Day: July 22, 2021
RMCF – Rocky Mountain Chocolate Factory Announces CEO Transition, Separation of Chairperson and CEO Role, and Intent to Add New Board Member
Mr. Merryman to remain as CEO until a replacement is named and is expected to remain on the Board.
DURANGO, CO / ACCESSWIRE / July 22, 2021 / Rocky Mountain Chocolate Factory, Inc. (NASDAQ:RMCF) (the “Company”), which franchises gourmet chocolate and confection storesand manufactures premium chocolates and other confectionery products, today announced a continued commitment to accelerate corporate governance and leadership changes in response to discussions with it shareholders and as the Company continues its efforts to navigate out of the pandemic.
With the recent appointment of Rahul Mewawalla, an independent director, to the Board in June 2021 and other Board refreshment over the last two years, the Board further commits to additional Board refreshment by replacing one of the Board’s current, legacy members with a new, independent director with experience and expertise to further assist the Company with executing its long-term strategy, at or before the Company’s 2021 annual meeting. These and prior changes will result in a refreshment of a majority of the Board over the last two years, all of whom are independent.
The Board is also committed to separating the roles of Chairperson of the Board and Chief Executive Officer (CEO) of the Company. The Board believes that separating the roles and appointing an independent director as Chairperson of the Board will further enhance the Company’s corporate governance structure.
Additionally, in connection with the separation of the Chairperson and CEO roles, the Board has begun the process to engage an executive search firm to assist in identifying a new CEO for the Company. It is expected that Mr. Merryman will continue in an executive role with the Company following the appointment of a new CEO.
The Board will announce further information on these efforts in the coming weeks.
About Rocky Mountain Chocolate Factory, Inc.
Rocky Mountain Chocolate Factory, Inc., headquartered in Durango, Colorado, is an international franchiser of gourmet chocolate, confection and self-serve frozen yogurt stores and a manufacturer of an extensive line of premium chocolates and other confectionery products. As of June 22, 2021, the Company, through its subsidiaries and its franchisees and licensees operated 381 Rocky Mountain Chocolate Factory and self-serve frozen yogurt stores in 39 states, South Korea, Qatar, the Republic of Panama, and The Republic of the Philippines. The Company’s common stock is listed on the Nasdaq Global Market under the symbol “RMCF.”
Forward-Looking Statements
This press release includes statements of the Company’s expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements involve various risks and uncertainties. The nature of the Company’s operations and the environment in which it operates subjects it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. The statements, other than statements of historical fact, included in this press release are forward-looking statements. Many of the forward-looking statements contained in this press release may be identified by the use of forward-looking words such as “will,” “intend,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “potential,” or similar expressions. Factors which could cause results to differ include, but are not limited to: the impact of the COVID-19 pandemic and global economic conditions on the Company’s business, including, among other things, online sales, factory sales, retail sales and royalty and marketing fees, the Company’s liquidity, the Company’s cost cutting and capital preservation measures, achievement of the anticipated potential benefits of the strategic alliance with Edible Arrangements®, LLC and its affiliates (“Edible”), the ability to provide products to Edible under the strategic alliance, Edible’s ability to increase the Company’s online sales, changes in the confectionery business environment, seasonality, consumer interest in the Company’s products, general economic conditions, the success of the Company’s frozen yogurt business, receptiveness of the Company’s products internationally, consumer and retail trends, costs and availability of raw materials, competition, the success of the Company’s co-branding strategy, the success of international expansion efforts and the effect of government regulations. Government regulations which the Company and its franchisees and licensees either are, or may be, subject to and which could cause results to differ from forward-looking statements include, but are not limited to: local, state and federal laws regarding health, sanitation, safety, building and fire codes, franchising, licensing, employment, manufacturing, packaging and distribution of food products and motor carriers. For a detailed discussion of the risks and uncertainties that may cause the Company’s actual results to differ from the forward-looking statements contained herein, please see the “Risk Factors” contained in Item 1A. of the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2021, as amended. Additional factors that might cause such differences include, but are not limited to: the length and severity of the current COVID-19 pandemic and its effect on among other things, factory sales, retail sales, royalty and marketing fees and operations, the effect of any governmental action or mandated employer-paid benefits in response to the COVID-19 pandemic, and the Company’s ability to manage costs and reduce expenditures and the availability of additional financing if and when required. These forward-looking statements apply only as of the date hereof. As such they should not be unduly relied upon for more current circumstances. Except as required by law, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.
