NEW YORK, Sept. 02, 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 Genius Brands International, Inc. (NASDAQ: GNUS), STAAR Surgical Company (NASDAQ: STAA), Baidu, Inc. (NASDAQ: BIDU), and Alteryx, Inc. (NYSE: AYX). 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.
Genius Brands International, Inc. (NASDAQ: GNUS)
Class Period: March 17, 2020 to July 5, 2020
Lead Plaintiff Deadline: October 19, 2020
Genius conducted a nonstop campaign of hype and press releases to boost the share price of Genius shares. These releases touted the intellectual properties connected to Genius and, among other things, hyped the launch of its new free educational multimedia platform, the “Kartoon Channel!” app. These releases had their intended effect, as the price of Genius shares skyrocketed.
But the Genius story was not all that it seemed. On June 5, 2020, Hindenburg Research published a report titled “A Bagholder’s Guide to Why We Think Genius Brands Will Be a $1.50 Stock Within a Month” (the “Hindenburg Research Report”). This report questioned the valuation of Genius and highlighted inaccurate public statements made by Genius.
On July 2, 2020, Genius issued a press release touting that a “Key Business Development” would be announced on July 6, 2020. This vague announcement significantly boosted the stock price, as the price jumped from $2.31 on July 1, 2020 to $3.55 on July 2, 2020.
The July 6th announcement, however, was another exaggerated press release whereby Genius announced the creation of a joint venture with POW! Entertainment regarding the intellectual property that Stan Lee created after his time at Marvel Entertainment. Defendant Heyward stated that “[t]he potential value in this single asset, is greater than any IP anywhere in Hollywood.”
With these exaggerated statements, investors realized that there was little substance behind the hype. Following the July 6, 2020 press release, the price of Genius stock dropped significantly from a close of $3.55 on the previous trading day to a closing price of $2.66 on July 6, 2020.
The complaint, filed on August 18, 2020, alleges throughout the Class Period defendants made false and/or misleading statements regarding: (i) Nickelodeon’s purported broadcast expansion of Genius’s Rainbow Rangers cartoon; (ii) subscription fees for the Kartoon Channel!; and (iii) the Company’s growth potential and overall prospects as a company. While the share price of Genius stock was artificially inflated due to these misstatements, Genius registered for sale tens of millions of shares, allowing certain longtime investors to cash out at the expense of Plaintiff and the Class.
For more information on the Genius class action go to: https://bespc.com/GNUS
STAAR Surgical Company (NASDAQ: STAA)
Class Period: February 26, 2020 to August 10, 2020
Lead Plaintiff Deadline: October 19, 2020
STAAR designs, develops, manufactures, and sells implantable lenses for the eye and companion delivery systems used to deliver the lenses into the eye. STAAR’s primary products are: (1) “implantable Collamer® lenses,” or “ICLs,” used in refractive surgery; and (2) intraocular lenses, or “IOLs,” used in cataract surgery.
On August 5, 2020, after the markets closed, STAAR announced its financial results for the quarter ended July 3, 2020, reporting a net loss of $0.03 per share, versus net income of $0.08 per share in the prior year quarter, among other things.
On this news, the company’s share price dropped approximately 10%, from a closing share price of $61.81 on August 5, 2020, to a close on August 6, 2020 at $55.86.
On August 11, 2020, analyst J Capital Research Limited published a report stating that “[w]e think STAAR Surgical has overstated sales in China by at least one-third, or $21.6 mln. That would mean that all of the company’s $14 mln in 2019 profit is fake.” J Capital stated that the report was based on “over 75 interviews,” as well as visits to STAAR locations in China and Switzerland.
On this news, STAAR’s stock price sharply declined, closing at $48.25 on August 11, 2020, down approximately 6.2% from its August 10, 2020 closing price of $51.42.
The complaint, filed on August 19, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) defendants’ public statements were materially false and misleading at all relevant times.
For more information on the STAAR class action go to: https://bespc.com/STAA
Baidu, Inc. (NASDAQ: BIDU)
Class Period: April 8, 2016 to August 13, 2020
Lead Plaintiff Deadline: October 19, 2020
Baidu is the majority owner of iQIYI, Inc. (“iQIYI”). On April 7, 2020, Wolfpack Research released a report detailing, among other things, how iQIYI had misled investors and failed to disclose pertinent information generally and in its Registration Statement, including: (i) iQIYI overstating its user numbers; (ii) iQIYI inflating its revenues; (iii) iQIYI inflating expenses and prices of assets to conceal its revenue inflation; and (iv) iQIYI misleading financial reporting creating the appearance of a cash generative company.
On this news, Baidu’s ADS price fell $4.46 per ADS, or 4%, to close at $97.33 per ADS on April 8, 2020.
On August 13, 2020, iQIYI announced that the U.S. Securities & Exchange Commission sought “the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020.”
On this news, Baidu’s ADS price fell $7.83 per ADS, or 6%, to close at $116.74 per ADS on August 14, 2020.
The complaint, filed on August 19, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Baidu misrepresented the financial and business condition of iQIYI; (2) iQIYI had inadequate controls; and (3) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
For more information on the Baidu securities class action case go to: https://bespc.com/BIDU
Alteryx, Inc. (NYSE: AYX)
Class Period: March 6, 2020 to August 6, 2020
Lead Plaintiff Deadline: October 19, 2020
On August 6, 2020, the Company announced in a press release its second quarter 2020 financial results, and disappointing growth projections for the third quarter and full year 2020. Therein, Alteryx stated that, for the third quarter, it expected revenue “to be in the range of $111.0 million to $115.0 million, an increase of 7% to 11% year-over-year.” Moreover, for fiscal year 2020, the Company expected revenue “to be in the range of $460.0 million to $465.0 million, an increase of 10% to 11% year-over-year.”
On this news, the Company’s share price fell $47.62, or over 28%, to close at $121.38 per share on August 7, 2020, thereby injuring investors. The stock price continued to decline over the next trading session by $12.15, or 10%, to close at $109.23 per share on August 10, 2020, representing a cumulative decline of $59.77, or 35%.
The complaint, filed on August 20, 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 the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (2) that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (3) that, as a result and due to the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; and (4) 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 Alteryx securities class action case go to: https://bespc.com/AYX-2
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.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com