Enphase Energy, Inc. (ENPH) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of Enphase Energy, Inc. (NASDAQ: ENPH).  Investors who purchased ENPH securities between February 26, 2019, and June 17, 2020, that are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.

The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested ENPH shareholders have until August 17, 2020, to apply to be a lead plaintiff.

According to the Complaint, Enphase Energy, Inc. is a global energy technology company that “deliver[s] smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform.” The Company asserts that it “revolutionized the solar industry with [its] microinverter technology” and that it “produce[s] a fully integrated solar-plus-storage solution.”

The Complaint alleges that Enphase failed to disclose to investors that: (1) its revenues, both U.S. and international, were inflated; (2) the Company engaged in improper deferred revenue accounting practices; (3) the Company’s reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

Investors who suffered a loss in Enphase Energy, Inc. that are interested to learn more about the lead plaintiff process are encouraged to submit their information here, by email at shareholder@tenlaw.com, or by calling 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

United States Oil Fund, LP (USO) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of United States Oil Fund, LP (NYSE: USO).  Investors who purchased USO securities between March 19, 2020 and April 28, 2020, that are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.

The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested USO shareholders have until August 18, 2020, to apply to be a lead plaintiff.

According to the Complaint, the United States Oil Fund, LP (“USO”) is an exchange traded fund purportedly designed to track the daily changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma. Because retail investors are generally not equipped to buy and sell barrels of oil or authorized to trade oil futures, ETFs such as USO provide one of the primary means that such investors can gain exposure to fluctuations in oil prices.

The Complaint alleges that on March 19, 2020, Defendants filed with the SEC the Registration Statement on Form S-3 to register USO shares for the Offering, which, after amendment, was declared effective March 23, 2020. The Complaint alleges that numerous representations to investors in the Registration Statement were materially false and misleading when made and that the Registration Statement also failed to provide any specifics regarding the effects of the COVID-19 pandemic, instead merely listing “pandemics such as COVID-19” among a laundry list of general market “events or conditions” that “may adversely impact the demand for crude oil.”

It is alleged that during the Class Period, Defendants disseminated or approved false or misleading statements and failed to disclose adverse facts known to them about USO. The Complaint further alleges that Defendants’ fraudulent scheme and course of business: (i) deceived the investing public regarding USO’s business, prospects and risks; (ii) artificially inflated the prices of USO securities; and (iii) caused plaintiff and other members of the Class to purchase USO securities at artificially inflated prices.

Investors who suffered a loss in United States Oil Fund, LP that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting their information here, by email at shareholder@tenlaw.com, or calling 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Casper Sleep, Inc. (CSPR) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of Casper Sleep, Inc. (NYSE: CSPR). Investors who purchased or otherwise acquired publicly traded CSPR securities in or traceable to the Company’s initial public offering conducted on or around February 7, 2020, (the “IPO”), and are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.

The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested CSPR shareholders have until August 18, 2020, to apply to be a lead plaintiff.

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation.

Specifically, the Complaint alleges the Offering Documents failed to disclose that:

  1. Casper’s profit margins were actually declining, rather than growing
  2. Casper was changing an important distribution partner, costing it 130 basis points of gross margin in the first quarter of 2020 alone
  3. Casper was holding a glut of old and outdated mattress inventory that it was selling at steeply discounted clearance prices, further impairing the Company’s profitability
  4. Casper was suffering accelerating losses, further placing its ability to achieve positive cash flows and profitability out of reach
  5. Casper’s core operations were not profitable, but were causing the Company to suffer over $40 million in negative cash flows during the first quarter of 2020 alone and doubling its quarterly net loss year over year
  6. As a result of the foregoing, Casper’s ability to achieve profitability, implement its growth initiatives, and expand internationally had been misrepresented in the Offering Documents, as the Company needed to shutter its European operations, halt all international expansion, jettison over one fifth of its global corporate workforce, and significantly curtail new store openings in order to avoid an imminent cash and liquidity crisis, let alone achieve positive operating cash flows; and
  7. As a result of the foregoing, Casper’s revenue growth rate was not sustainable and had not positioned the Company to achieve profitability.

