NEW YORK, July 31, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims against Cadence Bancorporation, Carbonite, Inc., GTT Communications, Inc., and Granite Construction, Inc. on behalf of investors. Our investigation concerns 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.
Cadence Bancorporation (NYSE: CADE)
On July 22, 2019, Cadence announced that the Company’s financial and operating results for the second quarter of 2019 were “negatively impacted by higher credit costs including net charge-offs of $18.6 million and loan provisions of $28.9 million,” which caused Cadence to miss second quarter earnings expectations. On this news, Cadence’s stock price fell $3.75 per share, or 19.12%, to close at $15.86 per share on July 22, 2019.
For more information on the Cadence investigation go to: https://bespc.com/CADE
Carbonite, Inc. (NASDAQ: CARB)
On July 25, 2019, after the market closed, the Company reported revenue of $121.5 million for second quarter 2019 due to “challenges in parts of [its] data protection business.” Moreover, the Company reduced its full year revenue guidance from a range of $457 to $471 million, to a range of $443.5 to $448.5 million. The Company’s Chief Executive Officer, Mohamad Ali, resigned. On this news, shares of Carbonite fell as much as 25% in intraday trading on July 26, 2019, closing at $18.01 and thereby injuring investors.
For more information on the Carbonite investigation go to: https://bespc.com/CARB
GTT Communications, Inc. (NYSE: GTT)
On May 8, 2019, the Company reported a larger-than-expected loss and sequential decline in revenue for first quarter 2019. GTT attributed the negative performance to integration issues with Interoute Communications Holdings S.A., which the Company had acquired to improve growth of its cloud networking services.
On this news, shares of GTT fell $10.38 per share over two days, or over 25%, to close at $29.91 per share on May 9, 2019, thereby injuring investors.
For more information on the GTT Communications investigation go to: https://bespc.com/GTT
Granite Construction, Inc. (NYSE: GVA)
On July 29, 2019, post-market, Granite announced its preliminary financial results for the second quarter of 2019. Disclosing a net loss per diluted share in the range of $2.05 to $2.10 for the quarter and revising its fiscal year 2019 guidance, Granite stated that its results were impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects.
On this news, Granite’s stock price fell $7.98 per share, or 17.94%, to close at $36.49 per share on July 30, 2019.
For more information on the Granite Construction class action go to: https://bespc.com/GVA
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
