NEW YORK, April 25, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Roblox Corp. (NYSE: RBLX), Agrify Corporation (NASDAQ: AGFY), CareDx, Inc. (NASDAQ: CDNA), and Medallion Financial Corp. (NASDAQ: MFIN). Our investigations concern 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.
Roblox Corp. (NYSE: RBLX)
On February 3, 2022, The Bear Cave published a report alleging that Roblox’s online platform intended for children aged six to fourteen is “also the leading platform for pedophiles.” The report detailed various arrests and indictments of sexual offenses against underage victims as young as five years old, while “[t]he company has engaged in litigation and intimidation to help conceal allegations of pedophilia on the platform.” Furthermore, Roblox’s head of safety and moderation has been accused of “peculiar” social media activity, including numerous “likes” of sexualized cosplayers and the following of a “furry porn” account, and Roblox’s former social media manager allegedly ran a pornographic blog while employed by the Company.
On this news, Roblox’s stock declined as much as 8.5% during intraday trading on February 3, 2022.
For more information on the Roblox investigation go to: https://bespc.com/cases/RBLX
Agrify Corporation (NASDAQ: AGFY)
On December 16, 2021, during trading hours, market analyst Bonitas Research published a report regarding Agrify which alleges several issues at the Company including that “[w]e believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.” Further the report alleges that “Agrify insiders lied to investors about the independence of its customer base in order to execute a dubious stock promotion for self-enrichment at the expense of minority shareholders[,]” and that “[e]vidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 are either with undisclosed Company insiders or with unlicensed unproven operators.”
On this news, Agrify’s common stock price fell sharply during intraday trading on December 16, 2021.
For more information on the Agrify investigation go to: https://bespc.com/cases/AGFY
CareDx, Inc. (NASDAQ: CDNA)
On January 25, 2021, the Company sold 1,923,077 shares of its common stock through an underwritten public offering at a public offering price of $91.00 per share.
On October 28, 2021, after the market closed, CareDx released Q3 2021 financial results in which the Company disclosed that the U.S. Department of Justice (“DOJ”) had recently served a civil investigatory demand requesting documents in connection with a False Claims Act investigation. The DOJ is investigating business practices related to CareDx’s kidney testing and phlebotomy services. The Company also disclosed that it received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) for similar issues as well as certain accounting and public reporting practices, and the Company received an information request from an unnamed state agency.
On this news, the Company’s share price declined by $19.34 per share, or approximately 27.5%, from $70.34 per share to close at $51.00 per share on October 29, 2021.
For more information on the CareDx investigation go to: https://bespc.com/cases/CDNA
Medallion Financial Corp. (NASDAQ: MFIN)
On December 29, 2021, the SEC charged Medallion and its President and Chief Operating Officer, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, the two had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”
On this news, Medallion’s stock fell up to 27% during intraday trading on December 29, 2021, thereby injuring investors.
For more information on the Medallion investigation go to: https://bespc.com/cases/MFIN
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
