NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Clariant AG (OTCMKTS: CLZNY), Cognyte Software Ltd. (NASDAQ: CGNT), Tupperware Brands Corporation (NYSE: TUP), and Rollins, Inc. (NYSE: ROL). 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.
Clariant AG (OTCMKTS: CLZNY)
On February 14, 2022, Swiss chemical maker, Clariant AG, disclosed that it will delay issuing Q4 2021 and full year 2021 financial results due an ongoing internal investigation into potential accounting fraud.
Clariant AG is investigating internal whistleblower complaints that the company has known about since September 2021, pertaining to booking issues aimed at boosting results to meet targets.
On this news, shares of Clariant AG ADR shares fell more than 14% in intraday trading on February 14, 2022.
For more information on the Clariant investigation go to: https://bespc.com/cases/CLZNY
Cognyte Software Ltd. (NASDAQ: CGNT)
On April 5, 2022, Cognyte reported its fourth quarter 2021 financial results, including revenue of $125 million, which was about $3.5 million below the midpoint of the Company's own guidance. Cognyte cited "lower conversions within its product pipeline," along with supply chain issues. During the related conference call, Cognyte's Chief Executive Officer stated that "a longer sales cycle [resulted] in the lower-than-expected bookings in Q4" and acknowledged that management "didn't execute well."
On this news, Cognyte's stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, thereby injuring investors.
For more information on the Cognyte investigation go to: https://bespc.com/cases/CGNT
Tupperware Brands Corporation (NYSE: TUP)
On May 4, 2022, the Company announced poor operating results, coming in far below estimates: Adjusted EPS from continuing operations 12 cents, estimate 53 cents; and net sales $348.1 million, estimate $362.5 million. Furthermore, the Company withdrew its full year 2022 guidance, and named a new CFO. The Company attributed the poor performance to the conflict in Russia and Ukraine. Interestingly, when pressed by analysts on a conference call, the Company acknowledged that Russia and Ukraine only accounted for 2% of its revenue.
On this news, the price of Tupperware shares declined by $5.76 per share, or approximately 32.16%, from $17.91 per share to close at $12.15 per share on May 4, 2022.
For more information on the Tupperware investigation go to: https://bespc.com/cases/TUP
Rollins, Inc. (NYSE: ROL)
On October 28, 2020, Rollins disclosed a U.S. Securities and Exchange Commission (“SEC”) investigation into how the Company established accruals and reserves at period-end and the impact of those accruals and reserves on reported earnings for periods beginning January 1, 2015. The Company's subsequently filed Annual Report later disclosed the results of an internal Company-initiated investigation that found a significant deficiency in the Company's internal controls relating to the documentation and review of accounting entries for certain reserves and accruals. Then, on October 29, 2021, Rollins reported that it had initiated discussions with the SEC staff regarding a potential investigation resolution.
For more information on the Rollins investigation go to: https://bespc.com/cases/ROL
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.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
