NEW YORK, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Cadence Bancorp (NYSE: CADE), ProPetro Holdings Corp. (NYSE: PUMP), Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI), and FarFetch Limited (NYSE: FTCH). 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.
Cadence Bancorp (NYSE: CADE)
Class Period: July 23, 2018 to July 22, 2019
Lead Plaintiff Deadline: November 15, 2019
On July 22, 2019, Cadence disclosed that “higher credit costs including net charge-offs of $18.6 million and loan provisions of $28.9 million” negatively impacted its second quarter 2019 financial results.
On this news, the price of Cadence shares fell $3.75, or over 19%, to close at $15.86 per share on July 22, 2019.
The complaint, filed on September 16, 2019, 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 company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the company’s loans posed an increased risk of loss; (3) that, as a result, the company was reasonably likely to incur significant losses for certain loans; (4) that the company’s financial results would suffer a material adverse impact; and (5) 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 on the Cadence class action go to: https://bespc.com/cade
ProPetro Holdings Corp. (NYSE: PUMP)
Class Period: March 14, 2017 to August 8, 2019
Lead Plaintiff Deadline: November 15, 2019
In March 2017, the company completed its initial public offering (“IPO”), in which it sold 25 million shares of common stock at $14.00 per share.
On August 8, 2019, the company issued a press release delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. In a Form 8-K filed with the SEC on the same day, the company stated that the review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also stated that approximately $370,000 had been improperly reimbursed to members of senior management since the IPO.
On this news, the company’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019.
By the date this class action was filed, ProPetro stock was trading as low as $11.44 per share, a nearly 18% decline from the $14 per share IPO price.
The complaint, filed on September 16, 2019, 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 company’s executive officers were improperly reimbursed for certain expenses; (2) that the company had engaged in certain undisclosed transactions with related parties; (3) that the company lacked adequate disclosure controls and procedures; (4) that the company lacked effective internal control over financial reporting; and (5) 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 ProPetro class action go to: https://bespc.com/pump
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI)
Class Period: June 6, 2019 to August 28, 2019
Lead Plaintiff Deadline: November 18, 2019
On August 28, 2019, Ollie’s reported that store sales decreased 1.7% during the second quarter of 2019. Further, Ollie’s disclosed that a “bottleneck issue” had existed in its supply chain “for most all of Q2” and was not corrected until “the last week of the quarter.”
On this news, shares of Ollie’s fell $21.41 per share, or over 27%, to close at $56.36 per share on August 29, 2019.
The complaint, filed on September 17, 2019, 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 company suffered a supply chain issue that impacted the initial inventory available at new stores; (2) that, as a result, the company lacked sufficient inventory to meet demand at certain store locations; (3) that, as a result, the company’s comparable store sales were likely to decrease quarter-over-quarter; 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 Ollie’s class action go to: https://bespc.com/olli
FarFetch Limited (NYSE: FTCH)
Class Period: Securities purchased between September 21, 2018 and August 8, 2019 or pursuant to and/or traceable to the company’s September 2018 initial public offering (“IPO”).
Lead Plaintiff Deadline: November 18, 2019
The complaint, filed on September 19, 2019, alleges that in the IPO registration statement and throughout the Class Period, defendants failed to disclose material adverse facts about the company’s operations and prospects. Specifically, defendants failed to disclose that: (1) the company would refuse to reduce merchandise prices to match the rest of the market; (2) this sub-optimal pricing strategy rendered the company’s platform highly susceptible to underpricing by competitors, despite what defendants touted as a “superior” platform; and (3) as a result, the company’s past and projected growth rates were foreseeably unsustainable. As a result of the foregoing, defendants’ statements about the company’s business strategy and growth prospects lacked a reasonable basis at all relevant times.
On or about September 24, 2018, Farfetch held its IPO in which it sold approximately 50 million shares of Class A common stock at a price of $20.00 per share.
On August 8, 2019, Farfetch reported a larger-than-expected loss of $89.6 million for second quarter 2019. The company also announced a $675 million acquisition of New Guards Group and that its Chief Operating Officer had resigned.
On this news, the company’s share price fell $8.12, or over 44%, to close at $10.13 per share on August 9, 2019. By the date this complaint was filed, the company’s stock was trading as low as $10.20 per share, a nearly 50% decline from the $20 IPO price.
For more information on the FarFetch class action go to: https://bespc.com/ftch
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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