MERION, Pa., May 16, 2016
/PRNewswire/ -- The Law Offices of Marc S.
Henzel (www.henzellaw.com), a firm focusing on shareholder
litigation, gives notice to shareholders of investigation into the
following securities for violations of the Federal Securities
Laws:
Ruby Tuesday, Inc. (NYSE: RT) 7/24/15 thru 4/7/16
On April 7, 2016, after the market
closed, the Company issued a press release announcing disappointing
third quarter 2016 financial results and lowering its guidance for
fiscal year 2016. The release stated that "'[o]ur third
quarter was a volatile period affected by weather, softness in the
casual dining industry, and increased promotional activity by our
peers.'" In addition, the release stated that "the Company
[was] updating its full-year Adjusted Net Income per share guidance
to $0.05 to $0.08 (vs. $0.12 to $0.17 previously)" based on updated
assumptions, including a 1% decline in same-restaurant sales and a
"net reduction of 11-14 corporate-owned Ruby Tuesday
restaurants." On this news, the price of Ruby Tuesday shares
fell nearly 12%, or $0.62 per share,
to close at $4.60 per share on
April 8, 2016.
If you purchased or otherwise acquired Ruby Tuesday securities
between July 24, 2015 and
April 7, 2016, please contact
the firm.
Alere, Inc. (NYSE: ALR) 5/9/13
thru 4/20/16
On February 26, 2016, the Company
announced that it would be unable to file its 2015 Annual Report on
Form 10-K on a timely basis because the Company was "conducting an
analysis of certain aspects of revenue recognition in Africa and China," but expected to file it within the
15-day extension period. On March 15,
2016, the Company announced it would be unable to file its
10-K within the extension period because it was "continuing to
conduct an analysis of certain aspects of the timing of revenue
recognition, more specifically, revenue cutoff, in Africa and China for the years ended December 31, 2013, 2014 and 2015 (and each of the
quarters in those annual periods)." The Company also
disclosed that it had received a subpoena from the U.S. Department
of Justice relating the Company's sales practices and compliance
with the U.S. Foreign Corrupt Practices Act. On this news, the
price of Alere stock fell $4.14 per
share, or over 9%, to close at $49.31
per share on March 15, 2016.
Then on April 20, 2016, the CEO of
Abbott Laboratories was asked on the company's quarterly earnings
conference call whether Abbott was reaffirming its commitment to
the merger with Alere. Abbott's CEO declined to affirm the
commitment to the merger, stating it "was not appropriate . . . to
comment on Alere." On this news, the price of Alere stock
fell $6.11 per share, or over 12%, to
close at $43.36 per share on
April 20, 2016.
If you purchased or otherwise acquired Alere Inc. securities
between May 9, 2013 to April 20, 2016, please contact the firm.
Express Scripts Holding Company (Nasdaq: ESRX) 2/24/15 thru
3/21/16
On January 12, 2016, Anthem, Inc.
publicly threatened to terminate its relationship with Express
Scripts unless the Company would renegotiate its agreement with
Anthem and deliver Anthem more than $3
billion in annual savings. On this news, the price of
Express Scripts stock fell $5.89 per
share, or 7%. Then, on March 21,
2016, Anthem sued Express Scripts, alleging that the Company
breached its contract with Anthem by failing to negotiate drug
pricing terms in good faith. The lawsuit revealed a conflict
between Express Scripts and Anthem dating back to at least
February 2015, including allegations
that Express Scripts was experiencing severe operational problems
that interfered with its ability to adequately serve Anthem and
exposed Anthem to increased regulatory scrutiny. More
importantly, investors learned that Anthem would almost certainly
either renegotiate its contract in order to pay billions of dollars
less to Express Scripts, or worse, seek to engage a competing PBM,
which would result in the complete loss of Anthem's business.
These disclosures caused the price of Express Scripts stock to
decline $1.82 per share, or 2.6%, to
close at below $70 per share.
If you purchased or otherwise acquired Express Scripts Holding
Company securities between February 24,
2015 to March 21,
2016, please contact the firm.
First NBC Bank Holding Company (Nasdaq: FNBC)
5/10/13 thru 4/8/16
In early 2016, First NBC began to disclose errors its accounting
dating back to 2011. On February 1,
2016, First NBC announced that its earnings for the fourth
quarter and fiscal year 2015 had significantly underperformed
analysts' expectations, based, in large part, on the Company having
taken an $8.2 million tax credit
impairment. The price of First NBC stock fell $3.20 per share on this news to close at
$27.20 per share. On
March 16, 2016, First NBC announced
it had discovered errors in its accounting for its Federal and
State Historic Rehabilitation tax credit entities that could
potentially require the Company to restate its previously reported
fiscal year 2015 financial results. As a result of this news,
the price of First NBC stock dropped 22%, or $5.33 per share, to close at $19.09 per share on March
16, 2016.
Then on April 8, 2016, First NBC
announced that it would be forced to restate its consolidated
financial statements for fiscal years 2014, 2013, 2012 and 2011,
including each of the interim periods within fiscal years 2015,
2014 and 2013 – the Company's entire reporting history as a
publicly traded company – and that the Company's financial
statements for fiscal years 2011 through 2015 could no longer be
relied upon. First NBC blamed "an error in the Company's
methodology for the recognition of impairment of its investment in
tax credit entities" and disclosed that "the Company had not
properly consolidated variable interest entities related to
Low-Income Housing Tax Credit entities." On this news, the
price of First NBC stock declined another 2%, or $0.47 per share, to close at $18.65 per share the next trading day.