For Further Information, please contact
Rocky Mountain Chocolate Factory, Inc.
(970) 375-5678
Investor Contact:
William P. Fiske
Georgeson LLC
(212) 440-9128
SOURCE: Rocky Mountain Chocolate Factory, Inc.
SRAC – Shareholder Alert: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Securities Fraud Class Action Lawsuit Filed Against Stable Road Acquisition Corp.
RADNOR, Pa., July 21, 2021 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Central District of California against Stable Road Acquisition Corp. (NASDAQ: SRAC) (NASDAQ: SRACW) (NASDAQ: SRACU) (“Stable Road”) on behalf of those who purchased or acquired Stable Road securities between October 7, 2020 and July 13, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired Stable Road securities during the Class Period may, no later than September 13, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via e-mail at [email protected]; or click https://www.ktmc.com/stable-road-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=stable_road
Stable Road is a special purpose acquisition company. SRC-NI Holdings, LLC (the “Sponsor”) served as the sponsor of Stable Road during the Class Period. In November 2019, the Sponsor, Brian Kabot, Stable Road’s Chief Executive Officer (“CEO”) and Chairman, and James Norris, Stable Road’s Chief Financial Officer, took Stable Road public via an initial public offering (the “IPO”). While Stable Road did not identify any target companies at the time of the IPO, the IPO offering materials stated that Stable Road planned to pursue an acquisition focused in the cannabis sector. Momentus Inc. (“Momentus”) was an acquisition target of Stable Road during the Class Period. Momentus is a private commercial space company headquartered in Santa Clara, California.
The Class Period commences on October 7, 2020, when Stable Road and Momentus issued a joint press release announcing that Stable Road had agreed to acquire Momentus in a proposed merger, subject to shareholder approval (the “Merger”). On October 13, 2020, Stable Road filed on a Form 8-K an investor presentation regarding the Merger. The investor presentation stated that Momentus had an enterprise value of $1.2 billion and stated that its “Groundbreaking Water Propulsion Technology” had been “[s]uccessfully tested . . . on a demo flight launched mid-2019.” The complaint alleges that the defendants failed to disclose the adverse facts about Momentus’ business, operations, and prospects and Stable Road’s due diligence activities in connection with the Merger.
The truth began to emerge on January 25, 2021, when Momentus announced that Mikhail Kokorich, the founder and CEO of Momentus, had resigned his position “in an effort to expedite the resolution of U.S. government national security and foreign ownership concerns surrounding the Company.” Following this news, the price of Stable Road securities declined. Over three trading days, the price of Stable Road Class A stock fell $4.75, or 19%, to close at $20.10 on January 27, 2021.
Then, on July 13, 2021, the U.S. Securities and Exchange Commission (“SEC”) announced charges against Stable Road, the Sponsor, Momentus, Mr. Kabot and Mr. Kokorich for making “misleading claims about Momentus’ technology and about national security risks associated with Kokorich.” The release stated that all parties other than Mr. Kokorich had settled the charges against them for $8 million in total, while the case against Mr. Kokorich continued. Also on July 13, 2021, the SEC publicized a cease-and-desist order and complaint against Mr. Kokorich which detailed the defendants’ scheme to defraud investors in connection with the Merger. Following this news, the price of Stable Road securities declined. On July 14, 2021, the price of Stable Road Class A stock fell $1.22 per share, or 10%, to close at $10.66.
