NEW YORK, Jan. 06, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Standard Lithium Ltd. (NYSEAMERICAN: SLI), ReneSola Ltd. (NYSE: SOL), WeWork Inc. (NYSE: WE), and Natera, Inc. (NASDAQ: NTRA). 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.
Standard Lithium Ltd. (NYSEAMERICAN: 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% percent, 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
WeWork Inc. (NYSE: WE)
On December 1, 2021, WeWork disclosed in a U.S. Securities and Exchange Commission filing that “[i]n connection with the preparation of the financial statements as of September 30, 2021, WeWork Inc. (the ‘Company’) reevaluated its application of Accounting Standards Codification (‘ASC’) 480-10-S99, Distinguishing Liabilities from Equity, to its accounting classification of the Class A common stock subject to possible redemption (the ‘Public Shares’) issued as part of the units sold in the initial public offering by the Company’s predecessor, BowX Acquisition Corp. (‘BowX’). The Company had previously classified a portion of the Public Shares in permanent equity. Upon further evaluation, the Company determined that the Public Shares include certain redemption features not solely within the Company’s control that, under ASC 480-10-S99, require such shares to be classified as temporary equity in their entirety.” Accordingly, WeWork advised that certain of its previously issued financial statements should not be relied upon and would be restated. In addition, WeWork disclosed that its management has concluded that, that in light of the classification error described above, there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain complex features of the Public Shares.”
The stock dropped more than 5% in extended trading after the disclosure.
For more information on the WeWork Inc. investigation go to:
https://bespc.com/cases/WE
Natera, Inc. (NASDAQ: NTRA)
On January 1, 2022, an article from the New York Times called into question the accuracy of certain prenatal tests, alleging that positive results on tests are incorrect about 85 percent of the time, and that patients who receive a positive result are supposed to pursue follow-up testing, which “can cost thousands of dollars, come with a small risk of miscarriage and can’t be performed until later in pregnancy.”
On this news, Natera’s stock declined as much as 3.5% during intraday trading on January 3, 2022, thereby injuring investors.
For more information on the Natera investigation go to:
https://bespc.com/cases/NTRA
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
