Class Action – Attorney Legal Counsel

(SPAC) Special Purpose Acquisition Investigation: Embark

attorneylegalcounsel99 — Wed, 29 Nov 2023 20:07:54 +0000

SAN DIEGO, Nov. 29, 2023 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of law in connection with the following special purpose acquisition companies (“SPACs”):

Embark Technology Inc. f/k/a Northern Genesis Acquisition Corp. II (NASDAQ: EMBK)

Clever Leaves Holdings Inc. f/k/a Schultze Special Purpose Acquisition Corp. (NASDAQ: CLVR):

If you are an investor who has suffered losses in connection with any of the SPACs purchased below: Click or paste the following web address into your browser to submit your losses:

Embark Technology Inc. f/k/a Northern Genesis Acquisition (NASDAQ: EMBK)

Shareholders who purchased Northern Genesis Acquisition Corp. II and continue to hold their shares are encouraged to submit their information by following the link below:

Clever Leaves Holdings Inc. f/k/a Schultze Special Purpose Acquisition Corp. (NASDAQ: CLVR):

Shareholders who purchased Schultze Special Purpose Acquisition Corp and continue to hold their shares are encouraged to submit their information by following the link below:

Clever Leaves Holdings Inc. f/k/a Schultze Special Purpose Acquisition Corp.

Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. attorney advertising. Past results do not guarantee future outcomes.

attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.

Johnson Fistel, LLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com

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Investors with Significant Losses in

attorneylegalcounsel99 — Tue, 21 Nov 2023 21:46:34 +0000

SAN DIEGO, Nov. 21, 2023 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action lawsuit on behalf of persons who purchased or otherwise acquired Holley Inc. (NYSE: HLLY) securities between July 21, 2021 and February 6, 2023. On July 16, 2021, Empower, a special purpose acquisition corporation, completed a business combination with Holley Intermediate Holdings, Inc., a privately held company, and began trading as Holley Inc. Holley designs, manufactures, and distributes performance automotive products to customers primarily in the United States, Canada, and Europe.

For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.

What is this Case About: Holley Inc. (HLLY) f/k/a Empower Ltd. (EMPW) Misled Investors Regarding its Ability to Integrate Acquisitions and Achieve Cost Synergies

According to the complaint, during the class period, defendants made false and misleading statements. Plaintiffs allege that defendants touted to investors that Holley was well-prepared to weather an economic downturn thanks to sticky demand from car and truck enthusiasts as well as the Company’s seemingly successful growth through M&A strategy, which had purportedly resulted in successful integrations and significant cost synergies. Defendants also touted the Company’s transition to and increasing direct-to-consumer (“DTC”) sales that did not require Holley to sell through its network of resellers, which would lead to organic sales growth at high profit margins. In reality, however, Holley failed to successfully integrate its acquisitions or achieve cost synergies, and by focusing on expanding its DTC sales, Holley was severely damaging its critical relationships with resellers. Holley’s sales and profitability suffered as a result.

The truth was revealed through a series of disclosures beginning on July 28, 2022. Upon each disclosure, the Company’s share price declined. At the end of the class period, the stock closed at $2.13 per share, down approximately 85% from the class period peak of $14.52 per share on March 16, 2022.

What Now: Similarly situated shareholders may be eligible to participate in the class action against Holley Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by January 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Holley Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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Robbins Geller Rudman & Dowd LLP Files

attorneylegalcounsel99 — Mon, 20 Nov 2023 03:16:03 +0000

SAN DIEGO, Nov. 19, 2023 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers of SC Health Corporation (“SC Health”) (NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (“Rockley”) (NYSE: RKLY; NYSE: RKLY.WS) securities between March 19, 2021 and January 23, 2023, both dates inclusive (the “Class Period”) and purchasers directly in the March 2021 private investment in public equity of Rockley shares (the “PIPE Offering”) conducted in connection with the merger of SC Health and Rockley (the “Merger”) have until January 8, 2024 to seek appointment as lead plaintiff of the Rockley class action lawsuit. Captioned Grossman v. Sin, et al., No. 23-cv-9501 (C.D. Cal.), the Rockley class action lawsuit charges SC Health Holdings Limited, SC Health Group Limited, SIN Capital Group Pte. Ltd. as well as certain of SC Health, SIN Capital Group Pte. Ltd., and Rockley’s top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Rockley class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-rockley-photonics-holdings-limited-and-sc-health-corporation-class-action-lawsuit.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.

