NEW YORK, April 15, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Koppers Holdings, Inc. (NYSE: KOP), RBB Bancorp (NASDAQ: RBB), Verra Mobility Corp. (NASDAQ: VRRM), and Lilium N.V. (NASDAQ: LILM). 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.
Koppers Holdings, Inc. (NYSE: KOP)
On February 23, 2022, Koppers disclosed that the U.S. Securities and Exchange Commission was conducting an investigation “into the Company’s public non-GAAP financial metrics disclosures regarding the Company’s debt reduction target and net leverage ratio for Fiscal Year 2019 and the related management of its accounts payable.” Koppers’ Chief Executive Officer and other current and former officers and employees had received subpoenas for information and testimony pursuant to a formal order of investigation dated February 14, 2021.
For more information on the Koppers investigation go to: https://bespc.com/cases/KOP
RBB Bancorp (NASDAQ: RBB)
On February 18, 2022, RBB Bancorp announced the abrupt departure of Tammy Song, the EVP and Chief Lending Officer of RBB Bancorp’s wholly owned subsidiary Royal Business Bank.
Four days later, on February 22, 2022, RBB Bancorp announced its President and CEO (Alan Thian) would take a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of the Company’s board of directors.
On this news, RBB Bancorp’s stock price declined by $2.69 per share, or approximately 10.45%, from $25.75 to $23.06 over two trading days.
For more information on the RBB Bancorp investigation go to: https://bespc.com/cases/RBB
Verra Mobility Corp. (NASDAQ: VRRM)
On February 28, 2022, Verra Mobility announced that it filed a notice of late filing with the SEC, because it will not be able to file its Form 10-K for the year ended December 31, 2021 by the due date of March 1, 2022, and the Company is not expected to do so within the allowable 15-day extension period.
Further, Verra Mobility announced that “[d]uring its year-end 2021 financial statement review process, Verra Mobility . . . determined that revenues from the Company's recently acquired Australian subsidiary, Redflex Holdings Limited, may not have been recorded in accordance with generally accepted accounting principles. The Company’s Audit Committee is conducting an investigation of the circumstances surrounding these issues to determine, among other things, whether any related adjustment is necessary for the previously issued financial statements for the second and third quarters of fiscal year 2021.”
On this news, Verra Mobility’s stock dropped as much as 7.6% during intraday trading on February 28, 2022, thereby injuring investors.
For more information on the Verra investigation go to: https://bespc.com/cases/VRRM
Lilium N.V. (NASDAQ: LILM)
On March 14, 2022, Iceberg Research published a short report entitled “Lilium NV - The Losing Horse in the eVTOL [electric vertical take-off and landing aircraft] Race” (the “Iceberg Report”). The Iceberg Report asserted, among other issues, that “[m]any experts have raised serious doubts about” the viability of the Company's Lilium Jet reaching its objective of “fly[ing] up to 155 miles[,]” citing “its configuration of 36 ducted fans (recently reduced to 30) that devour power during takeoff and landing (hovering), and leaves little power for actual flight.” The Iceberg Report also noted that while “Lilium promises its Jet has ready access to battery cells with energy density of 320-330 Wh/kg[,]” “[o]ne of the sources it relies on to show these batteries are within reach is . . . a 34.8% Lilium-owned associated company whose CEO Sujeet Kumar was accused by General Motors of misrepresenting battery performance, while at his previous company Envia Systems.” The Iceberg Report further noted that Lilium’s Chief Executive Officer “had no meaningful professional aerospace experience before starting Lilium in 2015" and "estimate[d] that Lilium has about 18 months before its cash runs dry.”
On this news, Lilium’s stock price fell $1.25 per share, or 33.88%, to close at $2.44 per share on March 14, 2022.
For more information on the Lilium investigation go to: https://bespc.com/cases/LILM
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
