SAN FRANCISCO, CA / ACCESSWIRE / November 27, 2020 /Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including important upcoming deadlines, can be found at the links provided.
LOOP Investors Click Here.
TILE Investors Click Here.
YY Investors Click Here.
Loop (NASDAQ:LOOP) Securities Fraud Class Action:
Class Period: Sept. 24, 2018 - Oct. 12, 2020
Lead Plaintiff Deadline: Dec. 14, 2020
Visit:www.hbsslaw.com/investor-fraud/LOOP
Contact An Attorney Now:LOOP@hbsslaw.com
844-916-0895
The complaint alleges that Loop made false and misleading statements about its purportedly "proven" technology that breaks down PET plastic to its base chemicals at a recovery rate of 100%. The complaint also alleges that Loop misrepresented its partnerships with key customers.
Specifically, the complaint alleges that Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop's purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop's announced partnerships with Indorama and Thyssenkrupp.
Investors allegedly began to learn the truth on Oct. 13, 2020, when Hindenburg Research published a report concluding "Loop is smoke and mirrors with no viable technology." Hindenburg reported that: (i) Loop's technology is no more efficient or cost effective than traditional PET recycling methods and its previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were "‘technically and industrially impossible;'" (ii) under pressure from CEO Daniel Solomita, Loop's scientists were tacitly encouraged to lie about the results of the Company's process internally; and (iii) the Indorama partnership has not even been finalized, and the Thyssenkrupp partnership is on indefinite hold.
Following Hindenburg's report, the price of Loop shares crashed on Oct. 13, 2020.
Most recently, on Oct. 16, 2020 Loop announced the SEC subpoenaed the Company seeking information regarding testing, testing results and details of results about its technologies, partnerships and agreements, sending the price of Loop shares crashing again.
If you are a Loop Industries investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Interface, Inc. (NASDAQ:TILE) Securities Class Action:
Class Period: Mar. 2, 2018 - Sept. 28, 2020
Lead Plaintiff Deadline: Jan. 11, 2021
Visit:www.hbsslaw.com/investor-fraud/TILE
Contact An Attorney Now:TILE@hbsslaw.com
844-916-0895
The lawsuit centers on Interface's disclosures of its financial results, including its accounting for certain expenses such as management bonus accruals, independent consultant fees and stock-based compensation.
According to the complaint, Interface and senior management repeatedly pleased investors when it reported income and earnings per share growth, consistently meeting or exceeding analysts' estimates and assured them that the Company's internal controls over financial reporting were effective.
Investors began to learn the truth, according to the complaint, on Apr. 24, 2019 when Interface announced that the SEC had served three separate subpoenas on the Company probing its earnings per share calculations from 2014 - 2017. The Company also announced that it had placed its Chief Accounting Officer Gregory Bauer on administrative leave when it learned Bauer added notes to materials produced to the SEC. Yet, the Company and senior management maintained they had cooperated with the SEC investigation since its inception.
Then, on Sept. 28, 2020, the SEC filed a settled action against the Company for securities law violations, finding that (1) during Q2 2015 through Q2 2016 Interface made unsupported manual accounting adjustments to certain expenses to meet EPS estimates, (2) Bauer, and former Chief Financial Officer (Patrick Lynch) directed the unsupported entries, and (3) Interface impeded the SEC's investigation.
These disclosures drove the price of Interface shares down sharply.
If you are an Interface investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
JOYY Inc. (NASDAQ:YY) Securities Fraud Class Action:
Class Period: Apr. 28, 2016 - Nov. 18, 2020
Lead Plaintiff Deadline: Jan. 19, 2021
Visit:hbsslaw.com/investor-fraud/JOYY
Contact An Attorney Now:JOYY@hbsslaw.com
844-916-0895
The complaint alleges that Defendants misrepresented and concealed that: (1) JOYY had dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (3) the Company utilized these bots to effect a round-tripping scheme that manufactured the false appearance of revenues; (4) the Company overstated its cash reserves; and (5) the Company's recent acquisition of Bigo was largely contrived to benefit corporate insiders, including JOYY's co-founder, CEO, and Chairman David Xueling Li, who set up Bigo.
Investors began to learn the truth, according to the complaint, on Nov. 18, 2020 when research firm Muddy Waters Capital published a scathing forensic report, "YY: You Can't Make This Stuff Up. Well…Actually You Can." Muddy Waters accused JOYY of (1) being a multibillion-dollar fraud, (2) massively overstating reported revenues by engaging in improper round-tripping transactions, and (3) massively overstating Bigo-related revenues and Bigo's valuation to secretly enrich Li when JOYY, in March 2019, paid over $1.4 billion for the remaining 68.5% of Bigo that JOYY did not already own.
This news sent the price of JOYY American Depositary Shares crashing lower on Nov. 18, 2020.
"We're focused on investors' losses and proving JOYY deceived investors about the Company's true operations and financial results," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a JOYY investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Loop Industries, Interface, and/or JOYY should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LOOP@hbsslaw.com, TILE@hbsslaw.com and/or JOYY@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein
844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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