Latest news with #HOWARD
Business Wire
30-05-2025
- Business
- Business Wire
Law Offices of Howard G. Smith Encourages Organon & Co. (OGN) Investors To Inquire About Securities Fraud Class Action
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Organon & Co. ('Organon' or the 'Company') (NYSE: OGN) securities between , inclusive (the 'Class Period'). Organon investors have until July 22, 2025 to file a lead plaintiff motion. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ORGANON & CO. (OGN), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at What Happened? On May 1, 2025, Organon released its first quarter 2025 financial results, announcing that management had reset the Company's dividend payout, from $0.28 to $0.02 and would 'redirect those funds to debt reduction.' On this news, Organon's stock price fell $3.48, or 26.9%, to close at $9.45 per share on May 1, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action 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) Organon's optimistic reports of the dividend payout as the Company's 'number one priority,' were offset by Organon's newly implemented debt reduction strategy, thus, leading to a drastic decrease – over 70% – of the quarterly dividend; (2) Organon planned to prioritize debt reduction following the Company's acquisition of Dermavant; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. Contact Us To Participate or Learn More: If you purchased Organon securities, have information or 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 us: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@ Visit our website at: This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
12-05-2025
- Business
- Business Wire
Law Offices of Howard G. Smith Encourages Civitas Resources, Inc. (CIVI) Investors To Inquire About Securities Fraud Class Action
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Civitas Resources, Inc. ('Civitas' or the 'Company') (NYSE: CIVI) securities between , inclusive (the 'Class Period'). Civitas investors have until July 1, 2025 to file a lead plaintiff motion. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN CIVITAS RESOURCES, INC. (CIVI), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at What Happened? On February 24, 2025, Civitas released its fourth quarter and full year 2024 financial results, significantly missing consensus estimates in revenue and non-GAAP earnings per share, as well as reporting a net income on $151.1 million, compared to $302.9 million the previous year, and interest expense of $456.3 million. Additionally, the Company released a disappointing 2025 outlook, stating that '[f]irst quarter [2025] oil volumes are expected to be the low point for the year, averaging 140 to 145 MBbl/d, mostly as a result of few TILs in late 2024 and early 2025,' and that, compared to the fourth quarter of 2024, 'lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,' as well as severe winter weather and unplanned third-party processing downtime in the first quarter. The Company also announced a 10% reduction in workforce to 'solidify the Company's low-cost structure.' Further, Civitas disclosed the termination of its Chief Operating Officer and its Chief Transformation Officer, effective immediately. On this news, Civitas' stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action 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) Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, inter alia, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (2) increasing its oil production would require the Company to acquire additional acreage and development locations, thereby incurring significant debt and causing the Company to sell corporate assets to offset its acquisition costs; (3) the Company's financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; (4) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. Contact Us To Participate or Learn More: If you purchased Civitas securities, have information or 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 us: Law Offices of Howard G. Smith 3070 Bristol Pike, Suite 112 Bensalem, Pennsylvania 19020 Telephone: (215) 638-4847 Email: howardsmith@ Visit our website at: This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
02-05-2025
- Business
- Business Wire
Law Offices of Howard G. Smith Encourages Open Lending Corporation (LPRO) Investors To Inquire About Securities Fraud Class Action
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Open Lending Corporation ('Open Lending' or the 'Company') (NASDAQ: LPRO) securities between , inclusive (the 'Class Period'). Open Lending investors have until June 30, 2025 to file a lead plaintiff motion. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN OPEN LENDING CORPORATION (LPRO), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at What Happened? On March 17, 2025, before the market opened, Open Lending disclosed that it would be unable to timely file its Annual Report for 2024 as it 'require[d] additional time to finalize its accounting and review processes specifically related to its profit share revenue and related contract assets.' On this news, the Company's share price fell $0.40, or 9.28%, to close at $3.91 per share on March 17, 2025, on unusually heavy trading volume. The stock continued to fall the following trading day, declining $0.42, or 10.87%, to close at $3.49 on March 18, 2025, on unusually heavy trading volume. Then, on March 31, 2025, after the market closed, Open Lending released its fourth quarter and full year 2024 financial results, revealing quarterly revenue of negative $56.9 million due in part to 'a $81.3 million reduction in estimated profit share revenues related to business in historic vintages' … 'primarily due to heightened delinquencies and corresponding defaults associated with loans originated in 2021 through 2024.' The Company identified 'three factors primarily contributed to this reduction of estimated profit share.' First, a 'deterioration of the Company's 2021 and 2022 vintages' resulting in loans which were 'worth significantly less than their corresponding outstanding loan balances.' This factor accounted for 'approximately 40% of the Company's total negative change.' Second, the Company 'identified two cohorts of borrowers, borrowers with credit builder tradelines and borrowers with fewer positive tradelines, that caused its 2023 and 2024 vintages to underperform.' This factor 'accounted for approximately 40% of the Company's total negative change.' Third, the Company revealed 'continued elevated delinquencies and ultimate defaults' which 'accounted for approximately 20% of the Company's total negative change.' Additionally, the Company disclosed a net loss of $144 million, due to the Company being 'negatively impacted by the recording of a valuation allowance on [its] deferred tax assets of $86.1 million, which increased [its] income tax expense during the period.' In a separate press release, the Company also announced that it had appointed a new Chief Executive Officer and a new Chief Operating Officer, effective immediately, both of whom would be replacing Charles D. Jehl, who had been operating as the Company's Chief Executive Officer, Chief Operating Officer and Chief Financial Officer simultaneously. On this news, the Company's share price fell $1.59, or 57.61%, to close at $1.17 per share on April 1, 2025, on unusually heavy trading volume. What Is The Lawsuit About? The complaint filed in this class action 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: (1) misrepresented the capabilities of the Company's risk-based pricing models; (2) issued materially misleading statements regarding the Company's profit share revenue; (3) failed to disclose the Company's 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; (4) misrepresented the underperformance of the Company's 2023 and 2024 vintage loans; and (5) 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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
