DEADLINE ALERT for WRTC, GLNG, FAF, ZSAN: Law Offices of Howard G. Smith Reminds Investors of Class Actions on Behalf of Shareholders
Law Offices of Howard G. Smith
November 20, 2020, 12:30 PM ·4 min read
BENSALEM, Pa., Nov. 20, 2020 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
Wrap Technologies, Inc. (NASDAQ: WRTC)
Class Period: April 29, 2020 - September 23, 2020
Lead Plaintiff Deadline: November 23, 2020
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that there were limited instances in which the Company's BolaWrap could possibly be used because it requires a minimum of 10 feet between the officer and the suspect; (2) that, as a result, the BolaWrap was reasonably unlikely to be effective in most circumstances; (3) that the LAPD sought extensions of the pilot program because they needed a larger sample size to assess the effectiveness of the BolaWrap; (4) that the LAPD had not found the BolaWrap to be useful or effective during its pilot program; (5) that, as a result, the Company had not received positive feedback from the LAPD about the BolaWrap and therefore it was unlikely that the Company would secure a sizeable contract with the LAPD; and (6) that, 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.
Golar LNG Limited (NASDAQ: GLNG)
Class Period: April 30, 2020 – September 24, 2020
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain employees, including Hygo's Chief Executive Officer, had bribed third parties, thereby violating anti-bribery policies; (2) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties; (3) that, as a result of the foregoing reputational harm, Hygo's valuation ahead of its IPO would be significantly impaired; and (4) that, 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.
First American Financial Corporation (NYSE: FAF)
Class Period: February 17, 2017- October 22, 2020
Lead Plaintiff Deadline: December 24, 2020
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company failed to implement basic security standards to protect its customers' sensitive personal information and data; (2) First American Financial faced a heightened risk of cybersecurity failure due to its automation and efficiency initiatives; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times.
Zosano Pharma Corporation (NASDAQ: ZSAN)
Class Period: February 13, 2017 - September 30, 2020
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company's clinical results reflected differences in zolmitriptan exposures observed between subjects receiving different lots; (2) that pharmocokinetic studies submitted in connection with the Company's NDA included patients exhibiting unexpected high plasma concentrations of zolmitriptan; (3) that, as a result of the foregoing differences among patient results, the FDA was reasonably likely to require further studies to support regulatory approval of Qtrypta; (4) that, as a result, regulatory approval of Qtrypta was reasonably likely to be delayed; and (5) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
Howard G. Smith, Esquire
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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Luckin Stock May Be a Long-Shot Worth Betting On
When it peaked at the start of 2020, Luckin Coffee (OTCMKTS:LKNCY) traded as high as $50.02. Today Luckin stock trades around $10. A lot has changed in the last year, but a comeback could be on the horizon. Source: Robert Way / Shutterstock.com You'll recall that when investors discovered that the company had fraudulently reported $300 million in revenue, the stock sank fast and hard. Luckin stock traded in the $2 range for much of the last half of the year, but only much of it.InvestorPlace - Stock Market News, Stock Advice & Trading Tips When the company settled with the U.S. Securities and Exchange Commission (SEC) on Dec. 16, the stock's following rally was a welcome change. So, after a more-than fivefold increase in its share price, should investors speculate on the company formerly known as the Starbucks (NASDAQ:SBUX) of China? Luckin Stock Recovers The stock market typically has a short-term memory for fraudulent companies, so the settlement with the SEC may prove to be a turning point for the beleaguered coffee company. The SEC charged the company with violating its anti-fraud provisions, saying the company misstated its revenue, expenses and net operating loss in an obvious attempt to overstate its growth and increased profitability. 9 Stocks That Investors Think Are the Next Amazon But why did Luckin resort to fraud? Well, management would have benefited if they were not caught. By meeting the company's earnings estimates, the staff involved in the scandal would have gotten a higher bonus as well as benefitted from the rising share price. So, now that the staff involved in the scandal are out of Luckin, the SEC settlement gives the company a fresh new restart. "This settlement with the SEC reflects our cooperation and remediation efforts, and enables the Company to continue with the execution of its business strategy," Luckin CEO Dr. Jinyi Guo. Now that the company is back on its feet, investors could still get rewarded by buying Luckin stock after its rise. What's more, the company may even resume its strong growth ambitions in China. Growth in China In 2019, the former CEO of the company said it would open 10,000 stores in China. Of course, after it was delisted from the Nasdaq access to capital has been harder. Today it trades as an over-the-counter stock, which makes the 2019 expansion plan unlikely. Still, if it opens a fraction of that number and posted real profits this time, the stock will climb. Luckin is burning just $20 million a quarter. It has nearly $800 million in cash, excluding the settlement. It needs to build out more stores, quarter to quarter, throughout this year. Readers should note that the company has yet to update its website with the latest quarterly results. Buying any stock with such limited financial information is not ideal. Still, as profit grows in the year ahead, the company could apply for a re-listing on the Nasdaq index. Getting that exposure back on the markets would send the stock higher than where it is currently trading. By the time it is re-listed, new investors will not know about Luckin Coffee's sordid past. Instead, it will value the stock based on its growing quarterly profits. Risks to LKNCY Stock Source: Chart Courtesy of StockRover.com Luckin gets no recent coverage on Wall Street, as Tipranks reported. Analyst Eric Gonzalez of KeyBank is the last analyst to rate the stock with a "hold," nine months ago. Furthermore, the stock scores a 14/100 on value. As you can see in the chart, investors have many other restaurant and hospitality companies to consider instead. Your Takeaway Investing in China-based stocks is fraught with risks. The U.S. ban on companies in China is one risk but fraud is the bigger danger. For Luckin, settling with the SEC removes the latter risk. It has cash on the balance sheet to re-formulate its growth strategy. Management needs only to scale down its expansion ambitions in China. By concentrating on fewer store openings and running them profitability, Luckin investors will get rewarded in 2021. On the date of publication, Chris Lau did not have (either directly or indirectly) any positions in the securities mentioned in this article. Chris Lau is a contributing author for InvestorPlace.com and numerous other financial sites. Chris has over 20 years of investing experience in the stock market and runs the Do-It-Yourself Value Investing Marketplace on Seeking Alpha. He shares his stock picks so readers get original insight that helps improve investment returns. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn't matter if you have $500 in savings or $5 million. Do this now. The post Luckin Stock May Be a Long-Shot Worth Betting On appeared first on InvestorPlace.
