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Source: Bragar Eagel & Squire

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against PlayAGS, Cheetah Mobile, Brookdale Senior Living, and Kingold Jewelry and Encourages Investors to Contact the Firm

NEW YORK, July 22, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of PlayAGS, Inc. (NYSE: AGS), Cheetah Mobile, Inc. (NYSE: CMCM), Brookdale Senior Living, Inc. (NYSE: BKD), and Kingold Jewelry, Inc. (NASDAQ: KGJI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

PlayAGS, Inc. (NYSE: AGS)

Class Period: August 2, 2018 to August 7, 2019

Lead Plaintiff Deadline: August 24, 2020

PlayAGS is a designer and supplier of electronic gaming machines. It operates with three business segments: (i) electronic gaming machines (“EGM”), which comprises 95% of the Company’s revenue and provides 380 game titles on EGM cabinets; (ii) table products, including live felt table games, side bet offerings, progressives, signage, and other ancillary table game equipment; and (iii) interactive, which offers social casino games including online versions of the Company’s game titles.

On August 7, 2019, PlayAGS reported a net loss of $7.6 million for second quarter 2019, which included a $3.5 million impairment to goodwill and $1.3 million impairment to intangible assets of the Company’s iGaming reporting unit, due to extended regulatory timelines which delayed revenues.

On this news, the Company’s share price fell $8.99, or nearly 52%, to close at $8.31 per share on August 8, 2019.

The complaint, filed on June 25, 2020, 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 PlayAGS was experiencing challenges in its business in Oklahoma; (2) that, as a result, the Company’s recurring revenue would be negatively impacted; (3) that PlayAGS was experiencing challenges in its Interactive business segment, including delays in securing regulatory approvals and relevant licenses; (4) that, as a result of the foregoing, PlayAGS was reasonably likely to record a goodwill impairment; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on the PlayAGS class action go to: https://bespc.com/AGS

Cheetah Mobile, Inc. (NYSE: CMCM)

Class Period: March 25, 2019 to February 20, 2020

Lead Plaintiff Deadline: August 24, 2020

On February 21, 2020, Cheetah Mobile disclosed that its Google Play Store, Google AdMob, and Google AdManager accounts were disabled on February 20, 2020 “because some of the Company’s apps had not been compliant with Google policies, resulting in certain invalid traffic.”

On this news, the Company’s share price fell $0.61, or nearly 17%, to close at $2.99 per share on February 21, 2020.

The complaint, filed on June 25, 2020, 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 certain of Cheetah Mobile’s apps were not compliant with the terms of its agreements with Google; (2) that, as a result there was a reasonable likelihood that Google would terminate its advertising contracts with the Company; (3) that, as a result of the foregoing, the Company’s ability to attract new users would be adversely impacted; (4) that, as a result, the Company’s revenue was reasonably likely to decline; and (5) that as a result, defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on the Cheetah Mobile class action go to: https://bespc.com/CMCM

Brookdale Senior Living, Inc. (NYSE: BKD)

Class Period: August 10, 2016 to April 29, 2020

Lead Plaintiff Deadline: August 24, 2020

As of February 1, 2020, Brookdale owned 356 communities, leased 307 communities, managed seventy-seven communities on behalf of third parties, and three communities for which it has an equity interest. The Company operates independent living, assisted living and dementia-care communities and continuing care retirement centers (“CCRCs”). Through its ancillary services programs, the Company also offers a range of outpatient therapy, home health, personalized living, and hospice services.

On April 30, 2020, Nashville Business Journal reported that a proposed class-action lawsuit had been filed against Brookdale in this Judicial District, which accused the Company of, among other things, purposeful “chronically insufficient staffing” at its facilities to meet financial benchmarks since at least April 24, 2016. According to the lawsuit, Brookdale misled residents and their families when it promised to provide basic care and daily living services. The lawsuit also claims that the proposed class of plaintiffs “have not received the care and services they paid for.” The lawsuit asks for damages and Brookdale to “stop the unlawful and fraudulent practices.”

On this news, Brookdale’s stock price fell $0.56 per share, or 15.22%, over two trading sessions to close at $3.12 per share on May 1, 2020.

The complaint, filed on June 25, 2020, alleges that throughout the Class Period Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Brookdale’s financial performance was sustained by, among other things, the Company’s purposeful understaffing of its senior living communities; (ii) the foregoing conduct subjected Brookdale to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial results and reputation; (iii) as a result, the Company’s financial results were unsustainable; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Brookdale class action go to: https://bespc.com/BKD

Kingold Jewelry, Inc. (NASDAQ: KGJI)

Class Period: March 15, 2018 to June 28, 2020

Lead Plaintiff Deadline: August 31, 2020

On June 29, 2020, Caixin Global published an article entitled “Cover Story: The Mystery of $2 Billion of Loans Backed by Fake Gold.” The article stated, among other things, that Kingold had used gold bars that were actually gilded copper as collateral in loans and was now facing lawsuits as a result, and that Kingold had been delisted from the Shanghai Gold Exchange.

On this news, shares of Kingold stock fell $0.27 per share, or over 24%, to close at $0.85 per share on June 29, 2020.

The complaint, filed on June 30, 2020, alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Kingold used fake gold as collateral to fraudulently secure loans; (2) consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (3) 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.

For more information on the Kingold Securities class action go to: https://bespc.com/KGJI

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com