NEW YORK, Jan. 23, 2022 (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 Alfi, Inc. (NASDAQ: ALF), Berkeley Lights, Inc. (NASDAQ: BLI), Organogenesis Holdings, Inc. (NASDAQ: ORGO), and Paysafe Limited (NYSE: PSFE). 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.
Alfi, Inc. (NASDAQ: ALF)
Class Period: May 4, 2021 IPO; May 4, 2021 – November 15, 2021
Lead Plaintiff Deadline: January 31, 2022
On October 28, 2021, Alfi disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n October 22, 2021, the Board of Directors (the ‘Board’) of Alfi, Inc. (the ‘Company’) placed each of Paul Pereira, the Company's President and Chief Executive Officer, Dennis McIntosh, the Company’s Chief Financial Officer and Treasurer, and Charles Pereira, the Company’s Chief Technology Officer, on paid administrative leave and authorized an independent internal investigation regarding certain corporate transactions and other matters.” On this news, Alfi’s stock price fell sharply during intraday trading on October 29, 2021.
Finally, on November 16, 2021, Alfi filed a notice of its inability to timely file its quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2021 (the “3Q21 10-Q”). That filing cited, inter alia, “recent changes in the Company’s [CEO] and [CFO] and in the Chair of the Audit Committee” of the Board, as well as needing “a new independent registered public accounting firm,” as reasons for the Company’s inability to timely file the 3Q21 10-Q.
Following these disclosures, the Company’s stock price fell $0.24 per share, or 5.21%, to close at $4.37 per share on November 16, 2021.
For more information on the Alfi class action go to: https://bespc.com/cases/ALF
Berkeley Lights, Inc. (NASDAQ: BLI)
Class Period: July 17, 2020 – September 14, 2021
Lead Plaintiff Deadline: February 7, 2022
The complaint alleges that throughout the Class Period, Defendants made false and misleading statements and failed to disclose that: (1) Berkeley Lights’ flagship instrument, the Beacon, suffered from numerous design and manufacturing defects including breakdowns, high error rates, data integrity issues and other problems, limiting the ability of biotechnology companies and research institutions to consistently use the machines at scale; (2) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of Berkeley Lights’ automation systems, including complaints related to the design and manufacturing; (3) the actual market for Berkeley Lights’ products and services was a fraction of the $23 billion represented to investors because of, among other things, the relatively high cost of Berkeley Lights’ instruments and consumables and inability to provide the sustained performance necessary to justify these high costs; and (4) as a result, defendants' statements to investors during the Class Period regarding Berkeley Lights’ business, operations and financial results were materially false and misleading.
On September 15, 2021, research analyst firm Scorpion Capital issued a scathing investigative report, titled “Fleecing Customers And IPO Bagholders With A $2 Million Black Box That’s A Clunker, While Insiders and Silicon Valley Bigwigs Race To Dump Stock. Just Another VC Pump at 27X Sales. Target Price: $0,” which criticized Berkeley Lights’ technology and questioned the durability of Berkeley Lights’ most important business relationships and its business growth plan. Although Scorpion Capital stated it was short Berkeley Lights, the information contained in the Scorpion Capital report was purportedly based on extensive proprietary research and analysis, including 24 research interviews with former Berkeley Lights employees, industry scientists, and end users across 14 of Berkeley Lights’ largest customers. Among other findings, the report detailed a “trail of customers who allege they were ‘tricked,’ misled, or over-promised into buying a $2 million lemon” and concluded that the "reality is so far from BLI’s grandiose hype that we believe its product claims and practices may constitute outright fraud.”
On this news, the price of Berkeley Lights common stock fell by nearly 30% over two trading days, damaging investors.
For more information on the Berkeley Lights class action go to: https://bespc.com/cases/BLI
Organogenesis Holdings, Inc. (NASDAQ: ORGO)
Class Period: March 17, 2021 – October 11, 2021
Lead Plaintiff Deadline: February 8, 2022
On October 12, 2021, Value Investors Club issued a report alleging issues at Organogenesis Holdings, Inc., indicating that the wound care medical company has been improperly billing the federal government for $250 million annually. The Company also set the price for its new wound covering, Affinity, “exorbitantly high,” which Medicare reimbursed, while making the product lucrative for doctors to use through large rebates.
On this news, shares of Organogenesis fell over 18% in intraday trading on October 12, 2021.
For more information on the Organogenesis class action go to: https://bespc.com/cases/ORGO
Paysafe Limited (NYSE: PSFE)
Class Period: December 7, 2020 – November 10, 2021
Lead Plaintiff Deadline: February 8, 2022
On March 30, 2021, Paysafe became a public entity via business combination with FTAC.
Then, on November 11, 2021, before the market opened, Paysafe announced that it was revising its revenue guidance for the full year 2021 downward from a range of $1,530 – $1,550 million to a range of $1,470 – $1,480 million. Paysafe attributed the revision to "[g]ambling regulations and softness in key European markets and performance challenges impacting the Digital Wallet segment" and "[t]he modified scope and timing of new eCommerce customer agreements relative to the Company’s original expectations for these agreements."
On this news, the Company’s share price fell $3.03 per share, or more than 40%, to close at $4.24 per share on November 11, 2021, on unusually heavy trading volume.
The complaint filed in this class action 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 that: (1) that Paysafe was being negatively impacted by gambling regulations in key European markets; (2) that Paysafe was encountering performance challenges in its Digital Wallet segment; (3) that new eCommerce customer agreements were being pushed back; 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 Paysafe class action go to: https://bespc.com/cases/PSFE
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
