NEW YORK, April 04, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against MoneyLion, Inc. (NYSE: ML), Anavex Life Sciences Corp. (NASDAQ: AVXL), Roblox Corp. (NYSE: RBLX), and Koppers Holdings, Inc. (NYSE: KOP). 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.
MoneyLion, Inc. (NYSE: ML)
On March 10, 2022, MoneyLion disclosed in a filing with the U.S. Securities and Exchange Commission that “the Company’s management has noted errors related to operating expenses, net loss and basic and diluted earnings (loss) per share in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and additional paid-in capital and retained earnings in the condensed consolidated balance sheet as of September 30, 2021, along with related impacts to the condensed consolidated statement of cash flows for the nine months ended September 30, 2021 and the condensed consolidated statements of redeemable convertible preferred stock, redeemable noncontrolling interests and stockholders’ deficit for the three and nine months ended September 30, 2021.” MoneyLion further disclosed that “the Company’s management identified a second error . . . as the denominator of the diluted net income per share calculation for the three months ended September 30, 2021 did not include the impact of dilutive securities” and that “[t]he Company’s management, in consultation with its advisors, has determined that the calculation of diluted net income per share included within the condensed consolidated statement of operations for the three months ended September 30, 2021 should have included the impact of dilutive securities.” Accordingly, the Audit Committee of MoneyLion’s Board of Directors determined that the financial statements in question “should no longer be relied upon and should be restated in order to correct the errors described above.”
On this news, MoneyLion’s stock price fell $0.18 per share, or 7.11%, to close at $2.29 per share on March 10, 2022.
For more information on the MoneyLion investigation go to:
https://bespc.com/cases/ML
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
Roblox Corp. (NYSE: RBLX)
On February 3, 2022, The Bear Cave published a report alleging that Roblox’s online platform intended for children aged six to fourteen is “also the leading platform for pedophiles.” The report detailed various arrests and indictments of sexual offenses against underage victims as young as five years old, while “[t]he company has engaged in litigation and intimidation to help conceal allegations of pedophilia on the platform.” Furthermore, Roblox’s head of safety and moderation has been accused of “peculiar” social media activity, including numerous “likes” of sexualized cosplayers and the following of a “furry porn” account, and Roblox’s former social media manager allegedly ran a pornographic blog while employed by the Company.
On this news, Roblox’s stock declined as much as 8.5% during intraday trading on February 3, 2022.
For more information on the Roblox investigation go to:
https://bespc.com/cases/RBLX
Koppers Holdings, Inc. (NYSE: KOP)
On February 23, 2022, Koppers disclosed that the U.S. Securities and Exchange Commission was conducting an investigation “into the Company’s public non-GAAP financial metrics disclosures regarding the Company’s debt reduction target and net leverage ratio for Fiscal Year 2019 and the related management of its accounts payable.” Koppers’ Chief Executive Officer and other current and former officers and employees had received subpoenas for information and testimony pursuant to a formal order of investigation dated February 14, 2021.
For more information on the Koppers investigation go to:
https://bespc.com/cases/KOP
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
