Latest news with #HagensBerman
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
SelectQuote (SLQT) Shares Slide Further on Disappointing Earnings Amidst DOJ Scrutiny- Hagens Berman
SLQT Investors with Losses Encouraged to Contact the Firm SAN FRANCISCO, May 29, 2025 /PRNewswire/ — SelectQuote Inc. (NYSE: SLQT) faced renewed investor pressure on Monday, May 12, 2025, as its shares tumbled another 12% following the release of quarterly results that fell short of earnings and revenue expectations. This decline compounds the over 19% drop experienced on May 1st after the U.S. Department of Justice (DOJ) announced a lawsuit alleging violations of the False Claims Act against the insurance brokerage and several major health insurers. Hagens Berman is investigating potential violations of the U.S. securities laws and encourages SelectQuote investors who suffered substantial losses to submit your losses now. The firm also urges persons with knowledge who may be able to assist in the investigation to contact its attorneys. Visit: the Firm Now: SLQT@ 844-916-0895 Earnings Miss Adds to Investor Woes For the quarter ended March 2025, SelectQuote reported earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share. The company also posted revenues of $408.16 million, falling short of the Zacks Consensus Estimate of $417.01 million by 2.12%. Mounting Troubles Weigh on Investor Confidence This financial disappointment adds to the headwinds facing SelectQuote, which is already grappling with serious legal allegations. The DOJ lawsuit, unveiled on May 1st, accuses SelectQuote, along with other brokers and health insurance giants Aetna, Anthem, and Humana, of False Claims Act violations related to the marketing of Medicare Advantage (MA) plans. The lawsuit alleges that, from 2016 through at least 2021, insurers paid significant sums to SelectQuote and other brokers for Medicare Advantage enrollments. The DOJ contends that, rather than providing unbiased guidance, SelectQuote and other brokers steered beneficiaries toward plans offering the highest commissions, potentially disregarding the suitability of those plans. The complaint further details allegations of incentivizing sales based on these commissions, establishing dedicated sales teams for specific high-commission plans, and instances of allegedly refusing to sell plans from insurers with lower commission structures. Discrimination against MA beneficiaries with disabilities is also alleged. Hagens Berman's Investigation The confluence of a weaker-than-anticipated earnings report and ongoing legal entanglements has amplified anxieties surrounding SelectQuote's financial stability and operational integrity. According to Reed Kathrein, the Hagens Berman partner spearheading an inquiry into the company, 'The recent earnings figures underscore our existing concerns about SelectQuote's alleged steering tactics in light of the DOJ's allegations.' If you invested in SelectQuote and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the SelectQuote investigation, read more » Whistleblowers: Persons with non-public information regarding SelectQuote should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SLQT@ About Hagens BermanHagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw.
Associated Press
23-05-2025
- Business
- Associated Press
Napco (NSSC) Navigates Distributor Inventory Shifts Amidst Ongoing Investor Lawsuit– Hagens Berman
SAN FRANCISCO, May 23, 2025 (GLOBE NEWSWIRE) -- Security systems manufacturer Napco Security Technologies, Inc. (NASDAQ: NSSC), already facing a securities class action lawsuit stemming from earlier disclosures about its distribution network, reported mixed results for its third quarter of fiscal year 2025 on May 5. This new development underscores the challenges the company is currently navigating amidst ongoing legal scrutiny. Hagens Berman urges Napco investors who suffered substantial losses to submit your losses now. Napco's Decline in Sales While Napco reported quarterly results beating Wall Street's revenue expectations, it disclosed that its sales fell by 10.8% year on year to $43.96 million. According to President and Chief Financial Officer Kevin Buchel, the dip in equipment sales was primarily attributable to inventory adjustments made by some of Napco's key distributors. This explanation comes at a sensitive time for the company, which is currently grappling with a securities class action lawsuit filed earlier this year. Napco Security Technologies, Inc. (NSSC) Securities Class Action The lawsuit, styled Patel v. Napco Security Technologies, Inc., et al., No. 1:25-cv-02308 (E.D.N.Y.), seeks to represent investors who purchased Napco securities between February 5, 2024, and February 3, 2025. The legal action was initiated following a significant downturn in Napco's stock price after the company reported a sharp decline in its second-quarter fiscal 2025 earnings and margins on February 3rd. That disclosure, which also revealed issues within Napco's distribution network, triggered a precipitous 26% drop in the company's share value in a single trading day. The core of the investor lawsuit centers on the accuracy and propriety of Napco's statements concerning its sales and forecasting practices. The complaint alleges that Napco made false and misleading statements and failed to disclose crucial information regarding its ability to forecast demand for its hardware products and the potential impact of demand fluctuations on its ambitious margin projections for fiscal year 2026. Specifically, the lawsuit claims that despite assuring investors of robust growth in its hardware division and its ability