NEW YORK, March 14, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Medallion Financial Corp. (NASDAQ: MFIN), Clariant AG (OTCMKTS: CLZNY), Anavex Life Sciences Corp. (NASDAQ: AVXL), and Embark Technology, Inc. (NASDAQ: EMBK). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Medallion Financial Corp. (NASDAQ: MFIN)
On December 29, 2021, the SEC charged Medallion and its President and Chief Operating Officer, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, the two had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”
On this news, Medallion’s stock fell up to 27% during intraday trading on December 29, 2021, thereby injuring investors.
For more information on the Medallion investigation go to:
https://bespc.com/cases/MFIN
Clariant AG (OTCMKTS: CLZNY)
On February 14, 2022, Swiss chemical maker, Clariant AG, disclosed that it will delay issuing Q4 2021 and full year 2021 financial results due an ongoing internal investigation into potential accounting fraud.
Clariant AG is investigating internal whistleblower complaints that the company has known about since September 2021, pertaining to booking issues aimed at boosting results to meet targets.
On this news, shares of Clariant AG ADR shares fell more than 14% in intraday trading on February 14, 2022.
For more information on the Clariant investigation go to:
https://bespc.com/cases/CLZNY
Anavex Life Sciences Corp. (NASDAQ: AVXL)
On February 1, 2022, before the market opened, Anavex announced that a phase 3 trial of ANAVEX2-73 (blarcamesine) for Rett syndrome met primary and secondary endpoints. Following the announcement, several people on social media indicated that the primary and secondary endpoints were recently changed. STAT News writer, Adam Feuerstein, tweeted, “Anavex changed the primary and secondary endpoints of this Rett study on Jan. 18, allowing it to claim success when the drug most likely failed.”
On this news, Anavex’s stock fell $2.04, or 15.6%, to close at $11.04 per share on February 1, 2022, thereby injuring investors.
For more information on the Anavex investigation go to:
https://bespc.com/cases/AVXL
Embark Technology, Inc. (NASDAQ: EMBK)
On January 6, 2022, The Bear Cave published a short report entitled “Problems at Embark Technology (EMBK”) (the “Bear Cave Report”). The Bear Cave Report alleged, among other issues, “that Embark appears to lack true economic substance” and that its “current evaluation appears to be based on puffery rather than actual substance”, noting that “[t]he company holds no patents, has only a dozen or so test trucks, and may be more bark than bite.”
On this news, Embark’s stock price fell $1.37 per share, or 16.75%, to close at $6.81 per share on January 6, 2022.
For more information on the Embark investigation go to:
https://bespc.com/cases/EMBK
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
www.bespc.com
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
[email protected]
www.bespc.com
