The Boeing Company (BA) Shareholder Investigation: Lawsuit Filed

Boeing shareholders who purchased or acquired Boeing stock (NYSE ticker: BA) between January 1, 2019 and May 10, 2019, and are interested in learning about their potential rights to recover in a securities class action lawsuit pending against Boeing, please email the Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3933.

Thornton Law Firm LLP is investigating a securities class action on behalf of shareholders and investors who purchased the securities of The Boeing Company (NYSE ticker: BA). The investigation involves possible violations of the federal securities laws by Boeing. 

According to the lawsuit, Boeing prioritized profitability ahead of airplane safety. Boeing may have misled investors about the sustainability of Boeing’s core Commercial Airplanes segment by maintaining that the Boeing 737 MAX was a safe airplane. Boeing made these statements all while concealing the full extent of safety problems caused by the placement of larger engines on the 737 MAX that changed the handling characteristics of the 737 MAX from previous models. These handling characteristics included the danger of the increased pitch-up tendencies. These changes required special safety features, some of which Boeing installed only as “extras” or “optional features.”

As a result of Boeing’s alleged misconduct, as the news about Boeing’s alleged misconduct was revealed, Boeing’s (BA) stock plunged nearly $70 per share, from approximately $440 a share to $372 a share, the complaint alleges.

If you purchased or otherwise acquired Boeing stock (NYSE: BA) between January 1, 2019 and May 10, 2019, you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team at shareholder@tenlaw.com, or call 617-531-3933.

Thornton Law Firm’s securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.

Contact Information:

Guillaume O. Buell
Thornton Law Firm LLP
1 Lincoln StreetBoston, Massachusetts 02111 
Email: gbuell@tenlaw.com
Tel: 617-531-3933 
 

Pinterest Inc. IPO Shareholder Investigation (PINS)

By Guillaume Buell, Esq. and Garrett J. Bradley, Esq.

Published on May 27, 2019

Thornton Law Firm LLP announces that it is investigating a potential securities class action on behalf of purchasers of the securities of Pinterest Inc. (NYSE ticker: PINS) pursuant to, or traceable to, the registration statement and prospectus issued in connection with Pinterest’s April 2019 initial public offering (“IPO”). The investigation involves possible violations of the federal securities laws.

If you purchased Pinterest Inc. stock, you may have a claim for damages resulting from misstatements in the Pinterest IPO prospectus and registration statement. If you are interested in pursuing this claim, or to discuss your legal rights, please email shareholder@tenlaw.com, or call 617-531-3933.

If you purchased or otherwise acquired Pinterest stock (NYSE: PINS) pursuant to its IPO, you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team at shareholder@tenlaw.com, or call 617-531-3933.

Thornton Law Firm’s securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.

The Boeing Company (BA) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell, Esq. and Garrett  J. Bradley, Esq.

Published on May 10, 2019

Boeing shareholders who purchased or acquired Boeing stock (NYSE ticker: BA) between January 1, 2019 and May 10, 2019, and are interested in learning about their potential rights to recover in a securities class action lawsuit pending against Boeing, please email the Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3933

Thornton Law Firm LLP is investigating a securities class action on behalf of shareholders and investors who purchased the securities of The Boeing Company (NYSE ticker: BA). The investigation involves possible violations of the federal securities laws by Boeing.

According to the lawsuit, Boeing prioritized profitability ahead of airplane safety. Boeing may have misled investors about the sustainability of Boeing’s core Commercial Airplanes segment by maintaining that the Boeing 737 MAX was a safe airplane. Boeing made these statements all while concealing the full extent of safety problems caused by the placement of larger engines on the 737 MAX that changed the handling characteristics of the 737 MAX from previous models. These handling characteristics included the danger of the increased pitch-up tendencies. These changes required special safety features, some of which Boeing installed only as “extras” or “optional features.”

As a result of Boeing’s alleged misconduct, as the news about Boeing’s alleged misconduct was revealed, Boeing’s (BA) stock plunged nearly $70 per share, from approximately $440 a share to $372 a share, the complaint alleges.

If you purchased or otherwise acquired Boeing stock (NYSE: BA) between January 1, 2019 and May 10, 2019, you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team at shareholder@tenlaw.com, or call 617-531-3933.

Thornton Law Firm’s securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.

Contact Information:

Guillaume O. Buell
Thornton Law Firm LLP
1 Lincoln Street
Boston, Massachusetts 02111Email: gbuell@tenlaw.comTel: 617-531-3933 
 

 

Apple Inc. Shareholder Investigation: Lawsuit Filed (AAPL)

By Garrett J. Bradley Esq. and Guillaume Buell, Esq.

Published on April 26, 2019

Thornton Law Firm LLP announces that it is investigating a securities class action on behalf of shareholders and investors who purchased the securities of Apple Inc. (NASDAQ ticker: AAPL). The investigation involves possible violations of the federal securities laws by Apple, Timothy Cook, and Luca Maestri. A class action has been filed, and if you are an Apple shareholder interested in learning more, please email shareholder@tenlaw.com, or call 617-531-3933.