It's like doubters of Advanced Micro Devices (NASDAQ:AMD) keep waiting to wake up one day and see the stock in free-fall as bulls overplayed their hand. The truth is, AMD stock remains a great bet on the future of technology. Source: Joseph GTK / Shutterstock.com As time goes on, computing tasks aren't becoming less robust. They're becoming more demanding, which increases the need for GPUs and chipmakers like AMD. The fact that AMD was a penny stock a few years ago and on the brink of survival has cemented a lot of doubt within the bear camp. Fortunately, their theses are out of line. While it's possible the company has a hiccup or two along the way, AMD continues to take market share at a time where the market is growing. InvestorPlace - Stock Market News, Stock Advice & Trading Tips That's exactly the kind of thing bulls want to see and it's exactly why the stock has done so well. Now AMD is leaning on a bevy of industries — including crypto, AI, automotive, gaming and cloud-computing to name a few — to drive its business. Unless these industries are going to unravel, neither will AMD stock. Breaking Down Advanced Micro Devices As we round out 2020, analysts expect AMD to grow revenue more than 40% to $9.5 billion. They further expect earnings to nearly double to $1.23 per share. 9 Stocks That Investors Think Are the Next Amazon Just think about that for a minute. In a year marred by a pandemic, Advanced Micro Devices is forecast to grow sales 40% and almost double its bottom line. Even better, those estimates accelerated dramatically over the past 12 months. Let's put it this way: Consensus estimates call for an additional 27% revenue growth in 2021 to $12.1 billion and for earnings to climb almost 50% to $1.81 per share. In July 2020, these consensus estimates stood at just $8.4 billion and ~$1.05 per share. Again, that's where estimates stood for 2021 roughly six months ago. Now AMD is easily surpassing those totals in 2020. Two-year forward estimates call for another 20% in revenue growth in 2022. Who knows, perhaps that's conservative too. Friends, the key to successful long-term investing doesn't start with a stock chart. It starts with identifying the long-term business trends, then focusing on the companies that are winning in those spaces. The technicals matter from the perspective of timing, but with enough patience and time, the fundamentals will be what drives these names higher. As these end markets grow, so do the opportunities for AMD. It's what has allowed the company to go from a penny stock to making major acquisitions. Growth Beyond the Field Here's another trend to focus on: financials. Over the last several years, but particularly over the last 18 months, AMD has seen its free cash flow soar, its gross and operating margins climb and its debt plunge. Gross margins went from the low- to mid-20% range in 2017 to 44.5% currently. Operating margins went from roughly negative 10% at the start of 2017 to more than 13%. Two years ago, free cash flow was sitting near a negative $250 million. Six months later, AMD had break-even free cash flow. Now it sits at almost $700 million. At year-end 2017, AMD had total assets of $3.54 billion and total liabilities of $2.92 billion. Now, those figures sit at $7 billion and $3.15 billion, respectively, representing a massive improvement. Total long-term debt has gone from $1.33 billion to $578 million in that span as well. In other words, AMD is more profitable, has less debt and has the right trends with its financials. Trading AMD Stock Click to EnlargeSource: Chart courtesy of TrendSpider The truth is, AMD stock can be rather hard to pin down when it comes to trading. It does trade quite well in regards to the technicals, but it has a tendency to give a lot of false moves. That is, it appears to break down only to snap back and reverse higher, or it appears to break out, only to reverse lower. The latter has played out this week, with shares climbing to new highs on Jan. 11. However, the stock failed to close at those highs and pulled back in the next session. Does that mean the run is over? Not at all. Look at the way AMD stock tends to trade. It goes on these big runs, gaining a tremendous amount of ground, then consolidates. Sometimes that consolidation is a few weeks. Other times it's a few months. Shares consolidated for the entire first half of 2020, erupting from the mid-$50s in July to the mid-$80s a month later. Then AMD stock traded sideways before jumping higher in December. That's the pattern here. Look for these consolidation patterns as AMD is resting for the next move. These are opportunities for investors and when the stock does dip, it's constantly met by support. On the date of publication, neither Matt McCall nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn't matter if you have $500 in savings or $5 million. Do this now. The post AMD Stock Has Too Many Catalysts to Ignore appeared first on InvestorPlace.
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