The complaint alleges that the defendants misrepresented and failed to disclose that: (1) Momentus’ 2019 test of its key technology, a water plasma thruster, had failed to meet Momentus’ own public and internal pre-launch criteria for success, and was conducted on a prototype that was not designed to generate commercially significant amounts of thrust; (2) the U.S. government had conveyed that it considered Mr. Kokorich a national security threat, which jeopardized Mr. Kokorich’s continued leadership of Momentus and Momentus’ launch schedule and business prospects; (3) as a result of the above, the revenue projections and business and operational plans provided to investors regarding Momentus and the commercial viability and timeline of its products were materially false and misleading and lacked a reasonable basis in fact; and (4) Stable Road had failed to conduct appropriate due diligence of Momentus and its business operations and the defendants had materially misrepresented the due diligence activities being conducted by the Sponsor and Stable Road executives in connection with the Merger.
Stable Road investors may, no later than September 13, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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TXN – Texas Instruments Earnings Beat Expectations. The Stock Is Falling.
Texas Instruments had increased demand for its chips in the second quarter.
Dreamstime
Texas Instruments
reported double-digit revenue growth and fatter profits on Wednesday, but that wasn’t enough for return-hungry investors who decided to focus on the company’s forecast instead.
Shares of Texas Instruments retreated in the extended session, falling 4.4% after closing out regular trading with a gain of 3.5%, to $194.24. Shares have gained 18% this year; the PHLX Semiconductor Index has increased 18% as well.
Texas Instruments, which makes chips for autos, industrial applications, and personal electronics, reported second-quarter net income of $1.9 billion, or $2.05 a share, compared with a net profit of $1.4 billion, or $1.48 a share. Revenue rose 41% to $4.6 billion. Analysts had expected earnings of $1.84 a share, on revenue of $4.36 billion.
Demand for many of the company’s chips grew during the quarter, which slowed down delivery to customers. Inventory remains low and the company is adding manufacturing capacity incrementally, executives said on a conference call. A new factory is scheduled to open next year.
Finance chief
Rafael Lizardi
told reporters and analysts that the company doesn’t know how long the global chip shortage is going to last.
“We’ve read the ranges that it is going to end soon, and others that say it is going to continue for quite some time,” Lizardi said. “We’re not going to forecast the fourth quarter, or even comment on how long the cycle will last because, honestly, we don’t know.”
For the third quarter, the company expects revenue of between $4.4 billion and $4.8 billion; the consensus estimate is $4.4 billion.
The company’s guidance indicates executives expect a strong quarter, Lizardi said.
As chip demand has surged far beyond supply, investors have come to expect semiconductor businesses to widely exceed earnings expectations and offer bullish guidance. Those that don’t face the wrath of investors.
Write to Max A. Cherney at max.cherney@barrons.com
PBF – PBF Energy Comments on Bay Area Air Quality Management District Decision
PARSIPPANY, N.J., July 21, 2021 /PRNewswire/ — PBF Energy Inc. (NYSE:PBF) today commented on the Bay Area Air Quality Management District (BAAQMD) Board members’ decision to adopt Proposed Amended Rule (PAR) 6-5 related to particulate emissions from refinery Fluid Catalytic Cracking (FCC) units in the Bay Area.
Paul Davis, President of PBF Energy’s Western Region, stated, “We have been working closely throughout the rule-making process with BAAQMD staff and anticipated today’s outcome. Importantly, the rule-making requires refineries to meet a specific emissions standard by 2026, without requiring the installation of a wet gas scrubber or any other specific technology.”
Mr. Davis concluded, “PBF has previously planned projects that will be implemented over the coming months that will allow our Martinez refinery to achieve emissions reductions significantly closer to the desired level in the first quarter of 2022. We will continue to work with the BAAQMD to arrive at our mutually desired goal of improving air quality and continuing to provide our vital products to one of the largest fuel markets in the world.”
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the company’s control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the company’s filings with the SEC, as well as the risks disclosed in PBF Logistics LP’s SEC filings and any impact PBF Logistics LP may have on the company’s credit rating, cost of funds, employees, customer and vendors; risk relating to the securities markets generally; risks associated with the East Coast refining reconfiguration and the acquisition of the Martinez refinery, and related logistics assets; our ability to make, and realize the benefits from, acquisitions or investments, including in renewable diesel productions; the effect of the COVID-19 pandemic and related governmental and consumer responses; our expectations regarding capital spending and the impact of market conditions on demand for the balance of 2021; and the impact of adverse market conditions affecting the company, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the company. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF Energy Inc. also currently indirectly owns the general partner and approximately 48% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).
