NEW YORK, Feb. 13, 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 Meta Materials, Inc. (NASDAQ: MMAT), Bright Health Group, Inc. (NYSE: BHG), First Solar, Inc. (NASDAQ: FSLR), and Talis Biomedical Corporation (NASDAQ: TLIS). 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.
Meta Materials, Inc. (NASDAQ: MMAT)
Class Period: September 21, 2020 – December 14, 2021
Lead Plaintiff Deadline: March 4, 2022
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the business combination of Torchlight Energy Resources, Inc. and Metamaterial Inc. would result in an SEC investigation and subpoena in the matter captioned In the Matter of Torchlight Energy Resources, Inc.; (2) the Company has materially overstated its business connections and dealings; (3) the Company has materially overstated its ability to produce and commercialize its products; (4) the Company has materially overstated its products’ novelty and capabilities; (5) the Company’s products did not have the potential to be disruptive because, among other things, the Company priced its products too high; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On this news, Meta’s stock fell $0.18 per share, or 5.83%, to close at $2.91 per share on December 14, 2021, thereby injuring investors further.
For more information on the Meta Materials class action go to: https://bespc.com/cases/MMAT
Bright Health Group, Inc. (NYSE: BHG)
Class Period: June 24, 2021 IPO; June 24, 2021 – November 10, 2021
Lead Plaintiff Deadline: March 7, 2022
In June 2021, Bright Health completed its initial public offering (“IPO”), selling approximately 51 million shares of common stock for $18.00 per share.
On November 11, 2021, Bright Health reported its third quarter financial results, revealing earnings per share (“EPS”) of -$0.48 as calculated under U.S. generally accepted accounting principles (“GAAP”), missing consensus estimates by $0.31. The Company also reported a sharp rise in the Company’s medical cost ratio (“MCR”), advising investors that its MCR “for the third quarter of 2021 was 103.0%, including a 540 basis point unfavorable impact from COVID-19 related costs and a 900 basis point unfavorable impact primarily from a cumulative reduction in premium revenue due to an inability to capture risk adjustment on newly added lives.”
On this news, Bright Health’s stock fell $2.36, or 32%, to close at $4.94 per share on November 11, 2021, thereby injuring investors.
For more information on the Bright Health class action go to: https://bespc.com/cases/BHG
First Solar, Inc. (NASDAQ: FSLR)
Class Period: February 22, 2019 – February 20, 2020
Lead Plaintiff Deadline: March 8, 2022
On January 15, 2020, Barclays reported that First Solar had “seemingly been, in large part, priced-out of the U.S. downstream solar market” and that the Company had concealed its rapidly declining market share through misleading financial reporting by including projects in its Project Development pipeline that had actually been completed in prior years.
On this news, First Solar’s stock fell $4.03, or 7%, to close at $54.75 per share on January 15, 2020, thereby injuring investors.
Then, on February 6, 2020, Barclays stated that, in an attempt to gain back its market share, First Solar was “bidding more aggressively, leading to lower [Project Development contract] prices, and finally cutting into margins.”
On this news, First Solar’s stock fell $0.45 to close at $52.65 per share on February 6, 2020, thereby injuring investors further.
Then, on February 20, 2020, First Solar announced that it was exploring a sale of its Project Development Business. The Company also disclosed that it was experiencing “challenges with regard to certain aspects of the overall cost per watt” and that it would not be realizing its cost per watt goals.
On this news, First Solar’s stock fell $8.73, or 15%, to close at $50.59 per share on February 21, 2020, thereby injuring investors further.
For more information on the First Solar class action go to: https://bespc.com/cases/FSLR
Talis Biomedical Corporation (NASDAQ: TLIS)
Class Period: February 12, 2021 IPO
Lead Plaintiff Deadline: March 8, 2022
The complaint filed in this class action alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test; (2) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) that, as a result, the Company’s commercialization timeline would be significantly delayed; 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.
By the commencement of this action, Talis stock has traded as low as $3.81 per share, a more than 76% decline from the $16 per share IPO price.
For more information on the Talis class action go to: https://bespc.com/cases/TLIS
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
