NEW YORK, March 11, 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 Astra Space, Inc. (NASDAQ: ASTR), Acutus Medical, Inc. (NASDAQ: AFIB), Pulse Biosciences, Inc. (NASDAQ: PLSE), and SunPower Corporation (NASDAQ: SPWR). 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.
Astra Space, Inc. (NASDAQ: ASTR)
Class Period: February 2, 2021 – December 29, 2021
Lead Plaintiff Deadline: April 11, 2022
On December 29, 2021, Kerrisdale Capital published a report stating that Astra’s claim of being able to launch its rockets “anywhere in the world” was “simply not true.” The report alleged that in the US, Astra could only launch from an FAA-licensed commercial spaceport approved for vertical launch, and that only five such sites exist in the country. Furthermore, the report pointed out that Astra had managed just a single successful orbital test flight, despite the Company’s forecast calling for 165 launches by 2024 and 300 launches by 2025.
On this news, Astra’s stock fell $1.10, or 14%, to close at $6.61 per share on December 29, 2021, thereby injuring investors.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Astra cannot launch “anywhere”; (2) Astra significantly overstated its addressable market; (3) Astra overstated the effectiveness of its designs and reliability; (4) Astra significantly overstated its plans for diversification and its broadband constellation plan; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
For more information on the Astra class action go to: https://bespc.com/cases/ASTR
Acutus Medical, Inc. (NASDAQ: AFIB)
Class Period: May 13, 2021 – November 11, 2021
Lead Plaintiff Deadline: April 18, 2022
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) their ability to grow and scale Acutus’ business; (2) Acutus’ strategy regarding AcQMap system placements; and (3) the ability of Acutus to improve commercial execution in the United States, including through the expansion and training of sales staff to “ensure” adequate customer account support, which defendants claimed would be a major growth driver. Specifically, Defendants made materially false and misleading statements and failed to disclose that: (a) a material percentage of the AcQMap systems under evaluation had been randomly installed at sites with little, if any, consideration given to whether the healthcare providers at the selected locations were likely to adopt, or desire, Acutus Medical's products; (b) a material percentage of the AcQMap systems under evaluation had been installed in locations where Acutus Medical did not possess the infrastructure necessary to appropriately educate, train, and support medical service providers on the system's operations; (c) as a result, defendants were in the process of designing a strategic plan to terminate and relocate approximately 20% of then-existing AcQMap systems evaluation arrangements; (d) the Company’s management discussion and analysis was materially false and misleading and failed to disclose that the termination and relocation of approximately 20% of existing AcQMap systems evaluation arrangements was reasonably likely to have a material adverse effect on Acutus Medical's 2021 financial results; and (e) Acutus Medical’s risk factor discussions were materially false and misleading and made reference to potential risks without disclosing that such risks were then-existing or adequately describing the specific nature of the risks then facing the Company.
For more information on the Acutus class action go to: https://bespc.com/cases/AFIB
Pulse Biosciences, Inc. (NASDAQ: PLSE)
Class Period: January 12, 2021 – February 7, 2022
Lead plaintiff Deadline: April 18, 2022
In October 2020, Pulse initiated its investigational device exemption (“IDE”) study to evaluate the treatment of sebaceous hyperplasia lesions using the CellFX System.
On February 8, 2022, before the market opened, Pulse announced that the U.S. Food and Drug Administration (“FDA”) concluded there was insufficient clinical evidence to support the Company’s 510(k) submission to expand the label for the CellFX System to treat sebaceous hyperplasia. Among other things, the FDA found “that the Company had not met the primary endpoints of the sebaceous hyperplasia FDA-approved IDE study.”
On this news, the Company’s share price fell $3.74, or over 34%, to close at $7.12 per share on February 8, 2022, on unusually heavy trading volume.
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 IDE study evaluating the use of the CellFX System to treat sebaceous hyperplasia lesions failed to meet its primary endpoints; (2) that, as a result, there was a substantial risk that the FDA would reject Pulse’s 510(k) submission seeking to expand the label for the CellFX System to treat sebaceous hyperplasia lesions; and (3) 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 Pulse class action go to: https://bespc.com/cases/PLSE
SunPower Corporation (NASDAQ: SPWR)
Class Period: August 3, 2021 – January 20, 2022
Lead Plaintiff Deadline: April 18, 2022
On January 20, 2022, SunPower announced that it had “identified a cracking issue that developed over time in certain factory-installed connectors.” The Company “expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022” to replace the faulty connectors.
On this news, the Company’s share price fell $3.22, or 16.9%, to close at $15.80 per share on January 21, 2022, on unusually heavy trading volume.
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 certain connectors used by SunPower suffered from cracking issues; (2) that, as a result, the Company was reasonably likely to incur costs to remediate the faulty connectors; (3) that, as a result of the foregoing, SunPower’s financial results would be adversely impacted; 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 SunPower class action go to: https://bespc.com/cases/SPWR
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
