NEW YORK, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Applied Materials, Inc. (NASDAQ: AMAT), WEBTOON Entertainment Inc. (NASDAQ: WBTN), and Franklin Resources, Inc. (NYSE: BEN). 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.
Applied Materials, Inc. (NASDAQ: AMAT)
On November 16, 2023, Reuters reported that Applied Materials was under criminal investigation by the U.S. Justice Department for potentially evading export restrictions on China’s top chipmaker, SMIC. On this news, Applied Materials’ stock price fell $6.19 per share, or 4.02%, to close at $147.75 per share on November 17, 2023. Then, on February 27, 2024, Reuters reported that Applied Materials had received a subpoena from both the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the District of Massachusetts related to China shipments, requesting information concerning certain federal award applications. On this news, Applied Materials’ stock price fell $5.32 per share, or 2.62%, to close at $197.54 per share on February 28, 2024.
For more information on the Applied Materials investigation go to: https://bespc.com/cases/AMAT
WEBTOON Entertainment Inc. (NASDAQ: WBTN)
On August 8, 2024, just six weeks after completing its initial public offering (“IPO”), Webtoon announced its second-quarter 2024 revenue of $321 million, coming in significantly below the $340.8 million forecast made by analysts. Webtoon also reported a quarterly net loss of $76.6 million, or 70 cents, also below the market forecasts of 72 cents for the quarter, which ended just days after the IPO. The company stated that its quarterly loss was driven by one-time IPO costs and stock-based compensation expenses, in addition to significant exposure to weaker foreign currencies, including the South Korean won and the Japanese yen, reducing its revenue. On this news, the price of Webtoon shares declined by $7.88 per share, or approximately 38.1%, from $20.63 per share on August 8, 2024, to close at $12.75 on August 8, 2024.
For more information on the Webtoon investigation go to: https://bespc.com/cases/WBTN
Franklin Resources, Inc. (NYSE: BEN)
On August 21, 2024, Franklin subsidiary Western Asset Management Company issued a press release announcing that co-Chief Investment Officer Ken Leech “is on a leave of absence, effective immediately” after “receiv[ing] a Wells Notice from the Staff of the U.S. Securities and Exchange Commission”. That same day, Bloomberg reported that “[f]ederal prosecutors in New York are investigating whether a Western Asset Management executive allocated winning trades to favored accounts, as part of a criminal probe into a practice known as ‘cherry-picking.’”
On this news, Franklin’s stock price fell $2.84 per share, or 12.56%, to close at $19.78 per share on August 21, 2024.
For more information on the Franklin investigation go to: https://bespc.com/cases/BEN
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.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
