NEW YORK, Jan. 16, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Rollins, Inc. (NASDAQ: ROL), Purple Innovation, Inc. (NASDAQ: PRPL), Standard Lithium Ltd. (NYSE: SLI), and ReneSola Ltd. (NYSE: SOL). 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.
Rollins, Inc. (NYSE: ROL)
On October 28, 2020, Rollins disclosed a U.S. Securities and Exchange Commission (“SEC”) investigation into how the Company established accruals and reserves at period-end and the impact of those accruals and reserves on reported earnings for periods beginning January 1, 2015. The Company’s subsequently filed Annual Report later disclosed the results of an internal Company-initiated investigation that found a significant deficiency in the Company’s internal controls relating to the documentation and review of accounting entries for certain reserves and accruals. Then, on October 29, 2021, Rollins reported that it had initiated discussions with the SEC staff regarding a potential investigation resolution.
For more information on the Rollins investigation go to:
https://bespc.com/cases/ROL
Purple Innovation, Inc. (NASDAQ: PRPL)
On November 9, 2021, Purple announced disappointing third quarter earnings “largely driven by impacts from our manufacturing backlog that were longer-lasting than we anticipated. Our lack of inventory impacted sales through all of our channels which are deeply interconnected.”
On this news, Purple’s stock fell 24%.
For more information on the Purple investigation go to:
https://bespc.com/cases/PRPL
Standard Lithium Ltd. (NYSE: SLI)
On November 18, 2021, Blue Orca Capital (“Blue Orca”) published a short report alleging that Standard Lithium’s claims of achieving 90% recovery rates of battery grade lithium at its Arkansas demonstration site are not supported by data submitted by Standard Lithium to the Arkansas Oil & Gas Commission, which “appears to show that the Demonstration Plant, which has been operating for 18 months, is barely achieving a fraction of this projected recovery rate.” The report also alleges that the Company’s German joint venture partner says proof of concept has not been achieved and that “extraction is not fully there where we would like it to be.”
On November 18, 2021, following publication of the Blue Orca report, Standard Lithium’s stock price fell $1.86 per share, or 18.84%, to close at $8.01 per share.
For more information on the Standard Lithium investigation go to:
https://bespc.com/cases/SLI
ReneSola Ltd. (NYSE: SOL)
The investigation focuses on ReneSola’s statements about its purported development, construction, operation, and sales of solar power projects in Europe. More specifically, ReneSola has repeatedly touted its increasing number of late-stage projects throughout Europe, which would soon be ready to sell project rights at “notice to proceed”, or “NTP.”
But, on December 2, 2021, analyst Grizzly Research published a scathing report entitled “We believe ReneSola is a Fraudulent Company; Most Projects Never Existed.” According to the report: (1) “[o]ur on the ground due diligence, filings review, and communications with local municipalities in Europe indicate SOL has been vastly misrepresenting its project development pipeline;” (2) “[m]ost of SOL’s projects are in Europe, but our research indicates that most of these projects seemingly do not exist;” (3) “SOL might have fabricated projects to give the appearance of a better development pipeline and future economics;” and, (4) “[w]orse yet, SOL continuously categorizes projects as ‘late-stage’, and close to finalization, that our research shows to be either non-existent or delayed for years.”
On this news, ReneSola’s stock price fell $0.50 per share, or 7.62%, to close at $6.06 per share on December 2, 2021.
For more information on the ReneSola investigation go to:
https://bespc.com/cases/SOL
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
