BENSALEM, Pa., Nov. 22, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
Overstock.com, Inc. (NASDAQ: OSTK)
Class Period: May 9, 2019 – November 11, 2019
Lead Plaintiff Deadline: November 26, 2019
The complaint filed in this class action 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, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that it was not true that Overstock would be able to support the launch of its tZERO crypto currency with earnings or cash flow from its Retail operations and that whatever marginal improvements defendants had made by cutting costs and engineering earnings, could not be sustained so as to generate positive EBITDA or cash from operations necessary to support its crypto currency operations; (2) that the extreme additional risks and the substantial volatility in the price of Company shares was foreseeable, given defendants' undisclosed plan to offer its tZERO Preferred Share Dividend as a means to squeeze short sellers out of Overstock, and to prevent them from holding legitimate positions in the Company; (3) that the Company's ability to accomplish its intended short squeeze would embolden the SEC or even market participants, such as major brokerage houses, to act to prevent this market manipulation; (4) that Overstock did not have adequate systems of internal operational or financial controls, such that Overstock's quarterly reports filed with the SEC were true, accurate or reliable; (5) that, as a result of the foregoing, it was not true that the Company's quarterly reports filed with the SEC were prepared in accordance with GAAP and SEC rules; (6) that defendants lacked any reasonable basis to claim that Overstock was operating according to plan, or that Overstock could achieve guidance sponsored and/or endorsed by defendants; and (7) that as a result, Overstock's public statements were materially false and misleading at all relevant times.
Altria Group, Inc. (NYSE: MO)
Class Period: December 20, 2018 - September 24, 2019
Lead Plaintiff Deadline: December 2, 2019
The complaint filed in this class action 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, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Altria had conducted insufficient due diligence into JUUL prior to the company’s $12.8 billion investment in JUUL; (2) that Altria consequently failed to inform investors, or account for, material risks associated with JUUL’s products and marketing practices, and the true value of JUUL and its products; (3) that all of the foregoing, as well as mounting public scrutiny, negative publicity, and governmental pressure on e-vapor products and JUUL made it reasonably likely that Altria’s investment in JUUL would have a material negative impact on the company's reputation and operations; and (4) that as a result, the company’s public statements were materially false and misleading at all relevant times.
Dropbox, Inc. (NASDAQ: DBX)
Class Period: Class A common stock pursuant and/or traceable to the March 2018 IPO
Lead Plaintiff Deadline: December 3, 2019
The complaint filed in this class action 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, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Dropbox had materially overstated its ability to monetize its user base; (2) that Dropbox was facing worsening revenue trends, which were negatively impacting the Company at the time of the IPO; (3) that Dropbox was tracking below its internal revenue and monetization targets at the time of the IPO; and (4) that as a result, defendants’ statements about Dropbox’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Infosys Limited (NYSE: INFY)
Class Period: July 7, 2018 – October 20, 2019
Lead Plaintiff Deadline: December 23, 2019
The complaint filed in this class action 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, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company improperly recognized revenues to inflate short-term profits; (2) that the Company’s CEO, Salil Parekh, bypassed reviews and approvals for large deals to avoid accounting scrutiny; (3) that management pressured the Company’s finance team to hide information from auditors and the Company’s Board of Directors; and (4) that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
To be a member of these class actions you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com