NEW YORK, March 14, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Agrify Corporation (NASDAQ: AGFY), Cronos Group, Inc. (NASDAQ: CRON), Everbridge, Inc. (NASDAQ: EVBG), and CareDx, Inc. (NASDAQ: CDNA). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Agrify Corporation (NASDAQ: AGFY)
On December 16, 2021, during trading hours, market analyst Bonitas Research published a report regarding Agrify which alleges several issues at the Company including that “[w]e believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.” Further the report alleges that “Agrify insiders lied to investors about the independence of its customer base in order to execute a dubious stock promotion for self-enrichment at the expense of minority shareholders[,]” and that “[e]vidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 are either with undisclosed Company insiders or with unlicensed unproven operators.”
On this news, Agrify’s common stock price fell sharply during intraday trading on December 16, 2021.
For more information on the Agrify investigation go to: https://bespc.com/cases/AGFY
Cronos Group, Inc. (NASDAQ: CRON)
On November 9, 2021, Cronos filed a Form 8-K with the U.S. Securities and Exchange Commission, stating that “[o]n November 8, 2021, Cronos Group Inc. . . . determined that it will be required to restate its previously issued unaudited interim financial statements for the three and six months ended June 30, 2021 previously filed on Form 10-Q on August 6, 2021” and advising that “[t]he Company's financial statements for this period should therefore no longer be relied upon.” Cronos further stated that “[t]he Company concluded that it should have recorded an impairment charge of not less than $220 million on goodwill and indefinite-lived intangible assets in its U.S. reporting unit for the three and six months ended June 30, 2021. The Company will restate its unaudited interim financial statements for the three and six months ended June 30, 2021, accordingly.” According to Cronos, the Company “is also evaluating whether to record an additional impairment in the three and nine months ended September 30, 2021.”
On this news, Cronos’s stock price fell $1.01 per share, or 15.05%, to close at $5.70 per share on November 9, 2021.
For more information on the Cronos Group investigation go to: https://bespc.com/cases/CRON
Everbridge, Inc. (NASDAQ: EVBG)
On December 9, 2021, after the market closed, Everbridge announced that CEO David Meredith resigned. Bloomberg reported analyst Stifel as stating, “[t]he timing and uncertainty around the circumstances of Mr. Meredith’s departure combined with the company's guidance introduces a high degree of uncertainty into the story” and that there are “more questions than answers at this point.”
Following this news, Everbridge shares fell $52.37 per share, over 45%, to close at $63 per share on December 10, 2021.
For more information on the Everbridge investigation go to: https://bespc.com/cases/EVBG
CareDx, Inc. (NASDAQ: CDNA)
On January 25, 2021, the Company sold 1,923,077 shares of its common stock through an underwritten public offering at a public offering price of $91.00 per share.
On October 28, 2021, after the market closed, CareDx released Q3 2021 financial results in which the Company disclosed that the U.S. Department of Justice (“DOJ”) had recently served a civil investigatory demand requesting documents in connection with a False Claims Act investigation. The DOJ is investigating business practices related to CareDx’s kidney testing and phlebotomy services. The Company also disclosed that it received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) for similar issues as well as certain accounting and public reporting practices, and the Company received an information request from an unnamed state agency.
On this news, the Company’s share price declined by $19.34 per share, or approximately 27.5%, from $70.34 per share to close at $51.00 per share on October 29, 2021.
For more information on the CareDx investigation go to: https://bespc.com/cases/CDNA
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
