FILING DEADLINE--Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of ARLO, IMMU, MKL and SVXY
CEDARHURST, N.Y., Feb. 24, 2019 (GLOBE NEWSWIRE) -- The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No classes have yet been certified in the actions below. Appointment as lead plaintiff is not required to partake in any recovery.
Arlo Technologies, Inc. (NYSE: ARLO)Investors Affected: Investors who purchased shares pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the August 3, 2018 Initial Public Offering
A class action has commenced on behalf of certain shareholders in Arlo Technologies, Inc. The filed complaint alleges that the Registration Statement made materially false and/or misleading statements and/or failed to disclose that: (i) there was a flaw and/or quality issue with Arlo’s newly designed battery for its Ultra camera systems; (ii) this flaw and/or quality issue with the Ultra battery could result in a shipping delay of Arlo’s Ultra product; (iii) such a shipping delay endangered Arlo’s chances of launching the Ultra product in time for the crucial holiday season; (iv) such a shipping delay would allow Arlo’s competitors to capitalize on the Ultra product’s missed launch, thereby increasing their own market share; (v) Arlo’s consumers had been experiencing battery drain issues and other battery-related issues in connection with recent firmware updates; (vi) because of the foregoing, Arlo’s fourth quarter 2018 results and consumer base would be negatively impacted; and (vii) as a result, Arlo’s Registration Statement was materially false and misleading at all relevant times.
Shareholders may find more information at https://kseclaw.com/securities/arlo-technologies-inc/?wire=3
Immunomedics, Inc. (NASDAQ: IMMU)Investors Affected: February 8, 2018 - January 18, 2019
A class action has commenced on behalf of certain shareholders in Immunomedics, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Immunomedics’ Morris Plains, New Jersey drug substance manufacturing facility was not in compliance with FDA requirements; (ii) the Company’s Quality Control Unit did not possess the authority to investigate and correct critical FDA violations occurring at the Morris Plains, New Jersey facility; (iii) the Company suffered a February 2018 data integrity breach at the Morris Plains, New Jersey facility which, among other issues, included the backdating records and manipulation of bioburden samples; (iv) the Company’s Chemistry, Manufacturing and Control data submitted in connection with its BLA for sacituzumab govitecan was insufficient to support FDA approval; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders may find more information at https://kseclaw.com/securities/immunomedics-inc/?wire=3
Markel Corporation (NYSE: MKL)Investors Affected: July 26, 2017 - December 6, 2018
A class action has commenced on behalf of certain shareholders in Markel Corporation. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company’s subsidiaries did not appropriately record loss reserves; (2) as a result, the loss reserves would need to be adjusted and/or restated; (3) these misleading accounting practices would lead to regulatory scrutiny and financial loss to investors; and (4) 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.
Shareholders may find more information at https://kseclaw.com/securities/markel-corporation/?wire=3
ProShares Short VIX Short-Term Futures (NYSEArca: SVXY)Investors Affected: Investors in ProShares Short VIX Short-Term Futures ETF pursuant to the May 15, 2017 Registration Statement and/or between May 15, 2017 and February 5, 2018
A class action has commenced on behalf of certain shareholders in ProShares Short VIX Short-Term Futures. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: According to the complaint in the Registration Statement and during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the risks of investing in the Fund. Specifically, the Registration Statement failed to disclose that the Fund was threatened with catastrophic losses as a result of the Fund’s flawed design and the low-volatility environment and acute liquidity risks that existed during the Class Period. In addition, during the Class Period defendants made similar false and misleading statements in numerous financial reports and draft prospectuses and registration statements filed with the SEC.
Shareholders may find more information at https://kseclaw.com/securities/proshares-short-vix-short-term-futures-loss-submission-form/?wire=3
Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock.
CONTACT:Kuznicki Law PLLCDaniel Kuznicki, Esq.445 Central Avenue, Suite 334Cedarhurst, NY 11516Email: email@example.com Phone: (347) 696-1134Cell: (347) 690-0692Fax: (347) 348-0967