If you purchased or otherwise acquired First NBC Bank Holding
Company securities between May 10,
2013 to April 8,
2016, please contact the firm.
Intrexon Corporation (NYSE: XON) 5/12/15 thru 4/20/16
On April 21, 2016, Spotlight
Research issued a report stating that Intrexon's revenues were
overstated by 50% through transactions with related parties.
On this news, the price of Intrexon shares fell $9.73 per share, or approximately 27%, to close
at $27.10 per share on April 21, 2016.
Later in the month, Spotlight Research issued a follow-up report
on Intrexon explaining how the related-party transactions worked,
stating that Intrexon "thinks of [itself] as a royalty
company. The idea is that [it] find[s] an interesting
application for [its] technology, create[s] a JV or Exclusive
Channel Collaboration ('ECC') with an independent third party . . .
and take[s] a royalty from the sales in that area if/when the
technology is commercialized. While the idea is noble enough,
in practice, [Intrexon] does not do this in our view. In
reality, . . . [Intrexon] is creating revenues through
round-tripping [its] own cash via related parties." According
to the report, "[t]he transactions are easy to understand.
First [Intrexon] . . . gives cash to the JV/ECC partner.
Then, the JV/ECC partner gives that cash right back to [Intrexon]
in exchange for 'services' rendered. We see no meaningful
products being commercialized or material advancements being made.
Yet [Intrexon] is able to recognize substantial revenue growth
through moving [its] own cash via these transactions."
If you purchased or otherwise acquired Intrexon Corporation
securities between May 12, 2015 to
April 20, 2016, please contact
the firm.
Vivint Solar, Inc. (Nasdaq: VSLR) 7/20/15 thru 3/7/16
On February 29, 2016, SunEdison
filed a Notification of Late Filing on Form 12b-25 with the SEC
disclosing that SunEdison would be unable to timely file its Annual
Report on Form 10-K for the fiscal year ended December 31, 2015. On this news, the price
of Vivint shares fell $1.37 per
share, or over 17%, to close at $6.52
per share on March 1, 2016.
On March 2, 2016, The Wall
Street Journal published an article entitled "SunEdison's
Takeover of Vivint Solar in Jeopardy as Banks Balk," which stated
that the Vivint/SunEdison merger was in jeopardy. On this
news, the price of Vivint shares fell $1.63 per share, or 25%, to close at $4.89 per share on March
2, 2016.
Then on March 8, 2016, Vivint
announced that it was terminating the merger agreement and filed a
lawsuit against SunEdison in Delaware Chancery Court alleging breach of
contract. On this news, the price of Vivint shares fell
$1.04 per share, or approximately
20%, to close at $4.17 per share on
March 8, 2016.
If you purchased or otherwise acquired Vivint Solar, Inc.
securities between July 20, 2015 to
March 7, 2016, please contact
the firm.
Sunrun, Inc. (NYSE: RUN) IPO of August 5,
2015
On January 7, 2016, the Company
admitted that it was ceasing all operations in Nevada. Then on March
10, 2016, the Company also admitted that residential solar
growth would decline in 2016 due to its having halted operations in
Nevada, with installation growth
falling from 76% in 2015 to just 40% in 2016.
The price of Sunrun common stock plummeted as the market learned
that business metrics and financial prospects were not as strong as
the IPO Registration Statement represented. The stock recently
closed at a price of $7.39 per share
on May 9, 2016, a $6.61 or 47.2% drop from the $14 per share IPO price.
If you purchased or otherwise acquired Sunrun, Inc. securities
pursuant to the August 5, 2015
IPO, please contact the firm.
TiVo, Inc. (Nasdaq: TIVO) April 29, 2016
The firm is investigating the Board of Directors of TiVo Inc.
("TiVo" or the "Company") (TIVO) for potential breaches of
fiduciary duties in connection with the sale of the Company to Rovi
Corporation ("Rovi") for approximately $1.1
billion.
The Company's stockholders will receive $10.70 for each share of Company common stock
they own, consisting of $2.75 in cash
and $7.95 in shares of common stock
of a new holding company that will own both Rovi and TiVo.
The investigation focuses on whether TiVo's Board of Directors
breached their fiduciary duties to the Company's stockholders by
failing to conduct a fair sales process and whether and by how much
this proposed transaction undervalues the Company to the detriment
of TiVo's shareholders.
If you would like to learn more about the investigation of these
companies, would like to learn more about any potential claims or
you wish to discuss these matters and have any questions concerning
this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at
Mhenzel@Henzellaw.com, or to sign up online, visit the firm's
website at www.henzellaw.com.
The Law Offices of Marc S. Henzel
is a national shareholder litigation firm representing shareholders
& investors in various areas of securities laws including but
not limited to: class actions, derivatives, transactional
(buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
Contact:
Law Offices of Marc S. Henzel
Marc S. Henzel
Email: Mhenzel@Henzellaw.com
Phone 610-660-8000
Website: www.henzellaw.com
LAW OFFICES OF MARC S. HENZEL
MERION STATION, PA 19066
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Henzel