According to the lawsuit, Apple and the defendants made materially false and misleading statements regarding Apple’s business and prospects. Specifically, the Complaint alleges that Apple failed to disclose that:

  • the U.S.-China trade war had negatively impacted demand for iPhones and Apple’s pricing power in greater China;
  • due to Apple discounting the cost of replacement batteries to make up for the Company’s prior conduct of intentionally degrading the performance of the batteries in older iPhones, the rate at which Apple customers were replacing their batteries in older iPhones, rather than purchasing new iPhones, was negatively impacting Apple’s iPhone sales growth;
  • as a result of slowing demand, Apple had slashed production orders from suppliers for the new 2018 iPhone models and cut prices to reduce inventory; and
  • Apple’s decision to withhold unit sales for iPhones and other hardware, which was a metric relevant to investors and their view of the Company’s financial performance, was designed to and would mask declines in unit sales of the Company’s flagship product.

As a result of Apple’s alleged misconduct, Apple’s stock plunged more than $15 per share, or more than 9%, from its close of $157.92 per share on January 2, 2019 to close at $142.19 per share on January 3, 2019.

If you purchased or otherwise acquired Apple stock (NASDAQ: AAPL), you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team at shareholder@tenlaw.com, or call 617-531-3933.

Thornton Law Firm’s securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.

Contact Information:

Guillaume O. Buell
Thornton Law Firm LLP
1 Lincoln Street
Boston, Massachusetts 02111

Email: gbuell@tenlaw.com
Tel: 617-531-3933

Federal Class Action Filed Against Suntrust Banks, Inc. in Georgia Federal Court Seeks Injunctive Relief Related to Alleged Misconduct

By Garrett Bradley, Esq. and Guillaume Buell, Esq.

Published on April 22, 2019

On April 10, 2019, a class action lawsuit was filed against SunTrust Banks, Inc. and numerous individual defendants alleging misconduct in connection with SunTrust’s acquisition by affiliates of BB&T Corporation. The case is a stockholder class action brought on behalf of public stockholders of SunTrust Banks, Inc. against SunTrust and the members of SunTrust’s Board of Directors for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 14a-9, 17 C.F.R. § 240.14a-9, and to enjoin the vote on the proposed transaction.

The complaint alleges that the Registration Statement, which recommends that SunTrust stockholders vote in favor of the Proposed Transaction, omits or misrepresents material informationconcerning, among other things: (i) SunTrust’s and BB&T’s financial projections relied upon by the Company’s financial advisor, Goldman Sachs & Co. LLC in its financial analyses; (ii) the valuation analyses prepared by Goldman in connection with the rendering of its fairness opinion; and (iii) the background process leading to the Proposed Transaction. The failure to adequately disclose such material information constitutes a violation of Sections 14(a) and 20(a) of the Exchange Act as SunTrust stockholders need such information in order to make a fully informed decision whether to vote in favor of the Proposed Transaction.

The Complaint further alleges that unless remedied, SunTrust’s public stockholders will be forced to make a voting decision on the Proposed Transaction without full disclosure of all material information concerning the Proposed Transaction being provided to them. Plaintiff seeks to enjoin the stockholder vote on the Proposed Transaction unless and until such Exchange Act violations are cured.

The Complaint asserts that injunctive relief pursuant to Section 14(a) is appropriate to ensure defendants’ misconduct is corrected.

Thornton Law Firm is investigating the merits of this matter. Any interested investors may contact the firm’s securities litigation attorneys via email at shareholder@tenlaw.com or calling (617) 720-1333.

Thornton’s securities litigators have extensive experiencing litigating under the Securities Act of 1933 and the Securities Exchange Act of 1934. Congress passed both these laws to protect investors from securities fraud. The basic purpose of the 1934 and 1933 regulatory statutes is to protect investor confidence in the securities markets.

Misconduct Allegations Against YRC Worldwide Inc. Basis of New Securities Class Action

By Garrett Bradley, Esq. and Guillaume Buell, Esq.

Published on April 19, 2019

On January 2, 2019, a class action complaint for violations of the federal securities laws was filed against YRC Worldwide Inc. The complaint alleges that the Defendants misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) from 2005 to at least 2013, YRC Worldwide’s units systematically overcharged the federal government for freight carrier services; (2) this alleged misconduct caused the Department of Defense to overpay by millions of dollars for shipments that were lighter, and thus cheaper, than the weights for which the government was charged; (3) consequently, this alleged misconduct would subject YRC Worldwide to enhanced government scrutiny and liabilities, including potentially owing treble damages under the False Claims Act; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. 

YRC Worldwide provides various transportation services primarily in North America. It operates as a holding company with two reporting segments: YRC Freight (longer haul trucking) and Regional Transportation (regional and next-day delivery markets). The Company is incorporated in Delaware and has facilities throughout the United States, including Albany, New York. The Company’s securities are traded on the NASDAQ under the ticker symbol “YRCW.” 

The lawsuit, with its focus on misconduct allegations, is a federal securities class action on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of YRC Worldwide from March 10, 2014 through December 14, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. 

Thornton Law Firm is investigating the merits of this matter. Any interested investors may contact the firm’s securities litigation attorneys via email at shareholder@tenlaw.com or calling (617) 720-1333. 

