SAN DIEGO, Nov. 02, 2023 (GLOBE NEWSWIRE) -- National law firm Morris Kandinov is investigating the actions of the officers and board of directors of Ardelyx, Inc., Leslie’s, Inc., Enovix Corporation, and Fate Therapeutics, Inc. If you are a current owner of shares of any of these stocks, contact leo@moka.law.
Ardelyx, Inc. (NASDAQ: ARDX) Shareholder Rights Investigation
Morris Kandinov is investigating Ardelyx, Inc. regarding possible breaches of fiduciary duties and other violations of law, including securities claims on behalf of shareholders. According to the complaint filed on behalf of shareholders, Ardelyx and certain of the Company's executive officers made a series of false statements to investors regarding their lead product candidate, tenapanor, and the likelihood that it would be approved by the FDA. Though tenapanor has been approved by the FDA as a treatment for irritable bowel syndrome associated constipation, the Company has not commercialized it in the United States nor generated any revenue from its sale. Rather, Ardelyx has focused on advancing another indication for the drug, namely for helping to control serum phosphorus in adult CKD patients on dialysis. Ardelyx submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for tenapanor in June 2020. The FDA accepted the NDA in September 2020 and set a Prescription Drug User Fee Act date of April 29, 2021. During the relevant period, the Company touted the efficacy of tenapanor and its “positive” clinical trial results that showed “improvements” over current treatments and reinforced its “potential” as a “transformative” treatment. Then, on July 19, 2021, Ardelyx announced that it had received a letter from the FDA, dated July 13, 2021, that said the FDA detected issues with both the size and clinical relevance of the drug’s treatment effect. On this news, analysts cut their price targets and downgraded the Company’s rating. Ardelyx’s share price fell 74% in one day, to close at $2.01 per share on July 20, 2021. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Leslie’s, Inc. (NASDAQ: LESL) Shareholder Rights Investigation
Morris Kandinov is investigating Leslie’s, Inc. regarding possible breaches of fiduciary duties and other violations of law, including securities claims on behalf of shareholders. According to the complaint filed on behalf of shareholders, Leslie’s and certain of the Company's executive officers made a series of false statements to investors touting the Company’s business prospects but failing to disclose that: (1) the Company’s growth was caused by customers over-purchasing products to stockpile in case of a chemical shortage; (2) such sales inflated revenues and earnings and were not indicative of durable and sustainable demand or financial growth; (3) the Company took advantage of chemical shortages by urging customers to stock up on the products because Leslie’s could not “guarantee availability” of chemicals in the future; and (4) any slowdown in sales was not a normalization of past seasonality, but was due to the prior excess stockpiling. On July 13, 2023, the Company pre-released preliminary results for the third quarter of 2023. Specifically, Leslie’s revealed that sales in the third quarter of 2023 had declined by 12%, the Company’s earnings per share for the quarter was 42% below analysts’ estimates, and adjusted earnings before interest, taxes, depreciation, and amortization was now between $124 to $128 million – well below the prior forecast of $197 million. Additionally, after reaffirming its fiscal 2023 guidance the previous two quarters, Leslie’s slashed its financial outlook by up to 60% for the remainder of the year. In addition, as part of this pre-release and the sudden drop in guidance, Leslie’s announced that its Chief Financial Officer Steven M. Weddell would be stepping down from his post effective August 7, 2023. On this news, Leslie’s common stock fell $2.82 per share, or approximately 29.6%, to close at $6.70 per share on July 14, 2023. The Company now trades at less than $5 per share To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Enovix Corporation (NASDAQ: ENVX) Shareholder Rights Investigation
Morris Kandinov is investigating Enovix Corporation regarding possible breaches of fiduciary duties and other violations of law, including securities claims on behalf of shareholders. According to the complaint filed on behalf of shareholders, Ardelyx and certain of the Company's executive officers made a series of false statements to investors touting the Company’s business prospects but failing to disclose material adverse facts about Enovix's ability to manufacture its proprietary battery technology. On November 1, 2022, Enovix announced its financial results for the third quarter of 2022, revealing in the quarter, it realized just $8,000 in revenue. Moreover, the Company revealed that it would be “dialing back” its work on improving the Gen1 lines in favor of shifting its focus to its future Gen2 lines because the supposed improvements were not having the desired results on output. Consequently, Enovix “anticipate[d] achieving lower overall output from Fab-1 in 2023.” In fact, Enovix revealed, it anticipated producing fewer than one million batteries in 2023. On this news, Enovix's share price fell 44%, from a close of $18.87 per share on October 31, 2022, to $10.53 per share on November 2, 2022. Then, on November 7, 2022, Enovix announced that T.J. Rodgers would assume the role of Executive Chairman. In a statement released that day, Rodgers criticized his own company for a “lack of clear and transparent investor communications” and conceded: “We have poorly communicated on the status of Fab-1.” On January 3, 2023, Rodgers held a special presentation for investors. On the call, Rodgers revealed that the Company’s second production facility and Gen2 lines would be delayed by several additional months because of the equipment failures experienced in the Fab-1 lines. On this news, Enovix’s share price dropped 41% to close at $7.15 per share on January 4, 2023. Recently, on October 3, 2023, Enovix issued a press release announcing a restructuring of Fab1 in Fremont and a reduction in its workforce. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Fate Therapeutics, Inc. (NASDAQ: FATE) Shareholder Rights Investigation
Morris Kandinov is investigating Fate Therapeutics, Inc. regarding possible breaches of fiduciary duties and other violations of law, including securities claims on behalf of shareholders. According to the complaint filed on behalf of shareholders, Fate Therapeutics and certain of the Company's executive officers made a series of false statements to investors concerning Fate Therapeutics’ business, operations, and compliance policies. Specifically, the complaint alleges defendants made false and/or misleading statements and/or failed to disclose that: (i) the Janssen Collaboration Agreement was less sustainable than Fate Therapeutics had represented to investors; (ii) accordingly, certain of the clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources; and (iii) as a result, Fate Therapeutics had overstated the impact of the Janssen Collaboration Agreement's on Fate Therapeutics' long-term clinical and commercial profitability. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
leo@moka.law
(619) 780-3993
moka.law
Morris Kandinov LLP is a national law firm that specializes in recovering investment losses and protecting stockholder rights. We work on contingency (i.e., you do not pay our fees out-of-pocket), and our attorneys have made substantial recoveries for investors in jurisdictions across the country. The firm would be happy to further discuss these matters, and any legal rights or remedies potentially available to you, at no charge.
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Contact:
Leo Kandinov, Partner
leo@moka.law
619-780-3993
550 West B Street, 4th Floor
San Diego, CA 92101
moka.law
