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Globe and Mail
21-07-2025
- Business
- Globe and Mail
Deadline Soon: Red Cat Holdings, Inc. (RCAT) Investors Who Lost Money Urged to Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit
The Law Offices of Frank R. Cruz reminds investors of the upcoming July 22, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Red Cat Holdings, Inc. ('Red Cat' or the 'Company') (NASDAQ: RCAT) securities between March 18, 2022 and January 15, 2025, inclusive (the 'Class Period'). IF YOU ARE AN INVESTOR WHO LOST MONEY ON RED CAT HOLDINGS, INC. (RCAT), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT. What Happened? In March 2022, Red Cat announced that its subsidiary Teal Drones, Inc. ('Teal') had been selected to compete in Tranche 2 of the U.S. Army's Short Range Reconnaissance Program of Record (the 'SRR Program'). On July 27, 2023, Red Cat released its fiscal year 2023 financial results and revealed that its Salt Lake City Facility could only produce 100 drones per month and that construction of the facility was only 'substantially completed' and, while it could potentially reach a production capacity of one thousand drones per month over the next two to three years, it would require additional capital investments. On this news, Red Cat's stock price fell $0.10, or 8.9%, to close at $1.02 per share on July 28, 2023, thereby injuring investors. Then, on September 23, 2024, Red Cat released its first quarter fiscal 2025 financial results, missing consensus estimates and disclosing that it had spent 'the past four months . . . retooling [the Salt Lake City Facility] and preparing for high volume production[,]' while admitting that a 'pause in manufacturing of Teal 2 and building our Army prototypes impacted Teal 2 sales' because it 'couldn't produce and sell Teal 2 units while retooling [its] factory.' On this news, Red Cat's stock price fell $0.80, or 25.3%, over two consecutive trading days to close at $2.36 per share on September 25, 2024. Then, on November 19, 2024, Red Cat announced that it had won the SRR contract, stating that it was worth potentially hundreds of millions of dollars. However, on January 16, 2025, Kerrisdale Capital published a report alleging, among other things, that Red Cat had overstated that value of the SRR Contract and that it was worth approximately $20-25 million, based on U.S. Army budget documents. On this news, Red Cat's stock price fell $2.35, or 21.5%, over two consecutive trading days to close at $8.56 per share on January 17, 2025, thereby injuring investors further. 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) the Salt Lake City Facility's production capacity, and Defendants' progress in developing the same, was overstated; (2) the overall value of the SRR Contract was overstated; 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. If you purchased or otherwise acquired Red Cat securities between March 18, 2022 and January 15, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is July 22, 2025. Contact Us to Participate or Learn More: If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us: Frank R. Cruz The Law Offices of Frank R. Cruz 2121 Avenue of the Stars, Suite 800 Century City, California 90067 Email us at: info@ Call us at: 310-914-5007 Visit our website at Follow us for updates on Twitter: If you inquire by email, please include your mailing address, telephone number, and number of shares purchased. To be a member of the class action 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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Associated Press
21-07-2025
- Business
- Associated Press
Deadline Soon: Red Cat Holdings, Inc. (RCAT) Investors Who Lost Money Urged to Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)--Jul 21, 2025-- The Law Offices of Frank R. Cruz reminds investors of the upcoming July 22, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Red Cat Holdings, Inc. ('Red Cat' or the 'Company') (NASDAQ: RCAT ) securities between March 18, 2022 and January 15, 2025, inclusive (the 'Class Period'). IF YOU ARE AN INVESTOR WHO LOST MONEY ON RED CAT HOLDINGS, INC. (RCAT), CLICKHERETO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT. What Happened? In March 2022, Red Cat announced that its subsidiary Teal Drones, Inc. ('Teal') had been selected to compete in Tranche 2 of the U.S. Army's Short Range Reconnaissance Program of Record (the 'SRR Program'). On July 27, 2023, Red Cat released its fiscal year 2023 financial results and revealed that its Salt Lake City Facility could only produce 100 drones per month and that construction of the facility was only 'substantially completed' and, while it could potentially reach a production capacity of one thousand drones per month over the next two to three years, it would require additional capital investments. On this news, Red Cat's stock price fell $0.10, or 8.9%, to close at $1.02 per share on July 28, 2023, thereby injuring investors. Then, on September 23, 2024, Red Cat released its first quarter fiscal 2025 financial results, missing consensus estimates and disclosing that it had spent 'the past four months . . . retooling [the Salt Lake City Facility] and preparing for high volume production[,]' while admitting that a 'pause in manufacturing of Teal 2 and building our Army prototypes impacted Teal 2 sales' because it 'couldn't produce and sell Teal 2 units while retooling [its] factory.' On this news, Red Cat's stock price fell $0.80, or 25.3%, over two consecutive trading days to close at $2.36 per share on September 25, 2024. Then, on November 19, 2024, Red Cat announced that it had won the SRR contract, stating that it was worth potentially hundreds of millions of dollars. However, on January 16, 2025, Kerrisdale Capital published a report alleging, among other things, that Red Cat had overstated that value of the SRR Contract and that it was worth approximately $20-25 million, based on U.S. Army budget documents. On this news, Red Cat's stock price fell $2.35, or 21.5%, over two consecutive trading days to close at $8.56 per share on January 17, 2025, thereby injuring investors further. 