CASE ALLEGATIONS: Rockley specializes in the research and development of integrated silicon photonics chipsets and modules for sensory and communications products. SC Health was a special purpose acquisition company – commonly known as a “SPAC” or “blank-check company.”

The Rockley class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Rockley’s joint venture agreement (“JV Agreement”) with Hengtong Rockley Technology Co., Ltd. was in jeopardy because Jiangsu Hengtong Optic-Electric Co., Ltd. (“Hengtong”), Rockley’s joint venture partner, had acquired a majority interest in a company, Huawei Marine Networks Co., Ltd. (“Huawei Marine”) (later renamed HMN Tech), on the banned entities list maintained by the U.S. Bureau of Industry and Security of the U.S. Department of Commerce since 2019; (ii) the JV Agreement was in further jeopardy because in February 2021 the World Bank had invalidated a bid by Huawei Marine to build an undersea optical cable based on security concerns raised by the United States and other countries that China could use the infrastructure to spy on communications; (iii) the materially undisclosed risk that the JV Agreement could fail as a result of Hengtong’s acquisition of a majority interest in HMN Tech jeopardized Rockley’s joint venture revenues, launch schedule, business prospects, and ultimately Rockley’s solvency; (iv) Rockley did not have the customer base or customer commitments that defendants had represented to investors; and (v) Rockley did not have sufficient customer orders to allow it to develop and commercialize products, maintain and expand client relationships, reach cash flow break-even, or stave off bankruptcy following the Merger.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased SC Health and Rockley securities during the Class Period and purchasers directly in the PIPE Offering conducted in connection with the Merger to seek appointment as lead plaintiff in the Rockley class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Rockley class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Rockley class action lawsuit. An investor’s ability to share in any potential future recovery of the Rockley class action lawsuit is not dependent upon serving as lead plaintiff.

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.

ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.

Contact:
        Robbins Geller Rudman & Dowd LLP
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        J.C. Sanchez, 800-449-4900
        jsanchez@rgrdlaw.com

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Robbins Geller Rudman & Dowd LLP

attorneylegalcounsel99 — Thu, 09 Nov 2023 13:02:56 +0000

SAN DIEGO, Nov. 09, 2023 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Outlook Therapeutics, Inc. (NASDAQ: OTLK) securities between December 29, 2022 and August 29, 2023, both dates inclusive (the “Class Period”), have until January 2, 2024 to seek appointment as lead plaintiff of the Outlook Therapeutics class action lawsuit. Captioned Alsaidi v. Outlook Therapeutics, Inc., No. 23-cv-21862 (D.N.J.), the Outlook Therapeutics class action lawsuit charges Outlook Therapeutics and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Outlook Therapeutics class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-outlook-therapeutics-inc-class-action-lawsuit-otlk.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.

CASE ALLEGATIONS: Outlook Therapeutics’ lead product candidate is ONS-5010, an ophthalmic formulation of the antibody bevacizumab for the treatment of wet age-related macular degeneration (“wet AMD”) and other retina diseases.

The Outlook Therapeutics class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) there was a lack of substantial evidence supporting ONS-5010 as a treatment for wet AMD; (ii) Outlook Therapeutics and/or its manufacturing partner had deficient chemistry manufacturing and controls (“CMC”) and other manufacturing issues for ONS-5010, which remained unresolved at the time the ONS-5010 biologics license application (“BLA”) was resubmitted to the U.S. Food and Drug Administration (“FDA”); (iii) as a result, the FDA was unlikely to approve the ONS-5010 BLA in its present form; and (iv) accordingly, ONS-5010’s regulatory and commercial prospects were overstated.

