NEW YORK, Nov. 06, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against PROG Holdings, Inc. (NYSE: PRG), Tattooed Chef, Inc. (NASDAQ: TTCF), and Establishment Labs Holdings Inc. (NASDAQ: ESTA). 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.
PROG Holdings, Inc. (NYSE: PRG)
On August 25, 2022, Pennsylvania's Attorney General filed a lawsuit against PROG's Progressive Leasing unit for allegedly violating the Rental Purchase Agreement Act ("RPAA"), a law that requires companies to clearly disclose fees for rent-to-own financing. According to the lawsuit, agents of the Attorney General's Office visited multiple stores across the state that use Progressive Leasing to offer rental-purchase agreement to their customers. "The investigation revealed widespread non-compliance" with the RPAA's disclosure requirements by Progressive Leasing and its merchant partners, the Attorney General's Office said in a statement.
On this news, PROG's stock price fell $2.51 per share, or 12.14%, to close at $18.16 per share on August 26, 2022.
For more information on the PROG investigation go to: https://bespc.com/cases/PRG
Tattooed Chef, Inc. (NASDAQ: TTCF)
On October 12, 2022, after market hours, Tattooed Chef announced that it would restate its quarterly and annual financial statements for 2021, and for its first and second quarterly financial periods of 2022. Tattooed Chef stated these financial statements should no longer be relied upon.
Tattooed Chef stated the restatements are because its was notified earlier this month by its former independent registered public accounting firm, BDO USA LLP, that “the company incorrectly recorded expenses related to a multi-vendor mailer program with a large customer as operating expenses rather than reduction of revenue, and expenses for advertising placement by a marketing services firm on a straight-line basis over the life of the contract rather than when the services were actually rendered.”
On this news, Tattooed Chef share prices dropped by $0.44, or approximately 9.8%, to open on October 13, 2022 at $4.05 per share.
For more information on the Tattooed Chef investigation go to: https://bespc.com/cases/TTCF
Establishment Labs Holdings Inc. (NASDAQ: ESTA)
On October 19, 2022, market analyst Hindenburg Research published a report entitled “Establishment Labs: A Financially Stretched Silicone Safety Charade” which alleged, among other things, that “[d]espite claims of superior safety, we found that almost all key safety studies touted by the company have conflicts of interest, with many undisclosed or under-disclosed.” Further, the report alleged that “Establishment claims to have successfully piloted a ‘revolutionary’ technique to place implants through the armpit using local anesthesia (instead of general), claiming the technique will greatly expand its Total Addressable Market (TAM). This type of insertion has been reported since the 1970s and has been widely available for almost 20 years. It has failed to gain traction due to safety risks.”
The report also alleged that “[b]eyond undisclosed safety questions, we have also identified financial risks. Import/export records show that Establishment ships product to entities formerly owned by the CEO and his family, raising questions of conflicts of interest.”
On this news, share price fell by 17% when the market opened on October 19, 2022.
For more information on the Establishment investigation go to: https://bespc.com/cases/ESTA
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.
(212) 355-4648
investigations@bespc.com
www.bespc.com
