Recently Filed Complaints
The Honest Company
Date filed:
09/15/2021
Lead Plaintiff Deadline:
11/15/2021
Class Period: 5/5/2020 -
9/15/2021
Symbol: HNST
Case Summary:
The lawsuit alleges that Honest Company’s Registration Statement in connection with its May 2021 initial public offering was materially false and misleading. According to the press release about this case from plaintiff firm Robbins Gellar Rudman & Dowd, the complaint claims that the Honest Company omitted that before the IPO, Honest Company’s “results had been significantly impacted by a multimillion-dollar COVID-19 stock-up for products in its Diapers and Wipes as well as Household and Wellness product categories.” Further, plaintiffs claim that, “at the time of the IPO, Honest Company was experiencing decelerating demand for such products [and] as a result, Honest Company’s financial results would likely be adversely impacted.
On August 13, 2021, the company reported a net loss of $20 million for the second quarter of 2021, as compared to a net loss of only $0.4 million for the second quarter of 2020. On this news, Honest Company’s stock price fell approximately 28%.
The Boston Beer
Company
Complaint filed date:
9/15/2021
Lead Plaintiff Deadline:
11/15/2021
Class Period: 4/22/2021
- 9/8/2021
Symbol: SAM
Case Summary:
The lawsuit alleges that
Boston Beer issued materially false and/or misleading statements and failed to
disclose adverse facts about its business, operations, and prospects. Specifically,
the complaint alleges that Boston Beer Company failed to disclose that its hard seltzer sales
were slowing and would have to face inventory write-offs, that it would incur
fees to third-party brewers, and that the
company’s positive statements about business, operations, and prospects were
materially misleading and/or lacked a reasonable basis.
After the close of the
stock market on July 22, 2021, Boston Beer reduced its full year 2021 guidance,
lowering expexted earnings per share to between $18 and $22 from a prior range of
$22 and $26. The company's common stock fell $246.54, or 26%, to
close at $701.00 per share on July 23, 2021.
Waterdrop
Complaint filed date:
9/13/2021
Lead Plaintiff Deadline:
11/15/2021
Class Period: 5/6/2021 -
9/14/2021
Symbol: WDH
Case Summary:
Waterdrop is an
insurance technology firm based in China. The lawsuit alleges that Waterdrop’s registration statements for its May 2021 IPO failed to disclose that it was the subject of a investigation
Chinese authorities over possible market abuses used to artificially inflate
Waterdrop’s financial results. The complaint
alleges, among other things, that the company was operating insurance platforms
without proper governmental authorizations, mispricing risks for consumers, and
illicitly using its clients’ information. The lawsuit further alleges that, unbeknownst to
investors, Waterdrop had discontinued its mutual aid business was because it had been ordered to do so by Chinese regulators.
According
to plaintiff firm Robbins Geller Rudman & Dowd, Waterdrop made a series
of announcements through the summer that revealed the true state of its
business and its trouble with Chinese authories. “On June 17, 2021,” the firm noted, “Waterdrop
reported that its operating costs and expenses had ballooned over 75%, or RMB 579.1
million, to RMB 1,343.9 million (US$205.1 million)… Then, on August 11, 2021,
multiple news sources reported that China’s banking and insurance watchdog, the
China Banking and Insurance Regulatory Commission, had issued an order
directing insurance companies to cease improper marketing and pricing practices
rampant in the industry and enhance their user privacy protections… As
Bloomberg reported, “[r]egulators have since moved to shutter some operations
including mutual aid healthcare platforms operated by Waterdrop.”
Finally on September 8,
2021, Waterdrop revealed large operating losses for the second quarter of RMB 815.4
million (US$126.3 million), compared to an operating profit of RMB 7.2 million
for the same period of 2020. By September 13, 2021, Waterdrop ADSs dropped to a
low of just $3 per ADS –75% below its May 2021 IPO.
Longeveron
Complaint filed date:
9/12/2021
Lead Plaintiff Deadline:
11/12/2021
Class Period: 2/12/2021
- 8/12/2021
Symbol: LGVN
Case Summary:
Longeveron is a biotechnology company that develops therapies for chronic diseases. The complaint alleges that its registration statement for its May 2021 IPO was negligently prepared and contained materially misleading statements of facts and omissions. The complaint further states that the company failed to disclose that its product, Lomecel-B, was not as effective at treating aging frailty as it had claimed.
The
plaintiff firm Bernstein Liebhard wrote in their press release about the case that, "On August 13, 2021, Longeveron issued two press releases, one announcing
topline results of the Phase 2b Aging Frailty Trial, and a second providing a
corporate update and reporting the Company's financial results for the second
quarter of 2021. Both press releases disclosed, among other results, that
Lomecel-B had "not achiev[ed]... statistical significance for the
pairwise comparison to placebo" with respect to the primary efficacy
endpoint. On this news, Longeveron's stock price fell $1.51 per share, or
27.91%, to close at $3.90 per share on August 13, 2021, representing a total
decline of 61% from the Offering price.”
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