to meet its fiscal 2026 targets through effective forecasting and execution, Napco allegedly failed to reveal that it lacked the capacity to accurately predict demand. This alleged oversight, according to the complaint, minimized the potential impact of demand volatility while the company continued to promote optimistic margin forecasts that hinged on consistently increasing sales volumes. The truth, as investors learned on February 3rd, was starkly different. Napco's second-quarter fiscal 2025 results revealed a substantial 25% drop in equipment sales compared to the prior year's second quarter, along with significant declines in gross margin and gross profit for equipment revenue. The company attributed this disappointing performance to 'reduced sales to two of our larger distributors,' with one distributor explicitly citing efforts to reduce its inventory levels. These disclosures sent Napco's shares into a tailspin, erasing $9.77 per share in value and prompting analysts to downgrade their ratings on the company. Hagens Berman's Investigation Securities litigation firm Hagens Berman is investigating potential securities fraud claims against Napco. Reed Kathrein, a partner at Hagens Berman, commented on the latest results, stating, 'The continued decline in year-over-year sales, even as the company cites distributor inventory adjustments, reinforces the concerns raised in the existing class action regarding Napco's ability to accurately forecast demand and manage its distribution network. These ongoing issues call in question the prior assurances the company allegedly made to investors.' If you invested in Napco and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the Napco case and our investigation, read more» Whistleblowers: Persons with non-public information regarding Napco should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw. Contact: Reed Kathrein, 844-916-0895
Yahoo
23-05-2025
- Automotive
- Yahoo
GM Facing New Class-Action Lawsuit Over 6.2-Liter V8 Issues
In the wake of this April's major recall of 598,000 full-size trucks and SUVs due to issues with their 6.2-liter V-8 engines, General Motors is now facing a new class action lawsuit. The case was filed on Monday, May 19 by Seattle's Hagens Berman law firm in the U.S. District Court for the Eastern District of Michigan. The plaintiffs allege that GM knowing sold vehicles containing a definitive engine, fully aware of the safety hazards that decision presented. The lawsuit, featuring plaintiffs from Washington and California, details familiar issues with the L87 engine, specifically in vehicles manufactured for model years 2021–2024. As outlined in that April recall, the engines may feature sediment on the connecting rods or in the oil galleries for the crankshaft, which can lead to rod-bearing damage. GM has also acknowledged some engines may feature a crankshaft that is out of production spec. Any of these issues can result in a catastrophic engine failure. The engines were installed in popular models like the Chevrolet Silverado 1500, Tahoe and Suburban, GMC Sierra 1500, Yukon and Yukon XL, as well as the Cadillac Escalade and Escalade ESV. Beyond the safety issue, the plaintiffs allege that this situation is causing financial harm due to decreased vehicle values. They further claim that replacing the defective powertrains with new L87 V8s doesn't properly address the bearing issue, leaving owners at risk of further issues. While that sentiment is understandable, GM maintains that the faults have been remedied for model year 2025. The automaker's internal investigation was able to locate a specific manufacturing defect that reportedly only impacted engines built between March 1st, 2021, and May 31st, 2024. That said, the lawsuit specifically includes model year 2019+ Silverado 1500 and Sierra 1500s in its list of impacted vehicles. You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car
Business Wire
20-05-2025
- Automotive
- Business Wire
Hagens Berman: Law Firm Behind Many of the Largest Auto Class Actions Sues GM for Engine Failure Defect in Over 800,000 SUVs and Pickup Trucks
DETROIT--(BUSINESS WIRE)--A class-action lawsuit aimed at General Motors accuses the automaker of bungling one of the largest engine recalls in its history, according to Hagens Berman, and abandoning consumers who own or lease one of more than 877,000 vehicles affected by a defect that causes sudden, catastrophic engine failure. 'GM markets itself as an automaker that advocates for the safety of its customers and their families,' Berman added. 'Now would be a great time for GM to fulfill that promise.' According to the lawsuit filed May 19, 2025, in the U.S. District Court for the Eastern District of Michigan, the defect occurs with no warning in vehicles equipped with L87 6.2L V8 engines with as little as a thousand miles of use, occurring more often at high speeds. According to the class action, GM has known about the defect for several years but failed to disclose it to affected owners prior to the purchase of their vehicles. If you own a GM-branded vehicle equipped with L87 6.2L V8 engines contact Hagens Berman to find out more about this issue and your consumer rights against GM. Affected model years include 2019-2024 Chevrolet Silverado 1500, 2019-2024 GMC Sierra 1500, 2021-2024 Chevrolet Tahoe, 2021-2024 Chevrolet Suburban, 2021-2024 GMC Yukon, 2021-2024 GMC Yukon XL, 2021-2024 Cadillac Escalade and 2021-2024 Cadillac Escalade ESV. 'What started as a recall has ballooned into what appears to be the need for full engine replacement for at least 870,000 vehicles,' said Steve Berman, managing partner of Hagens Berman and attorney representing affected owners. 