Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against NYCB, Amylyx, Xponential, and InMode and Encourages Investors to Contact the Firm

NEW YORK, March 29, 2024 (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 New York Community Bancorp, Inc. (NYSE: NYCB), Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX), Xponential Fitness, Inc. (NYSE: XPOF), and InMode Ltd. (NASDAQ: INMD). 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.

New York Community Bancorp, Inc. (NYSE: NYCB)

Class Period: March 1, 2023 - February 5, 2024

Lead Plaintiff Deadline: April 8, 2024

NYCB is a large commercial-real estate lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. NYCB is engaged in several national businesses, including multi-family lending, mortgage originations and servicing, and warehouse lending. The Company’s specialty finance loans and leases are generally made to large corporate obligors that participate in stable industries nationwide, and its warehouse loans are made to mortgage lenders across the country. 

On March 20, 2023, the Company’s entered into a Purchase and Assumption Agreement to acquire certain assets and assume certain liabilities of Signature Bridge Bank, N.A. (“Signature”).

On January 31, 2024, before the market opened, NYCB announced its fiscal fourth quarter 2023 financial results. The Company reported a fourth quarter net loss of $252 million due to “a $552 million provision for loan losses,” which was “primarily attributable to higher net charge-offs” and “a significant increase in the ACL [allowance for credit losses]” coverage ratio. Additionally, the Company disclosed that it would cut its quarterly dividend to $0.05 per common share. The Company further explained that these actions were “necessary enhancements” after NYCB “crossed th[e] important threshold [of becoming a $100 billion bank] sooner than anticipated as a result of the Signature transaction.” Crossing this $100 billion threshold subjected NYCB to enhanced banking standards and requirements. 

On this news, NYCB’s stock price fell $3.90, or 37.57%, to close at $6.47 per share on January 31, 2024, on unusually heavy trading volume. 

According to the filed complaint, 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: (1) that the Company was experiencing higher net charge-offs and deterioration in its office portfolio; (2) that, as a result, NYCB was reasonably likely to incur higher loan losses; (3) that, as a result of the foregoing and NYCB’s status as Category IV bank, the Company was reasonably likely to increase its allowance for credit losses; (4) that the Company’s financial results would be adversely affected; (5) that, to preserve capital, the Company would reduce quarterly common dividend to $0.05 per common share; and (6) 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 NYCB class action go to: https://bespc.com/cases/NYCB

Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX)

Class Period: November 11, 2022 - November 8, 2023

Lead Plaintiff Deadline: April 9, 2024

Amylyx is a commercial-stage biotechnology company that engages in the discovery and development of treatments for Amyotrophic Lateral Sclerosis ("ALS"), also known as Lou Gehrig's disease, and other neurodegenerative diseases. The Company's products include, among others, AMX0035 (commercially referred to as "RELYVRIO" in the U.S.), a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol, for the treatment of ALS in adults in the U.S.

Following the U.S. Food and Drug Administration's September 2022 approval of RELYVRIO for the treatment of ALS in adults in the U.S., Defendants consistently touted the drug's commercial prospects and prescription rate.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had overstated RELYVRIO's commercial prospects; (ii) patients were discontinuing treatment with RELYVRIO after six months; (iii) the rate at which new patients were starting treatment with RELYVRIO was decreasing; (iv) accordingly, Defendants had also overstated RELYVRIO's prescription rate; (v) Defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO's prescription data; and (vi) as a result, Defendants' public statements were materially false and misleading at all relevant times.

On November 9, 2023, Amylyx issued a press release announcing its third quarter ("Q3") 2023 financial results, including Q3 GAAP earnings per share of $0.30, missing consensus estimates by $0.12. That same day, on a conference call with investors and analysts to discuss these results, Company management revealed that, despite "a [purported] steady cadence of new prescriptions written in" Q3 for RELYVRIO, Amylyx's "results were impacted by a number of factors" including a "slowdown in net adds" for RELYVRIO in Q3, which "was primarily driven by increased discontinuations for a variety of reasons", with only "60% of people taking RELYVRIO remain[ing] on therapy six months after initiation in the U.S."

Also on November 9, 2023, Investor's Business Daily published an article addressing the Company's disappointing financial results (the "IBD Article"). The IBD Article cited an Evercore ISI analyst, who questioned Amylyx's assertion that the number of new patients starting treatment with RELYVRIO was "steady", noting that his math suggested otherwise and that Amylyx had blocked analysts from viewing RELYVRIO's prescription data in the summer of 2023. The analyst also stated that, "[k]nowing that [Amylyx's] stock had underperformed in 2023 already, management could have communicated the discontinuations dynamic much earlier," and that the "[s]tock move today in a bad biotech tape and fund performance doesn't help investor confidence among folks that have held onto the stock."

Following these disclosures and the publication of the IBD Article, Amylyx's stock price fell $5.74 per share, or 31.89%, to close at $12.26 per share on November 9, 2023.

