NEW YORK, Nov. 02, 2021 (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 loanDepot, Inc. (NYSE: LDI), TMC the metals company (NASDAQ: TMC), Tencent Music Entertainment Group (NYSE: TME), Camber Energy, Inc. (NYSE: CEI). 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.
loanDepot (NYSE: LDI)
Class Period: February 11, 2021 IPO
Lead Plaintiff Deadline: November 8, 2021
In February 2021, loanDepot completed its initial public offering (“IPO”), selling 3.85 million shares of Class A common stock at $14.00 per share.
By August 17, 2021, loanDepot's stock had declined to $8.07 per share, a more than 42% decline from the IPO price after the Company disclosed disappointing second quarter 2021 financial results and provided significantly lower guidance for its business.
According to the complaint, loanDepot violated the Securities Act of 1933 because the Registration Statement failed to disclose that: (1) the Company’s loan originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (2) that the Company’s gain-on-sale margins had already declined substantially at the time of the IPO; (3) that, as a result, the Company’s revenue and growth would be negatively impacted; (4) that the Company had already been forced to embark on a significant expense reduction plan due to the significantly lower growth and refinance originations that the Company was experiencing; 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 loanDepot class action go to: https://bespc.com/cases/LDI
TMC the metals company (NASDAQ: TMC)
Class Period: March 4, 2021 to October 5, 2021
Lead Plaintiff Deadline: December 27, 2021
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the Company had significantly overpaid to acquire Tonga Offshore Mining Limited (“TOML”) to undisclosed insiders; (2) the Company had artificially inflated its Nauru Ocean Resources Inc. (“NORI”) exploration expenditures to give investors a false scale of its operations; (3) the Company’s purported 100% interest in NORI was questionable given prior disclosures to the International Seabed Authority (“ISA” or the “Authority”) that NORI was wholly owned by two Nauruan foundations and that all future income from NORI would be used in Nauru; (4) defendants had significantly downplayed the environmental risks of deep-sea mining polymetallic nodules and failed to adequately warn investors of the regulatory risks faced by the Company’s environmentally risky exploitation plans; (5) the Company’s private investment in public equity (“PIPE”) financing was not fully committed and, therefore, the Company would not have the cash necessary for large sale commercial production; (6) as a result of the foregoing, the Company’s valuation was significantly less than defendants disclosed to investors; and (7) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the TMC class action go to: https://bespc.com/cases/TMC
Tencent Music Entertainment Group (NYSE: TME)
Class Period: March 22, 2021 to March 29, 2021
Lead Plaintiff Deadline: December 27, 2021
According to the lawsuit, Goldman Sachs Group Inc. and Morgan Stanley sold a large amount of Tencent Music American Depository Shares (ADSs) during the Class Period while in possession of material non-public information about Archegos Capital Management (at the time a family office with $10 billion under management) and its need to fully liquidate its position in Tencent Music because of margin call pressure. As a result of these sales, the defendants in the case, Goldman Sachs and Morgan Stanley, avoided billions in losses combined.
When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the TME class action go to: https://bespc.com/cases/TME
Camber Energy, Inc. (NYSE: CEI)
Class Period: February 18, 2021 to October 4, 2021
Lead Plaintiff Deadline: December 28, 2021
Throughout 2021, Camber has failed to timely file required financial statements with the SEC. As a result, financial reporting services such as Yahoo! Finance and Bloomberg were forced to rely on infrequent and outdated updates in SEC filings to estimate the Company’s shares of common stock issued and outstanding. For example, before a recent update by the Company on October 6, 2021, the widely-reported estimate of the Company’s shares of common stock issued and outstanding amounted to 104.2 million, which itself was based on a filing the Company made with the SEC on July 12, 2021. When the Company provided an update on October 6, 2021, it reported 249.6 million shares of stock issued and outstanding, a significantly higher figure.
Throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Camber overstated the financial and business prospects of Viking as well as the combined company post-Merger; (ii) Camber failed to apprise investors of, and/or downplayed, the fact that its acquisition of a controlling interest in Viking would exacerbate the Company’s delinquent financial statements and listing obligations with the NYSE; (iii) an institutional investor was diluting Camber’s shares at a significant rate following the Company’s July 12, 2021 update regarding the number of its shares of common stock issued and outstanding; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Camber class action go to: https://bespc.com/cases/CEI
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