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) the Salt Lake City Facility's production capacity, and Defendants' progress in developing the same, was overstated; (2) the overall value of the SRR Contract was overstated; 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. If you purchased or otherwise acquired Red Cat securities between March 18, 2022 and January 15, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is July 22, 2025. Contact Us to Participate or Learn More: If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us: Frank R. Cruz The Law Offices of Frank R. Cruz 2121 Avenue of the Stars, Suite 800 Century City, California 90067 Email us at: [email protected] Call us at: 310-914-5007 Visit our website at Follow us for updates on Twitter: If you inquire by email, please include your mailing address, telephone number, and number of shares purchased. To be a member of the class action 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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. View source version on CONTACT: The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz, 310-914-5007 [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL SOURCE: Law Offices of Frank R. Cruz Copyright Business Wire 2025. PUB: 07/21/2025 12:00 PM/DISC: 07/21/2025 12:01 PM
Associated Press
07-06-2025
- Business
- Associated Press
RED CAT HOLDINGS Deadline to Lead in Securities Fraud Lawsuit is July 22, 2025
NEW YORK, NY - June 7, 2025 ( NEWMEDIAWIRE ) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Red Cat Holdings, Inc. ('Red Cat' or the 'Company') (NASDAQ: RCAT) on behalf of investors that purchased or otherwise acquired Red Cat securities between March 18, 2022 and January 15, 2025, both dates inclusive (the 'Class Period'). CLICK HERE TO JOIN THE CASE If you are an investor in Red Cat and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571. DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than July 22, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery. According to the complaint, 'Red Cat manufactures drones through its subsidiary Teal Drones, Inc. ('Teal') at a facility located in Salt Lake City, Utah ('Salt Lake Facility'). Throughout 2022, Defendants touted their development of the Salt Lake Facility's capacity to produce 'thousands of drones per month' or 'tens of thousands of drones' per year.' 'In March 2022, Red Cat announced that Teal had been selected by the U.S. Department of Defense's [] Defense Innovation Unit and the U.S. Army to compete in Tranche 2[] of the U.S. Army's Short Range Reconnaissance Program of Record ('SRR Program') . . . Defendants suggested or otherwise asserted that the SRR Program's Tranche 2 contract ('SRR Contract'') was worth potentially hundreds of millions to over a billion dollars in contract revenues.' 'On November 19, 2024, Red Cat issued a press release announcing that it had won the SRR Contract. On a subsequent conference call . . . Defendants continued to assert that the SRR Contract was worth potentially hundreds of millions of dollars, while expressing their confidence that Red Cat could realize up to $50 million to $79.5 million in revenue from the SRR Contract during its fiscal year 2025 alone.' 'Then, on January 16, 2025, Kerrisdale Capital ('Kerrisdale') published a report alleging, inter alia, that Defendants had overstated the value of the SRR Contract, which Kerrisdale found was only worth approximately $20 million to $25 million based on U.S. Army budget documents.' On this news, Red Cat's stock fell $2.35 per share, or 21.54%, over the following two trading sessions, to close at $8.56 per share on January 17, 2025. The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) the Salt Lake City Facility's production capacity, and Defendants' progress in developing the same, was overstated; (ii) the overall value of the SRR Contract was overstated; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times. WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. If you have any questions about this Notice, your rights, or your interests, please contact: CONTACT: Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, New York 10022 (212) 329-8571 [email protected] Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704 [email protected] Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client. View the original release on
Associated Press
05-06-2025
- Business
- Associated Press
Deadline Approaching for Investors of Red Cat Holdings, Inc. (RCAT) - Contact Kaplan Fox Before July 22, 2025
