSola’s stock price fell $0.50 per share, or 7.62%, to close at $6.06 per share on December 2, 2021.
For more information on the ReneSola investigation go to: https://bespc.com/cases/SOL
TaskUs, Inc. (NASDAQ: TASK)
On January 20, 2022, Spruce Point Capital Management, LLC published a short-seller report on TaskUs. In the report, Spruce Point states, “After conducting a forensic financial and accounting review, Spruce Point believes shares of TaskUs, Inc. (Nasdaq: TASK), a highly promoted business process outsourcing (BPO) firm to digital and emerging technology companies, has a pattern of exaggerated and inflated business claims, including revenue, and is covering-up financial strain with reduced disclosures, cherry-picked market data, and non-standard key performance metrics.” trade at material valuation discounts as a result of being under-covered in the BPO
On this news, TaskUs’s stock fell $5.46, or 15.3%, to close at $30.13 per share on January 20, 2022, thereby injuring investors.
For more information on the TaskUs investigation go to: https://bespc.com/cases/TASK
Tecnoglass, Inc. (NASDAQ: TGLS)
On December 9, 2021, Hindenburg Research published a short-seller report on Tecnoglass, “Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC.” Hindenburg Research detailed a series of alarming red flags about Tecnoglass. Specifically, the report stated, “Our months-long investigation has included review of US and Colombian court records, securities filings, corporate registrations, property records, export records and media reports going back decades. We have identified serious red flags regarding management and numerous undisclosed related party transactions that call the company’s reported financial results into question.”
Following this news, the price of Tecnoglass shares was down over 40% in early morning trading on December 9, 2021.
For more information on the Tecnoglass investigation go to: https://bespc.com/cases/TGLS
WeWork, Inc. (NYSE: WE)
On December 1, 2021, WeWork disclosed in a U.S. Securities and Exchange Commission filing that “[i]n connection with the preparation of the financial statements as of September 30, 2021, WeWork Inc. (the ‘Company') reevaluated its application of Accounting Standards Codification (‘ASC’) 480-10-S99, Distinguishing Liabilities from Equity, to its accounting classification of the Class A common stock subject to possible redemption (the ‘Public Shares’) issued as part of the units sold in the initial public offering by the Company's predecessor, BowX Acquisition Corp. (‘BowX’). The Company had previously classified a portion of the Public Shares in permanent equity. Upon further evaluation, the Company determined that the Public Shares include certain redemption features not solely within the Company's control that, under ASC 480-10-S99, require such shares to be classified as temporary equity in their entirety.” Accordingly, WeWork advised that certain of its previously issued financial statements should not be relied upon and would be restated. In addition, WeWork disclosed that its management has concluded that, that in light of the classification error described above, there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain complex features of the Public Shares.”
The stock dropped more than 5% in extended trading after the disclosure.
For more information on the WeWork investigation go to: https://bespc.com/cases/WE
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