Thornton’s securities litigators have extensive experiencing litigating under the Securities Act of 1933 and the Securities Exchange Act of 1934. Congress passed both these laws to protect investors from securities fraud. The basic purpose of the 1934 and 1933 regulatory statutes is to protect investor confidence in the securities markets. 

Securities Class Action Filed Against MobileTeleSystemsPJSC Alleges Overseas Misconduct

By Garrett Bradley, Esq. and Guillaume Buell, Esq.

Posted on April 18, 2019

On March 19, 2019, a class action was filed against MobileTeleSystemsPJSC arising under the federal securities laws regarding the Company’s disclosure on March 19, 2014 that the United States Department of Justice also is conducting a parallel investigation related to the Company’s former operations in Uzbekistan which concerned Mobile and not merely the activities of unaffiliated parties. The extent of the alleged misconduct is still under investigation. It is not known at this time if sanctions will be at issue.

The lawsuit seeks relief on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of MobileTeleSystems from March 19, 2014 through March 7, 2019, both dates inclusive. Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The extent of the misconduct at issue has not been fully established.

The Complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that: (1) Mobile TeleSystems and its subsidiary were involved in a scheme to pay $420 million in bribes in Uzbekistan; (2) consequently, Mobile TeleSystems knew or should have known it would be forced to pay substantial fines to the U.S. government after disclosing in 2014 that the U.S. DOJ and SEC were investigating its Uzbekistan operations;  (3) Mobile  TeleSystems level  of  cooperation  with  the  U.S.  government  and remediation was lacking; (4) due to the aforementioned misconduct, Mobile TeleSystems would be forced to pay approximately $850 million in criminal penalties to the U.S. government; and(5) due to the foregoing, Defendants’ public statements were materially false and/or misleading at all relevant times.

On November 20, 2018, the Company disclosed that it had reserved approximately $840 million USD (RUB 55.8 bln) as the potential liability concerning investigations by the SEC and the DOJ into its former operations in Uzbekistan. 30. On  this  news, shares of Mobile TeleSystems’ stock  price fell $0.64 per share or nearly 8% to close at $7.45 per share on November 20, 2018.

On March 7, 2019, the DOJ reported that the Company and its subsidiary entered into an agreement to pay $850 million in penalties to the United States to resolve charges arising from its role in a scheme to pay $420 million in bribes in Uzbekistan. On this news, shares in Mobile TeleSystems’ stock fell $0.24 per share or over 3% to close at $7.54 per share on March 7, 2019, damaging investors.

The complaint alleges that as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

Thornton’s securities litigators have extensive experiencing litigating under the Securities Act of 1933 and the Securities Exchange Act of 1934. Congress passed both these laws to protect investors from securities fraud. The basic purpose of the 1934 and 1933 regulatory statutes is to protect investor confidence in the securities markets.

Thornton Law Firm is investigating the merits of this matter. Any interested investors may contact the firm’s securities litigation attorneys via email at shareholder@tenlaw.com or calling (617) 720-1333.

$14M SEC Whistleblower Award: New Era Of Combating Financial Fraud

By Michael A. Lesser, Esq. 

Posted on Oct 2, 2013

The Securities and Exchange Commission (“SEC”) just announced an award of more than $14 million to a single whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds. This is the largest award to date under the SEC’s enhanced whistleblowing provisions established under the Dodd-Frank Act in 2011. The whistleblower program rewards high-quality original information that results in an SEC enforcement action with sanctions exceeding $1 million. Awards to the whistleblowers providing the tips can range from 10 percent to 30 percent of the money the SEC collects.

Yesterday’s award heralds a new focus by the SEC to combat serious financial fraud. For months, news concerning the whistleblowing program speculated that the SEC would be announcing several large whistleblower awards. The $14 million award to the anonymous whistleblower may be the first of a growing number of successful enforcement actions. The SEC is heavily focused on certain kinds of fraud, including insider trading, fraud by publicly traded companies, fraud by brokers and investment advisors, ponzi schemes, and any other fraudulent schemes affecting investors and the securities markets. In addition, the SEC has enforcement authority under the Foreign Corrupt Practices Act (the FCPA), which prohibits publicly-traded companies from bribing foreign officials, and whistleblowers with information concerning FCPA violations are also eligible for awards. Although cases differ, the SEC uses the following factors to determine the amount of the reward to the whistleblower in a successful case: (1) the significance of the information provided by the whistleblower; (2) the degree of assistance provided by the whistleblower; and (3) the interest of the SEC in deterring violations of securities laws. Whistleblower claims can be filed anonymously and whistleblowers are not required to have worked at the company that committed the SEC violation.

In this case, the whistleblower provided original information and assistance that allowed the SEC to investigate an enforcement mater more quickly than otherwise would have been possible. The SEC brought the enforcement action against the perpetrators of the fraud less than 6 months after the whistleblower’s tip.

Thornton Law Firm represents whistleblowers who file tips under the SEC’s whistleblowing provisions. If you have questions about SEC whistleblowing, contact us here or call us at

. A Thornton Law Firm attorney will be happy to speak with you and answer any questions you may have.a

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