NEW YORK, NY - June 4, 2025 ( NEWMEDIAWIRE ) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Red Cat Holdings, Inc. ('Red Cat' or the 'Company') (NASDAQ: RCAT) on behalf of investors that purchased or otherwise acquired Red Cat securities between March 18, 2022 and January 15, 2025, both dates inclusive (the 'Class Period'). CLICK HERE TO JOIN THE CASE If you are an investor in Red Cat and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571. DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than July 22, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery. According to the complaint, 'Red Cat manufactures drones through its subsidiary Teal Drones, Inc. ('Teal') at a facility located in Salt Lake City, Utah ('Salt Lake Facility'). Throughout 2022, Defendants touted their development of the Salt Lake Facility's capacity to produce 'thousands of drones per month' or 'tens of thousands of drones' per year.' 'In March 2022, Red Cat announced that Teal had been selected by the U.S. Department of Defense's [] Defense Innovation Unit and the U.S. Army to compete in Tranche 2[] of the U.S. Army's Short Range Reconnaissance Program of Record ('SRR Program') . . . Defendants suggested or otherwise asserted that the SRR Program's Tranche 2 contract ('SRR Contract'') was worth potentially hundreds of millions to over a billion dollars in contract revenues.' 'On November 19, 2024, Red Cat issued a press release announcing that it had won the SRR Contract. On a subsequent conference call . . . Defendants continued to assert that the SRR Contract was worth potentially hundreds of millions of dollars, while expressing their confidence that Red Cat could realize up to $50 million to $79.5 million in revenue from the SRR Contract during its fiscal year 2025 alone.' 'Then, on January 16, 2025, Kerrisdale Capital ('Kerrisdale') published a report alleging, inter alia , that Defendants had overstated the value of the SRR Contract, which Kerrisdale found was only worth approximately $20 million to $25 million based on U.S. Army budget documents.' On this news, Red Cat's stock fell $2.35 per share, or 21.54%, over the following two trading sessions, to close at $8.56 per share on January 17, 2025. The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) the Salt Lake City Facility's production capacity, and Defendants' progress in developing the same, was overstated; (ii) the overall value of the SRR Contract was overstated; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times. WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at . This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. If you have any questions about this Notice, your rights, or your interests, please contact: CONTACT: Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, New York 10022 (212) 329-8571 [email protected] Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704 [email protected] Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client. View the original release on
Associated Press
01-06-2025
- Business
- Associated Press
Kaplan Fox Encourages Investors of Red Cat Holdings, Inc. (RCAT) to Contact the Firm Before Lead Plaintiff Deadline on July 22, 2025
NEW YORK, NY - May 31, 2025 ( NEWMEDIAWIRE ) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Red Cat Holdings, Inc. ('Red Cat' or the 'Company') (NASDAQ: RCAT) on behalf of investors that purchased or otherwise acquired Red Cat securities between March 18, 2022 and January 15, 2025, both dates inclusive (the 'Class Period'). CLICK HERE TO JOIN THE CASE If you are an investor in Red Cat and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571. DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than July 22, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery. According to the complaint, 'Red Cat manufactures drones through its subsidiary Teal Drones, Inc. ('Teal') at a facility located in Salt Lake City, Utah ('Salt Lake Facility'). Throughout 2022, Defendants touted their development of the Salt Lake Facility's capacity to produce 'thousands of drones per month' or 'tens of thousands of drones' per year.' 'In March 2022, Red Cat announced that Teal had been selected by the U.S. Department of Defense's [] Defense Innovation Unit and the U.S. Army to compete in Tranche 2[] of the U.S. Army's Short Range Reconnaissance Program of Record ('SRR Program') . . . Defendants suggested or otherwise asserted that the SRR Program's Tranche 2 contract ('SRR Contract'') was worth potentially hundreds of millions to over a billion dollars in contract revenues.' 'On November 19, 2024, Red Cat issued a press release announcing that it had won the SRR Contract. On a subsequent conference call . . . Defendants continued to assert that the SRR Contract was worth potentially hundreds of millions of dollars, while expressing their confidence that Red Cat could realize up to $50 million to $79.5 million in revenue from the SRR Contract during its fiscal year 2025 alone.' 'Then, on January 16, 2025, Kerrisdale Capital ('Kerrisdale') published a report alleging, inter alia, that Defendants had overstated the value of the SRR Contract, which Kerrisdale found was only worth approximately $20 million to $25 million based on U.S. Army budget documents.' On this news, Red Cat's stock fell $2.35 per share, or 21.54%, over the following two trading sessions, to close at $8.56 per share on January 17, 2025. The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) the Salt Lake City Facility's production capacity, and Defendants' progress in developing the same, was overstated; (ii) the overall value of the SRR Contract was overstated; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times. WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. If you have any questions about this Notice, your rights, or your interests, please contact: CONTACT: Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, New York 10022 (212) 329-8571 [email protected] Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704 [email protected] Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