'This defect is serious because it involves sudden catastrophic engine failure with no warning and is more common at high speeds. This spells danger for anyone in or near the car.' 'GM markets itself as an automaker that advocates for the safety of its customers and their families,' Berman added. 'Now would be a great time for GM to fulfill that promise.' According to the lawsuit, GM's L87 6.2L V8 engine connecting rod and/or crankshaft engine components may have manufacturing defects that can lead to engine damage and catastrophic engine failure. The National Highway Traffic Safety Administration (NHTSA) states in its summary of the defect, '…complainants report a bearing failure that may result in either engine seizure or breaching of the engine block by the connecting rod.' GM dealerships have reportedly informed consumers that there is no guidance for them to fix the defect at the root of the recall, the lawsuit states. The lawsuit seeks compensation for those who purchased the affected vehicles under California and Washington state consumer protection laws including false advertising law, unfair competition law and the California Consumer Legal Remedies Act, as well as the Song-Beverly Consumer Warranty Act. Attorneys say the affected vehicles have significantly suffered in value: 'In addition to rendering the Class Vehicles unsafe to drive, the Bearing Defect significantly reduces the value of the Class Vehicles. And, if GM had disclosed the truth about the Bearing Defect, Plaintiffs would not have purchased their vehicles or would have paid less.' Hagens Berman is a global plaintiffs' rights complex litigation law firm with a tenacious drive for achieving real results for those harmed by corporate negligence and fraud. Since its founding in 1993, the firm's determination has earned it numerous national accolades, awards and titles of 'Most Feared Plaintiff's Firm,' MVPs and Trailblazers of class-action law. More about the law firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw.
Business Wire
12-05-2025
- Business
- Business Wire
Important May 13 Deadline in enCore Energy (EU) Investor Lawsuit, Alleging Financial Misstatements and Internal Control Failures- Hagens Berman
SAN FRANCISCO--(BUSINESS WIRE)--enCore Energy Corp. (NASDAQ: EU), a company focused on the exploration and development of uranium resources, is facing a class-action lawsuit that accuses its leadership of misleading investors and failing to disclose serious financial vulnerabilities. The deadline for investors to seek appointment as lead plaintiff in the lawsuit is May 13, 2025. Hagens Berman urges enCore Energy investors who suffered substantial losses to submit your losses now. enCore Energy Corp. (EU) Securities Class Action: The case, formally known as Zhongjian v. enCore Energy Corp. (No. 25-cv-01234, S.D. Tex.), was brought on behalf of shareholders who acquired enCore securities between March 28, 2024, and March 2, 2025. The complaint centers on allegations that enCore and several of its executives violated the Securities Exchange Act of 1934 by making false or incomplete statements about the company's financial health. According to the complaint, enCore is accused of lacking robust internal controls over its financial reporting. The lawsuit further contends that the company was unable to capitalize certain exploration and development expenses under U.S. Generally Accepted Accounting Principles (GAAP), a move that would have been permitted under International Financial Reporting Standards (IFRS). These accounting issues, the complaint asserts, contributed to a dramatic escalation in net losses. On March 3, 2025, enCore released its fiscal 2024 results, reporting a net loss of $61.3 million-more than double the $25.6 million loss recorded in the previous year. In its public disclosures, the company attributed the widening losses to its inability to capitalize certain costs under GAAP, which would have been allowed under IFRS. Additionally, enCore acknowledged that it had identified a 'material weakness' in its internal controls over financial reporting, citing shortcomings in risk assessment, information flow, and monitoring. These financial disclosures coincided with a sudden change in leadership. On March 2, 2025, enCore announced that Paul Goranson had resigned as chief executive and as a member of the board. Robert Willette, previously the company's Chief Legal Officer, was named Acting CEO by the board. The fallout from these revelations was immediate and severe. enCore's share price plunged more than 46% following the announcements, erasing significant value for investors. The lawsuit seeks to recover damages for those who suffered losses during the class period, alleging that shareholders were misled about the true state of the company's finances. Hagens Berman's Investigation: Acclaimed class action law firm Hagens Berman has launched an investigation into the alleged claims. 'The case highlights the risks investors face when companies allegedly fail to maintain rigorous internal controls and transparent financial reporting. Investors rely on accurate information to make informed decisions,' said Reed Kathrein, the partner leading the firm's investigation. 'When companies fall short, the consequences can be swift and severe.' If you invested in enCore and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the enCore case and our investigation, read more » Whistleblowers: Persons with non-public information regarding enCore should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EU@ Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw.
