BOSTON, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP ( www.blockleviton.com ), a national securities litigation firm, reminds investors that securities class actions have been filed against Interface, Inc. (NASDAQ: TILE), JOYY, Inc. (NASDAQ: YY), and K12 Inc. (NYSE: LRN). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
TILE Shareholders – Click Here: https://www.blockleviton.com/cases/tile
YY Shareholders – Click Here: https://www.blockleviton.com/cases/joyy
LRN Shareholders – Click Here: https://www.blockleviton.com/cases/k12
Interface , Inc. (NASDAQ: TILE ) – Lead Plaintiff Deadline of January 11 , 202 1
On September 28, 2020, Interface announced the conclusion of the long-awaited investigation by the U.S. Securities and Exchange Commission into Interface’s historical quarterly earnings per share calculations and rounding practices. Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws. According to the Wall Street Journal , the SEC had charged Interface for reporting earnings that did not comply with the Generally Accepted Accounting Principles for multiple quarters in 2015 and 2016. Interface allegedly made unsupported, manual accounting adjustments, often when internal forecasts indicated the Company would fall short of Wall Street estimates, the SEC found. Per the SEC, Interface would then report earnings that met or exceeded those consensus estimates. In addition to the Company’s $5 million fine, two of Interface’s former executives agreed to pay penalties of $45,000 and $70,000.
A lawsuit alleging violations of federal securities laws has been filed against Interface and certain of its officers and directors. The suit alleges that between March 2, 2018 and September 28, 2020, Interface misled investors by, among other things, reporting artificially inflated income and earnings per share in 2015 and 2016, failing to disclose and/or downplaying that Interface and certain of its employees were under investigation by the SEC, and having inadequate disclosure controls and procedures and internal controls over financial reporting. The lawsuit was filed in the U.S. District Court for the Eastern District of New York, and is captioned Swanson v. Interface, Inc., et al. , No. 20-cv-5518.
JOYY, Inc . ( NASDAQ: YY ) – Lead Plaintiff Deadline of January 19 , 202 1
On November 18, 2020, analyst Muddy Waters announced that it would short JOYY, calling the Company “a multibillion-dollar fraud.” Muddy Waters wrote that “YY’s component businesses are a fraction of the size it reports, and that the company’s reported user metrics, revenues, and cash balances are predominantly fraudulent.” The market was stunned by this report, and as a result, shares of JOYY common stock fell over 26% in just a few hours.
A lawsuit alleging violations of federal securities laws has been filed against JOYY and certain of its officers and directors. The suit alleges a class period of April 28, 2016 and November 18, 2020. The lawsuit asserts that JOYY dramatically overstated its revenues from live streaming sources. It further alleges that at any given time, the majority of JOYY’s users were bots, which JOYY used to effect a roundtripping scheme that manufactured the false appearance of revenues. Moreover, the lawsuit asserts that JOYY’s acquisition of Bigo was largely contrived to benefit corporate insiders. The lawsuit was filed in the U.S. District Court for the Central District of California, and is captioned Hershewe v. JOYY Inc., et al. , No. 20-cv-10611 (C.D. Cal.).
K12 Inc. (NYSE: LRN) – Lead Plaintiff Deadline of January 19, 2021
K12, as a technology-based education company, appeared primed to benefit from the shift to online and virtual learning necessitated by the COVID-19 pandemic, and embarked on a campaign to portray itself as capable and ready to take advantage of the shift to virtual instruction. In reality, K12 was neither ready nor capable. As this became clear to the market, the stock price plunged over 50% from its 2020 peak price of over $50.00 per share.
A lawsuit has been filed against K12 and certain of its executives in the U.S. District Court for the Eastern District of Virginia, alleging a class period of April 27, 2020 to September 18, 2020. The lawsuit is captioned Lee v. K12 Inc., et al. , No. 1:20-cv-01419 (E.D. Va.). The suit alleges that K12 issued false and misleading statements concerning, among other things, K12’s technological capabilities, infrastructure, and expertise to support the increased demand for virtual and blended education necessitated by the COVID-19 pandemic. The suit further asserts that K12 lacked adequate cybersecurity protocols and protections to prevent the disabling of its computer systems, yet misrepresented its data security strength.
If you purchased or acquired shares of TILE, YY, or LRN and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com , or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
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