SOURCE PBF Energy Inc.
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REKR – REKR REMINDER: Investors With Substantial Losses Have Opportunity to Lead the Rekor Systems, Inc. Class Action Lawsuit
San Diego, California–(Newsfile Corp. – July 21, 2021) – The Rekor Systems class action lawsuit seeks to represent purchasers of Rekor Systems, Inc. (NASDAQ: REKR) securities between April 12, 2019 and May 25, 2021, inclusive (the “Class Period”) and charges Rekor Systems along with certain of its top executives with violations of the Securities Exchange Act of 1934. The Rekor Systems class action lawsuit (Miller v. Rekor Systems, Inc., No. 21-cv-01604) was commenced on June 29, 2021 in the District of Maryland and is assigned to Judge George Levi Russell, III.
If you suffered substantial losses and wish to serve as lead plaintiff of the Rekor Systems class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Rekor Systems class action lawsuit must be filed with the court no later than August 28, 2021.
CASE ALLEGATIONS: The Rekor Systems class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Rekor System’s automatic license plate recognition (“ALPR”) technology and uninsured vehicle enforcement diversion (“UVED”) related business is outclassed by global competitors with an established, dominant market share; (ii) it was unlikely that states would pass legislation authorizing deals similar to Rekor Systems’ Oklahoma UVED partnership because of, among other things, state and local privacy laws and related public concerns; (iii) Rekor Systems’ UVED partnership was not as profitable as defendants had led investors to believe because of known impediments to enrollment rates and costs associated with the partnership; (iv) accordingly, Rekor Systems had overstated its potential revenues, profitability, and overall ALPR- and UVED-related business prospects; and (v) as a result, Rekor Systems’ public statements were materially false and misleading at all relevant times.
On May 10, 2021, a bill authorizing the establishment of a state UVED program was excluded from the Texas Legislature’s Daily House Calendar and left pending in a state committee. Because May 10, 2021 was the deadline for the Texas UVED bill to move from the committee, news sources reported significant market speculation that the bill was dead. On this news, Rekor Systems’ stock price fell nearly 28%.
Then, on an earnings call that same day to discuss Rekor Systems’ first quarter 2021 financial results, Rekor Systems’ President and Chief Executive Officer, defendant Robert A. Berman, also indicated that Rekor Systems may not secure a UVED agreement with Texas. On this news, Rekor Systems’ stock price fell nearly 18%.
Finally, on May 26, 2021, private investor Western Edge published a report entitled “Rekor Systems: Lackluster Growth Runway And Exaggerated Insurance Scheme Raise Substantial Downside Risk.” The report alleged, among other things, that global competition was “miles ahead” of Rekor Systems in ALPR development and market establishment; that Rekor Systems’ “realized results suggest management’s potential revenue guidance could be overstated by up to 80%”; and that investors were at risk of facing a “massive downside if [Rekor Systems’] growth doesn’t show up.” The report also noted that Rekor Systems’ predecessor in the Oklahoma UVED partnership had exited it because “the program is not economically feasible” given costs associated with the program and because “there was typically no consequences for individuals that simply ignored the fines/insurance requirements after they were identified.” Also on May 26, 2021, Mariner Research Group published another report entitled “REKR – Government documents do not support investor expectations.” The report “highlight[ed] government documentation which shows that REKR’s revenue opportunities are likely a fraction of what investors expect.” Among other things, the report alleged that “Oklahoma government budgets imply that REKR’s much vaunted UVED program is a sub $2MM revenue opportunity – almost 96% less than the >$40MM in revenue intimated by Rekor’s CEO.” The report likewise echoed the issues disclosed in the Western Edge report, including, among other things, those that had caused Rekor’s predecessor in the Oklahoma UVED partnership to exit the program. On this news, Rekor Systems’ stock price fell an additional 3.9%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Rekor Systems securities during the Class Period to seek appointment as lead plaintiff in the Rekor Systems class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Rekor Systems class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Rekor Systems class action lawsuit. An investor’s ability to share in any potential future recovery of the Rekor Systems class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit https://www.rgrdlaw.com/firm.html for more information.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90815
SAVE – Spirit of Texas (STXB) Surpasses Q2 Earnings and Revenue Estimates
Spirit of Texas (STXB – Free Report) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 27.27%. A quarter ago, it was expected that this company would post earnings of $0.47 per share when it actually produced earnings of $0.58, delivering a surprise of 23.40%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Spirit of Texas, which belongs to the Zacks Banks – Southeast industry, posted revenues of $33.56 million for the quarter ended June 2021, surpassing the Zacks Consensus Estimate by 4.22%. This compares to year-ago revenues of $28.62 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
Spirit of Texas shares have added about 29.9% since the beginning of the year versus the S&P 500’s gain of 15.1%.
