NEW YORK, Aug. 21, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Cassava Sciences, Inc. (NASDAQ: SAVA), U.S. Bancorp (NYSE: USB), Fulgent Genetics, Inc. (NASDAQ: FLGT), and Generac Holdings, Inc. (NYSE: GNRC). 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.
Cassava Sciences, Inc. (NASDAQ: SAVA)
On April 18, 2022, The New York Times published an article entitled “Scientists Question Data Behind an Experimental Alzheimer’s Drug.” The article addressed Cassava’s experimental Alzheimer’s drug, simufilam, and reported that one of Cassava’s advisers, Dr. H.Y. Wang, had five papers he authored retracted from the scientific journal PLoS One after an in-depth investigation revealed “serious concerns about the integrity and the reliability of the results.”
On this news, Cassava’s stock price fell sharply during intraday trading on April 19, 2022.
For more information on the Cassava investigation go to: https://bespc.com/cases/SAVA
U.S. Bancorp (NYSE: USB)
On May 4, 2021, the Company announced an investigation by the CFPB into its sales practices. Upon this news, shares of U.S. Bancorp dropped precipitously.
On July 29, 2022, U.S. Bancorp was fined by CFPB for illegally accessing its customers' credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers' permission.
On this news, U.S. Bancorp stock fell $0.92 per share, or 2%, to close at $47.2 per share on July 29, 2022.
For more information on the U.S. Bancorp investigation go to: https://bespc.com/cases/USB
Fulgent Genetics, Inc. (NASDAQ: FLGT)
Fulgent released its financial results for the second quarter of 2022 on August 4, 2022. As part of its release, the Company disclosed that the SEC is investigating certain Exchange Act reports for 2018 through the first quarter of 2020. This investigation comes after the DOJ issued a civil investigative demand to the Company “related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law.”
Based on this news, shares of Fulgent fell by $3.34 per share, or 5.3%, to close at $59.86 per share on August 5, 2022.
For more information on the Fulgent investigation go to: https://bespc.com/cases/FLGT
Generac Holdings, Inc. (NYSE: GNRC)
On June 22, 2022, Spruce Point Capital Management issued a short report on Generac alleging multiple claims. Spruce Point stated, “Among other alarming findings, we find evidence to suggest a sham revenue transaction at Off Grid Energy, its recent UK acquisition acquired by Pramac’s subsidiary. Even more concerning, we find evidence that to grow its residential solar business and compete against the likes of Tesla, Generac has engaged in a shady transaction with Sunnova, a company we previously profiled for its shoddy financial reporting, which we believe may have been designed to finance its own sales. Generac has also partnered with a large solar distributor named Powerhome (now Pink Energy) which multiple undercover investigations allege it has been misleading customers. Yet, Generac is still promoting the partnership, which we believe to be under FTC investigation.”
On this news, Generac stock fell sharply by $7.23, or 3.3%, during intraday trading, to close at $212.57.
For more information on the Generac investigation go to: https://bespc.com/cases/GNRC
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.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
