NEW YORK, Sept. 03, 2024 (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 CAE Inc. (NYSE: CAE), Verve Therapeutics, Inc. (NASDAQ: VERV), and MongoDB, Inc. (NASDAQ: MDB). 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.
CAE Inc. (NYSE: CAE)
Class Period: February 11, 2022 and May 21, 2024
Lead Plaintiff Deadline: September 16, 2024
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) several of CAE’s pre-COVID fixed-price Defense contracts had incurred severe cost overruns due to supply chain and labor issues – as the segment was significantly impacted by the pandemic – which dented the segment’s profit and operating margin; and (2) CAE failed to successfully reduce hard costs and achieve a sufficient level of operational efficiency, particularly with respect to such contracts, necessitating a re-baselining of the Defense business and significant associated charges.
On August 10, 2022, the Company announced it had incurred “$28.9 million in unfavourable contract profit adjustments in Defense, involving two programs in the U.S.” As a result, the Company’s Defense segment reported an adjusted segment operating loss of $21.2 million, compared to an adjusted segment operating income of $23.7 million in the first quarter of the prior year, according to the complaint. On this news, the price of CAE stock fell more than 16%.
Then, on November 14, 2023, the Company announced that within the Defense segment, the Company planned to “retir[e] legacy contracts, which have been most affected by inflationary pressures.” CAE further stated that “[i]nflationary pressures on legacy contracts, while finite, remain the most significant factor contributing to the current suboptimal margin performance of the business” and that “[w]e are firmly focused on retiring legacy contracts as soon as possible and to mitigating the cost pressures associated with them.” On this news, the price of CAE stock fell nearly 4%.
Then, on February 14, 2024, the Company revealed that it “sought to further accelerate the retirement of outstanding program risks, mainly associated with certain legacy Defense contracts that we entered into pre-COVID and have been most impacted by economic headwinds.” The complaint further alleges that CAE also revealed that there were “eight distinct legacy contracts” and that “[a]lthough [the contracts] represent only a small fraction of the current business, these contracts have disproportionately impacted overall Defense profitability” and that “[f]or the third quarter of fiscal 2024, the ongoing execution of Legacy Contracts had a negative impact of approximately two percentage points on the Defense adjusted segment operating income margin.” On this news, the price of CAE stock fell nearly 10%.
Finally, on May 21, 2024, the Company announced a “re-baselining of its Defense business, Defense impairments, accelerated risk recognition on Legacy Contracts and appointment of Nick Leontidis as COO[.]” According to the Complaint, the Company revealed that “[i]n the fourth quarter of fiscal 2024, CAE has recorded a $568.0 million non-cash impairment of Defense goodwill and $90.3 million in unfavorable Defense contract profit adjustments as a result of accelerated risk recognition on the Legacy Contracts” and also “recorded a $35.7 million impairment of related technology and other non-financial assets which are principally related to the Legacy Contracts.” On this news, the price of CAE stock fell more than 5%.
For more information on the CAE class action go to: https://bespc.com/cases/CAE
Verve Therapeutics, Inc. (NASDAQ: VERV)
Class Period: August 9, 2022 - April 1, 2024
Lead Plaintiff Deadline: October 28, 2024
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose, among other things, that: (1) Defendants did not fully disclose the circumstances under which the Heart-1 Phase 1b clinical trial (the “Heart-1 Trial”) of VERVE-101 would be halted (VERVE-101 is an investigational gene editing medicine designed to be a single course treatment that permanently turns off the PCSK9 gene in the liver to reduce disease-driving low-density lipoprotein cholesterol (LDL-C)); (2) Defendants overstated the potential benefits of its proprietary lipid nanoparticle (LNP) delivery system; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Verve class action go to: https://bespc.com/cases/VERV
MongoDB, Inc. (NASDAQ: MDB)
Class Period: August 23, 2023, - May 30, 2024
Lead Plaintiff Deadline: September 9, 2024
According to the complaint, on March 7, 2024, MongoDB reported strong Q4 2024 results and then announced lower than expected full-year guidance for 2025. MongoDB attributed it to the Company's change in its "sales incentive structure" which led to a decrease in revenue related to "unused commitments and multi-year licensing deals."
Following this news, MongoDB's stock price fell by $28.59 per share to close at $383.42 per share.
Later, on May 30, 2024, MongoDB further lowered its guidance for the full year 2025 attributing it to "macro impacting consumption growth." Analysts commenting on the reduced guidance questioned if changes made to the Company's marketing strategy "led to change in customer behavior and usage patterns."
Following this news, MongoDB's stock price fell by $73.94 per share to close at $236.06 per share.
For more information on the MongoDB class action go to: https://bespc.com/cases/MDB
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
