NEWTOWN SQUARE, Pa., April 13, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that shareholder class action lawsuits have been filed against Corcept Therapeutics Incorporated (Nasdaq: CORT), Healthcare Services Group, Inc. (Nasdaq: HCSG), American Renal Associates Holdings, Inc. (NYSE: ARA) and Amyris, Inc. (Nasdaq: AMRS). Additional information about these class actions lawsuits, including important deadlines in the actions, may be found below.
Corcept Therapeutics Incorporated (Nasdaq: CORT)
A shareholder class action complaint has been filed against Corcept Therapeutics Incorporated (“Corcept”) on behalf of investors who purchased shares of the Company’s stock between August 2, 2017 and February 5, 2019 (the “Class Period”).
For additional information, or to learn how to participate in this action, please visit
http://kaskelalaw.com/case/corcept/.
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the Company’s business, operations and prospects.
According to the complaint, on January 25, 2019, Southern Investigative Reporting Foundation (“SIRF”) published a report alleging that Corcept paid doctors to prescribe its drug, Korlym, for off-label uses. Following this news, shares of the Company’s stock fell $1.52 per share, or over 11% in value, to close on January 25, 2019 at $12.29 per share.
Then, on January 31, 2019, “likely due to the increased scrutiny of its illicit sales practices, the Company forecast a sharp slowdown in sales of Korlym, projecting full-year 2019 revenue of $285 million to $315 million while investors and analysts had expected approximately $328 million.” Following this news, shares of the Company’s stock fell an additional $1.15 per share, or more than 10% in value, to close on February 1, 2019 at $10.03 per share.
IMPORTANT DEADLINE: Corcept investors may, no later than May 13, 2019, seek to be appointed as a lead plaintiff representative of the class.
Healthcare Services Group, Inc. (Nasdaq: HCSG)
A shareholder class action complaint has been filed against Healthcare Services Group, Inc. (“Healthcare Services”) on behalf of investors who purchased shares of the Company’s stock between April 11, 2017 and March 4, 2019 (the “Class Period”).
For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/healthcare-services-group-inc/.
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the Company’s business, operations and prospects.
On March 4, 2019, Healthcare Services disclosed, among other things, that it had “received a letter in November 2017 from the Securities and Exchange Commission (the “SEC”) regarding an inquiry that the SEC is conducting into earnings per share (“EPS”) calculation practices and requesting that the Company voluntarily provide certain information and documents relating to its EPS rounding and reporting practices.” Further, the Company reported that it had “also received a subpoena in March 2018 from the SEC in connection with these matters.” Following these disclosures, shares of the Company’s stock declined $4.96 per share, or over 13%, to close on March 4, 2019 at $32.78 per share, on heavy trading volume.
IMPORTANT DEADLINE: Healthcare Services investors may, no later than May 21, 2019, seek to be appointed as a lead plaintiff representative of the class.
American Renal Associates Holdings, Inc. (NYSE: ARA)
A shareholder class action complaint has been filed against American Renal Associates Holdings, Inc. (“American Renal”) on behalf of investors who purchased shares of the Company’s stock between August 10, 2016 and March 27, 2019, inclusive (the “Class Period”).
For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/american-renal/.
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the accuracy and reliability of the Company’s financial statements.
On March 8, 2019, American Renal disclosed that it was delaying the filing of its fiscal 2019 Annual Report, and that the Company’s Audit Committee was “examining reserve computations and other accounting practices that could have an impact on accounts receivable and revenue for the fiscal year ended December 31, 2018, as well as the previously reported fiscal years….” Following this news, shares of the Company’s stock declined $2.05 per share, or over 16% in value, to close on March 8, 2019 at $10.46 per share, on heavy trading volume.
Subsequently, on March 27, 2019, American Renal disclosed that the Company’s previously issued financial statements for fiscal years 2014 – 2017 “should be restated and should no longer be relied upon,” and that the Company’s Chief Financial Officer had “resigned” effective March 26, 2019. Following this additional news, shares of the Company’s stock declined an additional $3.69 per share, or 38% in value, to close on March 28, 2019 at $6.01 per share, again on heavy trading volume.
IMPORTANT DEADLINE: American Renal investors may, no later than May 28, 2019, seek to be appointed as a lead plaintiff representative of the class.
Amyris, Inc. (Nasdaq: AMRS)
A shareholder class action complaint has been filed against Amyris, Inc. (“Amyris”) on behalf of investors who purchased shares of the Company’s stock between March 15, 2018 and March 19, 2019 (the “Class Period”).
For additional information, or to learn how to participate in this action, please visit http://kaskelalaw.com/case/amyris/.
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the Company’s business, operations and prospects.
According to the complaint, on November 13, 2018, the Company reported poor quarterly financial results for 3Q 2018, generating just $14.9 million in revenue as compared to $22.5 million in revenue for the prior year’s period, and attributed the poor quarterly performance to the “volatility of the Vitamin E market.” Following this news, shares of the Company’s stock fell $1.76 per share, or nearly 30% in value, to close on November 14, 2018 at $4.14 per share.
Then, on March 19, 2019, the Company disclosed that it would be unable to timely file its annual report due to “significant time and resources that were devoted to the accounting for and disclosure of the significant transactions with Koninklijke DSM N.V. that closed in November 2018.” The Company also disclosed that it was “in the process of completing its evaluation of internal control over financial reporting and may have further deficiencies to report.” Following this news, shares of the Company’s stock fell an additional $0.78 per share, or 20% in value, to close on March 20, 2019 at $3.10 per share.
Finally, on April 11, 2019, Amyris disclosed that it would be restating certain of its previously issued financial statements, and that “the Company anticipates that its revenue and net income for Fiscal 2018, as compared to the financial results included in the Company’s earnings release issued on March 18, 2019, will be reduced by approximately $12 million to $16 million and $7 million to $11 million, respectively.”
IMPORTANT DEADLINE: Amyris investors may, no later than June 3, 2019, seek to be appointed as a lead plaintiff representative of the class.
Investors are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 for additional information about these actions and/or to discuss their important legal rights and options with respect to these actions.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com
