NEW YORK, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating certain officers and directors of Baxter International, Inc. (NYSE: BAX), Acer Therapeutics, Inc. (NASDAQ: ACER), iRobot Corporation (NASDAQ: IRBT), and Prudential Financial (NYSE: PRU) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.
Baxter International, Inc. (NYSE: BAX)
Bragar Eagel & Squire is investigating certain officers and directors of Baxter International, Inc. following a class action complaint that was filed against Baxter on November 25, 2019.
The complaint alleges that 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 and operations. Specifically, defendants misrepresented and/or failed to disclose that: (1) certain intra-Company transactions, undertaken for the purpose of generating foreign exchange gains and losses, used foreign exchange rate conventions that were not in accordance with GAAP and enabled intra-Company transactions to be undertaken after the related exchange rates were already known; (2) the Company lacked effective internal control over financial reporting; (3) as a result, the Company’s financial statements were misstated and would likely require correction or amendment; (4) due to the Company’s internal investigation, Baxter would not be able to file its quarterly report for the period ending September 30, 2019, with the SEC on Form 10-Q in a timely manner; and (5) as a result of the foregoing, defendants’ statements about the Company’s business and operations lacked a reasonable basis.
For more information on our investigation into Baxter go to: https://bespc.com/bax
Acer Therapeutics, Inc. (NASDAQ: ACER)
Bragar Eagel and Squire is investigating certain officers and directors of Acer Therapeutics, Inc. following a class action complaint that was filed against Acer on August 30, 2019.
The complaint alleges that on September 19, 2017, Acer announced that it had closed a merger with Opexa Therapeutics, Inc. (“Opexa”), whereby Acer survived as a wholly-owned subsidiary of Opexa (the “Opexa Merger”).
Following the Opexa Merger, Opexa changed its name to Acer Therapeutics, Inc. and Private Acer's management took control of the combined company. Immediately prior to the Opexa Merger, Opexa’s Board of Directors and Neil K. Warma (“Warma”), Opexa’s then-President, Chief Executive Officer (“CEO”), Acting Chief Financial Officer, and Secretary, resigned. On September 21, 2017, Acer began trading on the NASDAQ under the ticker symbol “ACER.” On December 26, 2018, Acer announced that the U.S. Food and Drug Administration (“FDA”) had accepted the Company's NDA for EDSIVO for the treatment of vEDS in patients with a confirmed type III collagen mutation, as well as the FDA’s grant of priority review of the NDA and an assigned Prescription Drug User Fee Act (“PDUFA”) target action date of June 25, 2019.
The complaint further alleges that throughout the class period, defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Acer lacked sufficient data to support filing EDSIVO’s NDA with the FDA for the treatment of vEDS; (ii) the Ong Trial was an inadequate and ill-controlled clinical study by FDA standards, and was comprised of an insufficiently small group size to support EDSIVO’s NDA; (iii) consequently, the FDA would likely reject EDSIVO’s NDA; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on our investigation into Acer go to: https://bespc.com/acer-2
iRobot Corporation (NASDAQ: IRBT)
Bragar Eagel and Squire is investigating certain officers and directors of iRobot Corporation following a class action complaint that was filed against iRobot on October 24, 2019.
The complaint alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) iRobot’s explosive growth was not based on increased demand, expanding margins, and product innovations, as it claimed, but rather based on channel stuffing; (2) the Company attempted to conceal its actions by acquiring its distributors in Europe and Asia; (3) these acquisitions were designed to clean up the Company’s global inventory and mask falling demand; and (4) as a result, iRobot’s public statements were materially false and misleading at all relevant times.
For more information on our investigation into iRobot, go to: https://bespc.com/irbt
Prudential Financial, Inc. (NYSE: PRU)
Bragar Eagel & Squire is investigating certain officers and directors of Prudential Financial, Inc. following a class action complaint that was filed against Prudential on November 27, 2019.
The complaint alleges that during the class period defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Prudential’s business and prospects. Specifically, defendants failed to disclose the following facts: (a) the Company’s reserve assumptions failed to account for adversely developing mortality experience in its Individual Life business segment; (b) the Company was not over-reserved, but instead, its reported reserves, particularly for the Individual Life business segment, were insufficient to satisfy its future policy benefits liabilities; and (c) the Company had materially understated its liabilities and overstated net income as a result of flawed assumptions in calculating mortality experience. As a result of this adverse information being withheld from the market, the price of Prudential common stock was artificially inflated to more than $105 per share during the Class Period.
For more information on our investigation into Prudential go to: https://bespc.com/pru
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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