Investors who suffered a loss in Casper Sleep, Inc. that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting their information here, by email at shareholder@tenlaw.com, or by calling 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Luckin Coffee (LK) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP announces that it is investigating possible claims on behalf of shareholders of Luckin Coffee (NASDAQ: LK). Investors who purchased Luckin Coffee stock between May 7, 2019 and April 6, 2020 that are interested to learn more about their potential claims and legal rights are encouraged to submit their information above. Shareholders may also contact Thornton Law Firm at https://www.tenlaw.com/cases/LK/, or call 617-531-3917.

Luckin Coffee is a chain of coffee stores with more than 3500 locations in China. On April 2, 2020, Luckin announced that it was suspending its Chief Operating Officer and several other employees for misconduct related to the fabrication of sales or transactions. In a press release, Luckin announced that it was forming a special committee of the Board of Directors to oversee an internal investigation into certain issues raised to the Board’s attention during the audit of the consolidated financial statements for the fiscal year ended December 31, 2019.

The Company’s press release stated: “The information identified at this preliminary stage of the Internal Investigation indicates that the aggregate sales amount associated with the fabricated transactions from the second quarter of 2019 to the fourth quarter of 2019 amount to around RMB 2.2 billion. Certain costs and expenses were also substantially inflated by fabricated transactions during this period.” Renminbi is the official currency of China; 2.2 billion is equivalent to approximately $310 million.

The Company also stated: “As a result, investors should no longer rely upon the Company’s previous financial statements and earning releases for the nine months ended September 30, 2019 and the two quarters starting April 1, 2019 and ended September 30, 2019….”

Luckin Coffee’s stock price plummeted after this news was made public. Investors who purchased LK stock between May 7, 2019 and April 6, 2020 that are interested to learn more about their potential claims and legal rights are encouraged to submit their information below. Shareholders may also contact Thornton Law Firm at https://www.tenlaw.com/cases/lk/, or call 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Thornton Law Firm LLP is located at One Lincoln St., 13th fl., State Street Financial Center, Boston, MA 02111

Inovio Pharmaceuticals (INO) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action on behalf of shareholders who purchased the securities of Inovio Pharmaceuticals. The investigation involves possible violations of the federal securities laws.

Inovio shareholders who purchased or acquired Inovio stock (NYSE ticker: INO) between February 14, 2020 and March 9, 2020, that are interested in learning about the lead plaintiff process and their potential rights to recover in a securities class action lawsuit pending against Inovio, are encouraged to contact Thornton Law Firm by emailing shareholder@tenlaw.com or call 617-531-3933.

Interested INO shareholders have until May 12, 2020 to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member.

According to the lawsuit, Defendants capitalized on widespread COVID-19 fears by falsely claiming that Inovio Pharmaceuticals, Inc. had developed a vaccine for COVID-19. The suit alleges that on February 14, 2020, Inovio CEO J. Joseph Kim appeared on Fox Business News and stated that Inovio had developed a COVID-19 vaccine. It is alleged that two weeks later, following a well-publicized March 2, 2020 meeting with President Trump to discuss the COVID-19 outbreak, Defendant Kim again claimed that Inovio had developed a COVID-19 vaccine. The market allegedly responded favorably to Kim’s statement and Inovio’s stock price more than quadrupled from $4.28 per share on February 28, 2020, and continued to increase in the following weeks, reaching an intra-day high of $19.36 on March 9, 2020.

The lawsuit alleges that Inovio had not developed a COVID-19 vaccine. The lawsuit states that on March 9, 2020, before trading commenced, Citron Research exposed Defendants’ misstatements, calling for an SEC investigation into the Company’s claim. In response, Inovio’s stock price plummeted from its March 9 opening price of $18.72 per share to close at $9.83. The following day, March 10, 2020, Inovio’s stock price fell from its $9.30 per share opening price to close at $5.70 per share.

If you purchased or otherwise acquired Inovio stock (NYSE: INO) between February 14, 2020 and March 9, 2020, you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team by submitting your contact information by emailing 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.


Thornton Law Firm LLP is located at One Lincoln St., 13th fl., State Street Financial Center, Boston, MA 02111.

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.

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