What’s Next for Spirit of Texas?
While Spirit of Texas has outperformed the market so far this year, the question that comes to investors’ minds is: what’s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company’s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Spirit of Texas was mixed. While the magnitude and direction of estimate revisions could change following the company’s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.58 on $33.3 million in revenues for the coming quarter and $2.17 on $129 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks – Southeast is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
ARDX – ARDELYX ALERT: Bragar Eagel & Squire, P.C. is Investigating Ardelyx, Inc. on Behalf of Ardelyx Stockholders and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Ardelyx, Inc. (“Ardelyx” or the “Company”) (NASDAQ: ARDX) on behalf of Ardelyx stockholders. Our investigation concerns whether Ardelyx has violated the federal securities laws and/or engaged in other unlawful business practices.
Click here to participate in the action.
On July 19, 2021, Ardelyx issued a press release “announc[ing] that it received a letter from the U.S. Food and Drug Administration (the ‘FDA’ on July 13, 2021 stating that, as part of its ongoing review of the company’s New Drug Application (“NDA”) for the control of serum phosphorus in chronic kidney disease patients on dialysis, the FDA has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time.” Ardelyx further stated that “[w]hile the FDA has not provided specific details regarding the deficiencies, the FDA noted that a key issue is the size of the treatment effect and its clinical relevance.” On this news, Ardelyx’s stock price fell $5.69 per share, or 73.9%, to close at $2.01 per share on July 20, 2021.
If you purchased or otherwise acquired Ardelyx shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
PLL – PIEDMONT LITHIUM ALERT: Bragar Eagel & Squire, P.C. is Investigating Piedmont Lithium Inc. on Behalf of Piedmont Lithium Stockholders and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Piedmont Lithium Inc. (“Piedmont Lithium” or the “Company”) (NASDAQ: PLL) on behalf of Piedmont Lithium stockholders. Our investigation concerns whether Piedmont Lithium has violated the federal securities laws and/or engaged in other unlawful business practices.
Click here to participate in the action.
The investigation focuses on Piedmont Lithium’s public disclosures concerning its plan to build a large lithium mine in Gaston County, North Carolina.
In past years, Piedmont Lithium has repeatedly assured investors it would be imminently applying for permits and zoning variances to build the mine. The Company further assured investors it was “not aware” of any reason why Gaston County would not approve zoning changes.
Recently, in late September 2020, Piedmont Lithium announced it signed a deal to supply lithium ore sourced from its deposits in North Carolina to electric auto maker Tesla, reportedly conditional upon both companies to start deliveries between July 2022 and July 2023. This news sent the price of the company’s American Depositary Shares up over 200% on Sept. 28, 2020.
However, Piedmont Lithium’s ability to perform on the Tesla deal came into question on July 20, 2021, when Reuters reported that Piedmont Lithium had not even applied for the necessary mining permit or zoning variances. According to the article, five of the seven members of the Gaston County’s board of commissioners, who control zoning changes, say they may block or delay the project because Piedmont has not told them what levels of dust, noise and vibrations will occur, nor how water and air quality would be affected.
On this news, the Company’s stock price fell $12.56, or nearly 20%, to close at $50.52 per share on July 20, 2021.
If you purchased or otherwise acquired Piedmont Lithium shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.