The Outlook Therapeutics class action lawsuit further alleges that on August 30, 2023, Outlook Therapeutics disclosed that “[w]hile the FDA acknowledged the NORSE TWO pivotal trial met its safety and efficacy endpoints, the Agency concluded it could not approve the BLA during this review cycle due to several CMC issues, open observations from pre-approval manufacturing inspections, and a lack of substantial evidence.” The Outlook Therapeutics class action lawsuit alleges that on this news, the price of Outlook Therapeutics stock fell more than 80%.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Outlook Therapeutics securities during the Class Period to seek appointment as lead plaintiff of the Outlook Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Outlook Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Outlook Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Outlook Therapeutics class action lawsuit.

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.

Contact:
        Robbins Geller Rudman & Dowd LLP
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        J.C. Sanchez, 800-449-4900
        jsanchez@rgrdlaw.com

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates

attorneylegalcounsel99 — Fri, 27 Oct 2023 16:20:34 +0000

NEW YORK, Oct. 27, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Leslie’s, Inc. (“Leslie’s” or the “Company”) (NASDAQ: LESL). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Leslie’s and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On July 13, 2023, Leslie’s pre-released preliminary results for the third quarter of 2023. Among other items, Leslie’s revealed that sales in the third quarter of 2023 had declined by 12%, the Company’s earnings per share for the quarter was 42% below analysts’ estimates, and adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) was now between $124 to $128 million, well below the prior forecast of $197 million.

Additionally, after reaffirming its fiscal 2023 guidance the previous two quarters, Leslie’s abruptly slashed its financial outlook by up to 60% for the remainder of the year. By way of explanation, the Company stated that “consumers entered the pool season with a greater than normal amount of chemicals leftover from last year,” resulting in reduced purchasing. In addition, as part of this pre-release and the sudden drop in guidance, Leslie’s announced that its Chief Financial Officer Steven M. Weddell would be stepping down from his post effective August 7, 2023.

On this news, Leslie’s stock price fell $4.06 per share, or 42.65%, over the following two trading sessions, to close at $5.46 per share on July 17, 2023.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

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Medical Properties Trust, Inc.: Please contact the Portnoy

attorneylegalcounsel99 — Wed, 25 Oct 2023 21:59:05 +0000

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Oct. 25, 2023 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Medical Properties Trust, Inc. (“MPW” or the “Company”) (NYSE: MPW) investors that a lawsuit filed on behalf of investors that purchased MPW during the class period.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

In May 2023, MPW, a real estate investment trust specializing in healthcare facilities, announced a recapitalization transaction with Prospect Medical Holdings, involving an equity stake in PHP Holdings, LLC, instead of cash payments. This deal required regulatory approval from California’s Department of Managed Health Care (DMHC). On July 20, 2023, DMHC ordered a hold on the transaction, which MPW did not disclose in its subsequent reports. The Wall Street Journal exposed this on August 18, 2023, causing MPW’s stock to drop significantly. Shareholders then filed a complaint alleging that MPW had made false statements and failed to disclose material information about the transaction’s regulatory status, leading to misleading statements and stock price decline.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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Scott+Scott Attorneys at Law LLP

attorneylegalcounsel99 — Fri, 20 Oct 2023 17:59:28 +0000

NEW YORK, Oct. 20, 2023 (GLOBE NEWSWIRE) — Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of eBay Inc. (“eBay”) (NASDAQ: EBAY) breached their fiduciary duties to eBay and its shareholders. If you are an eBay shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or jpettigrew@scott-scott.com.

Scott+Scott is investigating whether members of eBay’s board of directors or senior management failed to manage eBay in an acceptable manner, in breach of their fiduciary duties to eBay, and whether eBay and its shareholders have suffered damages as a result.

On September 27, 2023, the U.S. Department of Justice, on behalf of the U.S. Environmental Protection Agency, filed a complaint against eBay for unlawfully selling and distributing hundreds of thousands of products in violation of several federal statutes, including the Clean Air Act, the Federal Insecticide, Fungicide, Rodenticide Act, and the Toxic Substances Control Act. These products include aftermarket defeat devices, often used by so-called “coal rollers”, which significantly increase pollution emissions, and unregistered and potentially dangerous pesticide products.

What You Can Do

If you are an eBay shareholder, you may have legal claims against eBay’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982, or jpettigrew@scott-scott.com.

