Latest news with #ReedKathrein
Malaysian Reserve
7 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.
Business Wire
10-05-2025
- Business
- Business Wire
Iovance Biotherapeutics' (IOVA) Annual Maintenance: Assurances Collide with Adverse Disclosure as Shares Plunge 44%
SAN FRANCISCO--(BUSINESS WIRE)--In a dramatic turn for Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), investors watched the company's shares plunge nearly 44% on May 9, 2025, after the San Carlos-based cell therapy pioneer reported a first-quarter revenue miss that sharply contradicted earlier upbeat assurances from management. Hagens Berman is now investigating whether Iovance violated U.S. securities laws and urges Iovance investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys. Iovance, which develops and commercializes novel cell therapies-most notably Amtagvi, its tumor-infiltrating lymphocyte (TIL) therapy for melanoma and metastatic cervical cancer-has positioned itself as a leader in harnessing the immune system to target cancer cells. Confident Statements on Maintenance Earlier this year, Iovance's management painted a reassuring picture for investors regarding its annual maintenance cycle. On February 27, executives emphasized that each facility's maintenance required only a 'short pause in production,' and declared, 'I'm pleased to report that iCTC successfully completed annual maintenance and resumed production promptly at full volume with no issues.' The company's state-of-the-art Iovance Cell Therapy Center (iCTC) in Philadelphia, a 136,000-square-foot manufacturing hub, was said to be back online without disruption. Reality Unveiled That narrative shifted abruptly with Iovance's Q1 2025 earnings report. The company reported a loss of 36 cents a share on revenue of $49 million, well short of Wall Street's consensus for a loss of 24 cents on revenue of $82 million. On the subsequent earnings call, Chief Operating Officer Igor Bilinsky disclosed that the iCTC's annual maintenance had actually reduced capacity by 50% for an entire month in December 2024-an operational bottleneck that limited the number of Amtagvi infusions available in the first quarter. This news sent the price of Iovance shares down $1.42, or about 44% lower, on May 9, 2025. Hagens Berman's Investigation In the wake of these revelations, Hagens Berman, a prominent class action law firm, announced it has opened an investigation into potential violations of U.S. securities laws by Iovance. The investigation focuses on the propriety of Iovance's disclosures concerning the adverse financial impact associated with its annual maintenance of its iCTC. 'We're concerned that Iovance may have misled investors about the magnitude of the adverse financial impact resulting from iCTC maintenance,' said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in Iovance 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 Iovance investigation, read more » Whistleblowers: Persons with non-public information regarding Iovance 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 IOVA@ 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.
Associated Press
21-04-2025
- Business
- Associated Press
Aldeyra Therapeutics, Inc. (ALDX) Faces Scrutiny After Stock Drops 70% On FDA's Reproxalap Complete Response Letter
SAN FRANCISCO, April 21, 2025 (GLOBE NEWSWIRE) -- On April 3, 2025 investors in Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) saw the price of their shares crash over 70% after the company announced that it received a Complete Response Letter ('CRL') from the FDA for the resubmission of the New Drug Application ('NDA') of reproxalap, an investigational drug candidate, for the treatment of dry eye disease. This stark regulatory rejection, which contradicted Aldeyra's repeated assurances of imminent approval, erased over $200 million from the company's market capitalization, prompting investor rights law firm Hagens Berman to launch an investigation into potential securities law violations. Hagens Berman urges investors who purchased Aldeyra shares and suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge that may assist the firm's investigation to contact its attorneys. Visit: Contact the Firm Now: [email protected] 844-916-0895 Aldeyra Therapeutics, Inc. (ALDX) Investigation: The investigation is focused on the propriety of Aldeyra's statements about the prospects for FDA approval of the NDA of reproxalap. In the past, Aldeyra touted the success of its Phase 3 dry eye clinical chamber trial for the drug and said the 'results are uniquely supportive of the potential acute clinical effect of reproxalap on reducing ocular discomfort[.]' More recently, the company assured investors that 'reproxalap is going to get approved on April 2[.]' Instead, on April 3, 2025, Aldeyra announced that it received the FDA's CRL. Aldeyra revealed that: In response to this news, the market swiftly reacted by sending the price of Aldeyra shares down over 70%, wiping out over $200 million of shareholder value. Reed Kathrein, the Hagens Berman Partner leading the investigation, stated, 'We are investigating whether Aldeyra may have misrepresented the propriety of its reproxalap study and results to investors.' If you invested in Aldeyra 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 Aldeyra investigation, read more» Whistleblowers: Persons with non-public information regarding Aldeyra 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
Associated Press
14-04-2025
- Business
- Associated Press
Lawsuit Targets Ready Capital (RC) for Misleading Statements on CRE Loans– Hagens Berman
