NEW YORK, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Sema4 Holdings Corp. (NASDAQ: SMFR, SMFRW), Latch, Inc. (NASDAQ: LTCH), World Wrestling Entertainment, Inc. (NYSE: WWE), and F45 Training Holdings, Inc. (NYSE: FXLV). 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.
Sema4 Holdings Corp. (NASDAQ: SMFR, SMFRW)
On July 22, 2021, CM Life Sciences, Inc., a special purpose acquisition company, completed its business combination with Mount Sinai Genomics, Inc., and the combined public entity was renamed Sema4.
Less than a year later, on June 14, 2022, Sema4 announced that its Chief Financial Officer had departed.
Then, on August 15, 2022, after the market closed, Sema4 announced changes to its research and development team, including that its founder was stepping down from the organization and leaving his role as President and chief R&D Officer. The Company also disclosed that it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments. Additionally, Sema4 lowered its 2022 revenue guidance to $245 million to $255 million from its prior guidance of $305 million to $315 million.
On this news, Sema4’s stock fell $0.80, or 33.3%, to close at $1.60 per share on August 16, thereby injuring investors.
For more information on the Sema4 investigation go to: https://bespc.com/cases/SMFR
Latch, Inc. (NASDAQ: LTCH)
Latch, Inc., a maker of smart locks and building-management software, went public in a merger with a special purpose acquisition company (“SPAC”) backed by New York-based real estate firm Tishman Speyer in early 2021.
On August 25, 2022, in a Form 8-K filed with the SEC, Latch announced a material financial accounting restatement. The Company cited material errors and possible irregularities relating to, among other things, the way it recognized revenue associated with the sale of hardware devices since listing its shares on NASDAQ. Specifically, Latch noted that the “Audit Committee has determined the statements for 2021 and 1Q 2022 will be restated” and “based on the preliminary findings of the Investigation, certain revenue recognition errors occurred as a result of unreported sales arrangements due to sales activity that was inconsistent with the Company’s internal controls and procedures.”
On this news, the price of Latch shares declined by $0.14 per share, or approximately 12.96%, from $1.08 per share to close at $0.94 on August 26, 2022.
For more information on the Latch investigation go to: https://bespc.com/cases/LTCH
World Wrestling Entertainment, Inc. (NYSE: WWE)
WWE is the subject of a June 15, 2022, article in the Wall Street Journal titled: “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say.” According to the article, the Company’s board “is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article continues, “the board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On June 17, 2022, the Company issued a press release stating, “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.
For more information on the WWE investigation go to: https://bespc.com/cases/WWE
F45 Training Holdings, Inc. (NYSE: FXLV)
On or around July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares of stock priced at $16.00 per share.
Then, on July 26, 2022, F45 issued a press release entitled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty. The press release further disclosed the departure of the Company’s Chief Executive Officer Adam J. Gilchrist and announced that the Company is “reducing global workforce by approximately 110 employees.”
On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.
For more information on the F45 investigation go to: https://bespc.com/cases/FXLV
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
