SHAREHOLDER DEADLINES APPROACHING for VEL, OSPN, and POR: Block & Leviton LLP Reminds Investors of Class Actions for Violations of the Federal Securities Laws

Boston, Massachusetts, UNITED STATES


BOSTON, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that securities class actions have been filed against Velocity Financial, Inc. (NYSE: VEL), OneSpan Inc. (NASDAQ: OSPN), and Portland General Electric Company (NYSE: POR). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.

VEL Shareholders – Click Here: https://www.blockleviton.com/cases/velocity

OSPN Shareholders – Click Here: https://www.blockleviton.com/cases/ospn

POR Shareholders – Click Here: https://www.blockleviton.com/cases/pge

Velocity Financial, Inc. (NYSE: VEL) – Lead Plaintiff Deadline of September 28, 2020

On January 17, 2020, Velocity Financial commenced its initial public offering (“IPO”) of 7.25 million shares at $13.00 each, raising approximately $94 million. Since the IPO, Velocity Financial’s stock price has plummeted, closing as low as $2.47 per share, representing a decline of approximately 81% from the IPO price.

The lawsuit was filed in the U.S. District Court for the Central District of California, and is captioned Berg v. Velocity Financial, Inc., et al., No. 2:20-cv-06780. The suit alleges that the IPO materials failed to disclose that a substantial and growing proportion of Velocity Financial’s loans were non-performing and/or on non-accrual status, and failed to disclose any information whatsoever about the onset of the coronavirus pandemic and its actual and potential implications for Velocity Financial’s finances and prospects.

OneSpan Inc. (NASDAQ: OSPN) – Lead Plaintiff Deadline of October 19, 2020

Recently, OneSpan has lauded its “record revenues” and nearly 20% year-over-year revenue growth, identifying its software license business as its “key driver” for the success. The Company has also assured investors that its internal controls over financial reporting where effective. On August 4, 2020, OneSpan postponed its second quarter 2020 earnings release and conference call by one week, blaming the delay on prior period revenue recognition problems relating to certain software license contracts. OneSpan stated that “[t]he net contract asserts that originated from a portion of these assets in prior periods were not properly accounted for in subsequent periods, which caused overstatements of revenue.” Then on August 11, 2020, OneSpan: (1) announced that it would not timely file its second quarter 2020 financial statement on Form 10-Q with the SEC; (2) announced that the revenue recognition problems lasted multiple years; (3) reported that same quarter year-over-year revenues had declined; and (4) withdrew its full year 2020 earnings guidance just one quarter after reiterating it. On this news, shares of OneSpan stock fell approximately 40% on August 12, 2020. The class period runs from May 9, 2018 to August 11, 2020.

Portland General Electric Company (NYSE: POR) – Lead Plaintiff Deadline of November 2, 2020

Portland General Electric Company shares fell approximately 11% on August 25, 2020, after the Company announced after the markets closed on August 24, 2020 that it had formed a Special Committee to investigate energy trading activity “in certain wholesale electricity markets that has resulted in realized and unrealized losses of $127 million” to the Company as of August 24, 2020. The Company added that it “entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company.” The lawsuit alleges that Portland General Electric lacked effective internal controls over its energy trading practices, which practices created significant negative financial exposure for the Company, leading to the reported significant losses. The class period runs from April 24, 2020 to August 24, 2020.

If you purchased or acquired shares of VEL, OSPN, or POR and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or via the links provided above.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com