SAN FRANCISCO, April 14, 2025 (GLOBE NEWSWIRE) -- New York-based real estate finance company Ready Capital Corporation (NYSE: RC) is facing heightened scrutiny as it is now the subject of a securities class-action lawsuit. Hagens Berman is investigating the alleged claims and urges investors who purchased Ready Capital shares and suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the firm's investigation to contact its attorneys. Class Period: Nov. 7, 2024 – Mar. 2, 2025 Lead Plaintiff Deadline: May 5, 2025 Visit: Contact the Firm Now: [email protected] 844-916-0895 Ready Capital (RC) Securities Class Action: The case, Quinn v. Ready Capital Corporation, filed in the U.S. District Court for the Southern District of New York, accuses the company and certain senior executives of violating the Securities Exchange Act of 1934. At the heart of the allegations are claims that Ready Capital misrepresented the health of its commercial real estate (CRE) loan portfolio, which included a significant volume of non-performing loans. The lawsuit alleges that Ready Capital failed to disclose critical issues with its CRE portfolio, including loans unlikely to be collectible. According to the complaint, these problems were not adequately reflected in the company's credit loss or valuation allowances. This alleged lack of transparency came to a head on March 3, 2025, when Ready Capital reported a fourth-quarter 2024 net loss of $1.80 per share and a full-year loss of $2.52 per share. The company attributed these losses to 'decisive actions' aimed at stabilizing its balance sheet, including fully reserving $284 million for non-performing loans in its CRE portfolio. The market reaction was swift and severe. On the day of the announcement, Ready Capital's stock price plummeted nearly 27%, erasing significant shareholder value. Hagens Berman's Investigation: Investor rights law firm Hagens Berman is actively investigating claims related to Ready Capital's disclosures and financial practices during the class period. Reed Kathrein, a partner at Hagens Berman leading the investigation, stated, 'Our focus is on whether Ready Capital concealed the true extent of non-performing loans in its commercial real estate portfolio and failed to properly account for these losses in its financial statements. Investors rely on accurate reporting to make informed decisions, and any misrepresentation undermines market integrity.' If you invested in Ready Capital 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 Ready Capital case and our investigation, read more» Whistleblowers: Persons with non-public information regarding Ready Capital 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
Associated Press
10-04-2025
- Business
- Associated Press
XP Inc. (XP) Faces Scrutiny After Short Seller Alleges Company Operates A 'Madoff-like' Ponzi Scheme
SAN FRANCISCO, April 10, 2025 (GLOBE NEWSWIRE) -- On March 12, 2025, investors in XP Inc. (NASDAQ: XP), who purports to be 'a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil,' saw the price of their shares decline over 5% after a short-seller published a report titled 'XP's (Nasdaq: XP) Entire Profits Are Dependent on What Insiders Call a 'Madoff-Like Ponzi Scheme.'' Prominent investor rights firm Hagens Berman is investigating the allegations and urges investors who purchased XP Inc. shares and suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge that may assist the firm's investigation to contact its attorneys. 844-916-0895 XP Inc. (XP) Investigation: The investigation is focused on the propriety of XP's statements about its business model and recent assurances to investors that it has improved its internal control over financial reporting. XP's assurances may have come under question on March 12, 2025, when Grizzly Research published 'XP's (Nasdaq: XP) Entire Profits Are Dependent on What Insiders Call a 'Madoff-Like Ponzi Scheme.' Grizzly alleges, in part, that: 'Our research uncovers that [XP] is running a massive Ponzi scheme facilitated through certain derivatives sales to retail clients, which are funneled through special funds and misrepresented as proprietary trading profits[;]' 'At the center of the scheme is a XP fund called GLADIUS FIM CP IE ('Gladius') that returned over 2,419% over the last five years with unbelievably low volatility[;]' 'The returns from Gladius and its affiliated fund COLISEU FIM CP IE ('Coliseu') are higher than XP's earnings[]' and '[w]ithout Gladius and Coliseu, XP would be unprofitable[;]' 'The secret to Gladius' profitability is a product called COE which stands for Certificado de Operações Estruturadas []' which 'XP pushes aggressively on its Brazilian retail clients[;] 'According to XP's former employees, the scheme only continues to work as long as XP is able to sell more COEs[]' and '[a]s soon as the inflows stop growing the system falls apart and XP could be liable for enormous obligations it cannot meet[;]' and 'Insiders outright called Gladius a 'Madoff-like Ponzi scheme.'' In response to the Grizzly report, the price of XP shares significantly declined. Reed Kathrein, the Hagens Berman Partner leading the investigation, stated, 'We are investigating whether XP, as Madoff, may have misrepresented its business model to investors.' If you invested in XP 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 XP investigation, read more » Whistleblowers: Persons with non-public information regarding XP 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]. Contact: Reed Kathrein, 844-916-0895
