NEW YORK, July 28, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Tarena International, Inc. (NASDAQ: TEDU), Orphazyme A/S (NASDAQ: ORPH), DiDi Global Inc. (NYSE: DIDI), and CorMedix Inc. (NASDAQ: CRMD). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Tarena International, Inc. (NASDAQ: TEDU)
Class Period: August 16, 2016 to November 1, 2019
Lead Plaintiff Deadline: August 23, 2021
On April 30, 2019, the Company filed a Form NT 20-F Notification of inability to timely file a Form 20-F for the fiscal year ended December 31, 2018 with the SEC. The Company stated the delay in filing the Form 20-F was due, in part, to, “the independent audit committee of the registrant’s board of directors [. . .] conducting a review of certain issues identified during the course of the audit of the registrant’s financial statements for the year ended December 31, 2018, including issues related to the registrant’s revenue recognition.”
On this news, the price of Tarena ADSs fell 1% to close at $5.02 per ADS on May 1, 2019, damaging investors.
Then on November 1, 2019, Tarena announced the results of its independent investigation. Tarena revealed issues surrounding revenue and expense inaccuracies, conflicts of interest and related party transactions, and interference with the external audit processes which meant that financial statements from 2014 through 2018 could not be relied upon and would have to be restated.
On this news, the price of Tarena ADSs dropped 9% to open on November 4, 2019, the next trading day, at $0.76, further damaging investors.
It is alleged in this complaint, Tarena throughout the Class Period made misleading and/or false statements and/or failed to disclose that: (1) certain employees had interfered with external audits of Tarena’s financial statements for certain periods; (2) Tarena suffered from expense and revenue inaccuracies; (3) Tarena engaged in business transactions with organizations that were owned, invested in or controlled by employees of Tarena or their family members, in some instances were not properly disclosed by Tarena; (4) Tarena’s financial statements from 2014 through the end of Class Period were not accurate, as a result of the foregoing; and (5) Tarena’s statements about its business, operations, and prospects, were materially misleading and false and/or lacked a reasonable basis at all relevant times, as a result. The lawsuit claims that investors suffered damages when the true details entered the market.
For more information on the Tarena class action go to:
https://bespc.com/cases/TEDU
Orphazyme A/S (NASDAQ: ORPH)
Class Period: September 29, 2020 and June 18, 2021
Lead Plaintiff Deadline: September 7, 2021
On March 29, 2021, Orphazyme issued a press release “announc[ing] its phase 2/3 trial evaluating arimoclomol for the treatment of [IBM] … did not meet its primary and secondary endpoints. On this news Orphazyme’s American depositary share (“ADS”) price fell $3.59 per ADS, or 28.97%, to close at $8.80 per ADS on March 29, 2021.
On May 7, 2021, Orphazyme issued a press release “announc[ing] topline data from pivotal trial of arimoclomol in [ALS.]” The press release disclosed that the Company’s “pivotal trial…did not meet its primary and secondary endpoints to show benefit in people living with ALS.” On this news, Orphazyme’s ADS price fell $2.81 per ADS, or 32.83%, to close at $5.75 per ADS on May 7, 2021.
Then, on June 18, 2021, Orphazyme issued a press release announcing receipt of a Complete Response Letter (“CRL”) from the FDA following the agency’s review of the NDA for arimoclomol for the treatment of NPC. The press release disclosed that the FDA had rejected the arimoclomol NDA for NPC.
On this news, Orphazyme’s ADS price fell $7.23 per ADS, or 49.66%, to close at $7.33 per ADS on June 18, 2021.
The complaint alleges that, in the Company’s September 3, 2020 registration statement (the “Registration Statement”) and throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Registration Statement and defendants made false and/or misleading statements and/or failed to disclose that: (i) arimoclomol was not as effective in treating Inclusion Body Myositis (“IBM”) as defendants had represented; (ii) arimoclomol was not as effective in treating Amyotrophic Lateral Sclerosis (“ALS”) as defendants had represented; (iii) the arimoclomol new drug application (“NDA”) for Niemann-Pick disease type C (“NPC”) was incomplete and/or required additional evidence to support the benefit-risk assessment of that NDA; (iv) as a result of (iii), the FDA was unlikely to approve the arimoclomol NDA for NPC in its present form; (v) the Company’s overall business prospects, as well as arimoclomol’s commercial prospects, were significantly overstated; and (vi) as a result, the Registration Statement and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
For more information on the Orphazyme A/S class action go to:
https://bespc.com/cases/ORPH
DiDi Global, Inc. (NYSE: DIDI)
Class Period: June 30, 2021 IPO
Lead Plaintiff Deadline: September 7, 2021
On or about June 30, 2021, DiDi Global completed its IPO, issuing 316.8 million American Depositary Shares at $14.
Within days, on July 2, 2021, the company disclosed China’s Cyberspace Administration Office is conducting a cybersecurity review of the company and required it to suspend new user registration in China.
On July 4, 2021, the Company issued a press release entitled “DiDi Announces App Takedown in China” which announced that: “the CAC [Cyberspace Administration of China] stated that it was reported and confirmed that the ‘DiDi Chuxing’ app had the problem of collecting personal information in violation of relevant PRC laws and regulations.” The press release further stated that “[p]ursuant to the PRC’s Cybersecurity Law, the CAC notified app stores to take down the ‘DiDi Chuxing’ app in China[.]”
On July 5, 2021, the
Wall Street Journal
published an article entitled “Chinese Regulators Suggested Didi Delay Its U.S. IPO: Ride-hailing giant, under pressure to reward shareholders, pushed ahead with NYSE listing despite concerns of China’s cybersecurity watchdog” which reported, among other things, that “[w]eeks before Didi Global Inc. [] went public in the U.S., China’s cybersecurity watchdog suggested the Chinese ride-hailing giant delay its initial public offering and urged it to conduct a thorough self-examination of its network security[.]”
On this news, the Company’s American Depositary Shares (“ADS”) price fell $3.04 per ADS, or nearly 20%, to close at $12.49 per ADS on July 6, 2021, the next trading day.
For more information on the DiDi class action go to:
https://bespc.com/cases/DIDI
CorMedix Inc. (NASDAQ: CRMD)
Class Period: July 8, 2020 and May 13, 2021
Lead Plaintiff Deadline: September 20, 2021
On March 1, 2021, CorMedix issued a press release “announc[ing] that the [FDA] cannot approve the [new drug application (“NDA”)] for DefenCath…in its present form.” CorMedix informed investors that the “FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility.”
On this news, CorMedix’s stock price fell $5.98 per share, or 39.87%, to close at $9.02 per share on March 1, 2021.
Then on March 13, 2021, CorMedix announced that “[b]ased on our analyses, we have concluded that additional process qualification will be needed with subsequent validation to address the deficiencies identified by FDA.”
On this news, CorMedix’s stock price fell $1.51 per share, or 19.97%, to close at $6.05 per share on May 14, 2021.
The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) deficiencies existed with respect to DefenCath’s manufacturing process and/or at the facility responsible for manufacturing DefenCath; (ii) in light of the foregoing deficiencies, the FDA was unlikely to approve the DefenCath NDA for catheter-related bloodstream infections (“CRBSIs”) in its present form; (iii) Defendants had downplayed the true scope of the deficiencies with DefenCath’s manufacturing process and/or at the facility responsible for manufacturing DefenCath; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the CorMedix class action go to:
https://bespc.com/cases/CRMD
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