About Scott+Scott

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.

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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
600 W. Broadway, Suite 3300
San Diego, CA 92101
844-818-6982
jpettigrew@scott-scott.com

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Please contact the Portnoy Law Firm to recover

attorneylegalcounsel99 — Sat, 14 Oct 2023 04:24:17 +0000

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Oct. 13, 2023 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Kenvue Inc. (“Kenvue” or the “Company”) (NYSE: KVUE) investors that a lawsuit filed on behalf of investors that purchased Kenvue securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s May 2023 initial public offering (the “IPO” or “Offering”).

Kenvue, previously the consumer health division of Johnson & Johnson, went public with an IPO in May 2023, offering around 171,812,560 shares of its common stock to the public at a price of $22.00 per share. The IPO was based on the premise that the Company and its products, including phenylephrine (“PE”), were effective.

However, shortly after the IPO, an FDA panel unanimously declared that oral forms of PE were ineffective in relieving nasal congestion. They published these findings in a document titled “Efficacy of Oral Phenylephrine as a Nasal Decongestant.” The FDA revealed that it had been evaluating data on the effectiveness of oral PE since December 2007.

Following this news, Kenvue’s stock saw a decline of $1.01 per share, amounting to a 4.58% drop, closing at $21.06 on September 12, 2021, causing financial harm to investors. The stock price did not recover to the IPO price of $22.00 thereafter.

The class action complaint filed in response alleges that the Registration Statement made material false and misleading statements and omitted crucial adverse information about the Company’s business, operations, and prospects. Specifically, the complaint asserts that: (1) Kenvue was facing potential challenges due to known concerns about the efficacy of phenylephrine; (2) the IPO did not address risks associated with the efficacy of phenylephrine, which had been in question since at least 2007; (3) while the Company disclosed general litigation risks, it did not specify the risk related to potential legal action arising from unfavorable findings about the effectiveness of phenylephrine; and (4) as a result, the positive statements made by the Defendants about the Company’s business, operations, and prospects were significantly misleading and lacked a reasonable basis throughout the relevant time period.

Please visit our website to review more information and submit your transaction information.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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iCap Equity and iCap Vault Investor Alert: Attorneys

attorneylegalcounsel99 — Thu, 05 Oct 2023 11:22:31 +0000

WASHINGTON, Oct. 05, 2023 (GLOBE NEWSWIRE) — The investor lawyers at Rosca Scarlato LLC law firm are investigating potential claims for compensation on behalf of certain investors in iCap Equity, iCap Vault, and certain other affiliated companies (“iCap”), following iCap’s recent bankruptcy and the cease-and-desist letter by the Washington State securities regulator.

Investor rights attorney Alan Rosca and his colleagues have been in touch with iCap investors and reviewed a considerable number of case records. They are preparing to take legal action and seek compensation on behalf of some of the iCap investors, from the financial industry entities that employed investment advisors who recommended iCap to such investors. Investors interested to evaluate their loss recovery options and individuals with knowledge of the facts surrounding the iCap securities offerings may contact the Rosca Scarlato attorneys.

iCap Files for Chapter 11 Bankruptcy

Several months after iCap Equity suspended interest payments to its investors, iCap filed for Chapter 11 bankruptcy.

The bankruptcy records reveal, among others, that in August 2023 the State of Washington Securities Division demanded iCap to cease and desist from selling unregistered securities. In addition, the records indicate that iCap has been subject to multiple civil lawsuits filed by investors.

What iCap Investors May Do

Investor rights attorneys Alan Rosca and Paul Scarlato have been investigating the iCap matter and are evaluating potential claims for compensation for some of the investors who invested in iCap through a registered investment professional. Concerned iCap investors may contact attorneys Rosca or Scarlato for a free, no-obligation evaluation of their options at 888-998-0530, arosca@rscounsel.law or by leaving a message at the iCap Enterprises Investor Alert page.

The Rosca Scarlato investor lawyers have substantial experience representing investors who lost money due to questionable investment recommendations or investment-related misconduct. The Rosca Scarlato attorneys typically take cases on a contingency fee basis wherever permitted, advance all case expenses, and only get paid for their fees and expenses if and when they are successful.