For more information on the Amylyx class action go to: https://bespc.com/cases/AMLX

Xponential Fitness, Inc. (NYSE: XPOF)

Class Period: July 26, 2021 - December 7, 2023 (Publicly Traded Class A Common Stock Only)

Lead Plaintiff Deadline: April 9, 2024

The Xponential class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Xponential had permanently closed at least 30 stores; (ii) Xponential’s reported same-store sales (“SSS”) and average unit volume (“AUV”) metrics had been misstated by excluding underperforming stores; (iii) 8 out of 10 Xponential brands were losing money monthly; (iv) over 50% of Xponential studios did not make a positive financial return; (v) over 60% of Xponential’s revenue was one-time and non-recurring; (vi) more than 100 of Xponential’s franchises were for sale at a price that is at least 75% less than their initial cost; (vii) Xponential had misled many of its franchisees into opening franchises by misrepresenting the financial profile and profitability of its studios, as well as the expected rate of return for new studio openings; and (viii) many Xponential franchisees were substantially in debt, suffering high attrition rates and running non-viable studios that had no realistic path to profitability.

On June 26, 2023, Fuzzy Panda published a report on Xponential, which, among other things, represented that: (i) Xponential CEO, defendant Anthony Geisler, has had a long history of misleading investors; (ii) Xponential has issued a series of misleading statements about its store closures and the overall financial health of its franchisee base; (iii) more than 50% of Xponential’s studios never make a positive financial return; (iv) more than 100 of Xponential’s franchises are for sale at a price that is at least 75% less than their initial cost; (v) 8 out of 10 Xponential brands are losing money monthly; (vi) Xponential’s publicly reported SSS and AUV metrics misleadingly exclude underperforming stores; (vii) over 60% of Xponential’s revenue is one-time and non-recurring; and (viii) at least 30 Xponential stores had been permanently closed. On this news, the price of Xponential common stock fell more than 37%.

Then, on December 7, 2023, Businessweek published an article titled “Club Pilates, Pure Barre Owners Say Xponential Left Them Bankrupt” which stated that Businessweek had interviewed dozens of former business partners, employees, and franchisees of Xponential who revealed that Xponential misled many franchisees into a “financial nightmare.” The article further stated defendant Geisler “has a track record of combative management, deploying growth-at-all-costs tactics and unleashing aggressive reprisals against anyone who gets in his way.” On this news, the price of Xponential common stock fell more than 26% over two trading days.

For more information on the Xponential class action go to: https://bespc.com/cases/XPOF

InMode Ltd. (NASDAQ: INMD)

Class Period: June 4, 2021 - October 12, 2023 (Common Stock Only)

Lead Plaintiff Deadline: April 15, 2024

InMode is a global provider of aesthetic medical devices and technology, including devices purporting to offer body sculpting and other rejuvenation technologies. The Company’s target customers include dermatologists, dentists, obstetricians and gynecologists, and medical spas.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and omissions concerning two topics that are of critical importance to investors: (1) the price at which InMode sells its devices, which reflects the demand for those products; and (2) InMode’s compliance with U.S. Food and Drug Administration (“FDA”) regulations, including the FDA’s prohibition on off-label marketing of devices and the FDA’s requirements for the reporting of injuries. Specifically, Defendants repeatedly touted the demand for InMode’s devices and told investors that those devices were never sold at a discount. InMode also assured investors that it had “obtained [FDA] clearance for the current treatments for which we offer our products” and that “no third-party claims have been brought against us to date.” As a result of these misrepresentations, the price of InMode common stock traded at artificially inflated prices throughout the Class Period.

According to the complaint, in reality, throughout the Class Period, InMode routinely discounted the prices of its devices and violated FDA regulations by promoting the off-label use of its devices, and by failing to properly report injuries caused by its devices.

The complaint further alleges that the truth began to emerge just before the market closed on February 17, 2023, when an investigative publication revealed that InMode threatened some customers with legal action over complaints made about the Company’s devices and sales tactics. The customers also stated that InMode offered to replace defective products on the condition of signing confidentiality agreements with non-disparagement clauses. However, despite these disclosures, InMode continued to misrepresent the pricing of, and demand for, its products.

Then, on October 12, 2023, before the market opened, InMode lowered its full-year revenue guidance, which the Company blamed on higher interest rates, tighter leasing approval standards, and bottlenecks in loan processing. Later that same day, an investigative publication announced a forthcoming report on InMode, relating to the Company’s statements to investors about pricing flexibility of products and margin consistency. After the close of trading, the publication released a story revealing that InMode significantly discounted the prices of its devices on a routine basis throughout the Class Period. As a result of these disclosures, the price of InMode common stock declined precipitously.

For more information on the InMode class action go to: https://bespc.com/cases/INMD

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.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.