Visit https://investorlawyers.org for more information about the Rosca Scarlato attorneys’ background and admissions to practice law. This release may be deemed to include attorney Advertising. There has been no finding of liability as to the allegations herein. © Rosca Scarlato 2023

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Pomerantz Law Firm Reminds Shareholders

attorneylegalcounsel99 — Sat, 09 Sep 2023 16:41:58 +0000

NEW YORK, Sept. 09, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Discover Financial Services (“DFS” or the “Company”) (NYSE: DFS) and certain officers. The class action, filed in the United States District Court for the Northern District of Illinois, Eastern Division, and docketed under 23-cv-06788, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired DFS common stock between February 21, 2019 and August 14, 2023, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased or otherwise acquired DFS common stock during the Class Period, you have until October 31, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

DFS is an American financial services company that owns and operates Discover Bank, an online bank that offers checking and savings accounts, personal loans, home equity loans, student loans, and credit cards. DFS’s shares trade on the New York Stock Exchange under the ticker symbol “DFS”.

At all relevant times, DFS represented that it maintained robust risk management and compliance protocols for its various business segments and needs, including, among other things, its customer credit card and student loan practices.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) DFS maintained deficient risk management and compliance procedures; (ii) as a result of the foregoing deficiencies, the Company had, inter alia, failed to comply with applicable student loan servicing standards, misclassified certain credit card accounts, overcharged customers, and failed to stem its ballooning credit card delinquency rate; (iii) the foregoing issues, when they became known, would subject DFS to significant financial exposure, regulatory scrutiny, and reputational harm; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 20, 2022, DFS issued a press release announcing its financial results for the second quarter of 2022. Among other items, DFS disclosed that it “is suspending until further notice its existing share repurchase program because of an internal investigation relating to its student loan servicing practices and related compliance matters.” The Company also advised that “[t]he investigation is ongoing and is being conducted by a board-appointed independent special committee.”

On this news, DFS’s stock price fell $9.80 per share, or 8.93%, to close at $100 per share on July 21, 2022.

On July 19, 2023, DFS issued a press release announcing its financial results for the second quarter of 2023. Among other items, DFS disclosed that it had misclassified certain credit card products over an approximate 15-year period as a result of an acknowledged compliance failure. Specifically, DFS disclosed that it had incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier, beginning around mid-2007. In addition, the Company disclosed receipt of a proposed consent order from the Federal Deposit Insurance Corporation in connection with an unrelated regulatory matter.

On this news, DFS’s stock price fell $19.40 per share, or 15.92%, to close at $102.45 per share on July 20, 2023.

On August 14, 2023, DFS issued a press release announcing that its Board of Directors (the “Board”) and Defendant Roger C. Hochschild (“Hochschild”) “have agreed that Hochschild will step down as Chief Executive Officer and President and as a member of the Board”, effective immediately. Notably, the same press release also quoted DFS’s Chair of the Board, who assured investors that “[t]he Board is continuously focused on Discover reaching its full potential across the business, including our commitment to enhancing compliance, risk management and corporate governance.”

That same day, in an exhibit to a filing with the U.S. Securities and Exchange Commission, DFS also disclosed that its credit card delinquency rate increased to 3.00% for the 24-month period ended July 31, 2023, as compared to 2.86% for the 24-month period ended June 31, 2023. As reported by Seeking Alpha that day, the Company’s credit card delinquency rate now stood at a higher level than the pre-pandemic rate of 2.37% in July 2019.

Then, on August 15, 2023, Seeking Alpha published an article reporting on analyst speculation that Defendant Hochschild’s resignation was directly tied to DFS’s recently reported regulatory and risk oversight issues.

Following these developments, DFS’s stock price fell $9.69 per share, or 9.44%, to close at $92.96 per share on August 15, 2023.

Finally, on August 17, 2023, during an earnings call hosted by DFS, the Company’s top officers acknowledged that it was “paying the price” for past underinvestment in compliance, stressing that Defendant Hochschild’s abrupt departure reflected a commitment to moving past regulatory troubles, thereby validating previously reported analyst suspicions on the matter.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

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