NEW YORK, July 15, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Digital World Acquisition Corp. DWAC, Generac Holdings, Inc. GNRC, Novartis AG NVS, and Cognyte Software Ltd. CGNT. 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.
Digital World Acquisition Corp. DWAC
On Thursday, March 31, 2022, the SPAC bringing former President Donald Trump’s social media platform public, Digital World Acquisition Corp. DWAC, fell 5% after a report by Bloomberg that said downloads had decreased significantly.
A report on the site said daily downloads of the app had declined 95% since launching. Trump’s Truth Social app launched on the Apple App Store in February 2022.
For more information on the Digital World investigation go to: https://bespc.com/cases/DWAC
Generac Holdings, Inc. GNRC
On June 22, 2022, Spruce Point Capital Management issued a short report on Generac alleging multiple claims. Spruce Point stated, “Among other alarming findings, we find evidence to suggest a sham revenue transaction at Off Grid Energy, its recent UK acquisition acquired by Pramac’s subsidiary. Even more concerning, we find evidence that to grow its residential solar business and compete against the likes of Tesla, Generac has engaged in a shady transaction with Sunnova, a company we previously profiled for its shoddy financial reporting, which we believe may have been designed to finance its own sales. Generac has also partnered with a large solar distributor named Powerhome (now Pink Energy) which multiple undercover investigations allege it has been misleading customers. Yet, Generac is still promoting the partnership, which we believe to be under FTC investigation.”
On this news, Generac stock fell sharply by $7.23, or 3.3%, during intraday trading, to close at $212.57.
For more information on the Generac investigation go to: https://bespc.com/cases/GNRC
Novartis AG NVS
On May 5, 2022, Novartis “announced a temporary, voluntary suspension of production at its radioligand therapy production sites in Ivrea, Italy and Millburn, New Jersey.” The production halt was to “address potential quality issues identified in its manufacturing process.”
On this news, Novartis’ stock fell $2.06, or 2.3%, to close at $86.21 on May 5, 2022, thereby injuring investors.
Then, on May 31, 2022 STAT News published an article entitled “Deocuments show problems at Novartis facility where cancer drug production was halted.” The article reported that the U.S. Food and Drug Administration had cited deficiencies at the Company’s New Jersey facility following an inspection in late 2021, including a “concern that Novartis failed to notify customers about batches of Lutathera… that were distributed despite failing to meet quality specifications.”
On this news, Novartis’ stock fell sharply during intraday trading on May 31, 2022, thereby injuring investors further.
For more information on the Novartis investigation go to: https://bespc.com/cases/NVS
Cognyte Software Ltd. CGNT
On April 5, 2022, Cognyte reported its fourth quarter 2021 financial results, including revenue of $125 million, which was about $3.5 million below the midpoint of the Company’s own guidance. Cognyte cited “lower conversions within its product pipeline,” along with supply chain issues. During the related conference call, Cognyte’s Chief Executive Officer stated that “a longer sales cycle [resulted] in the lower-than-expected bookings in Q4” and acknowledged that management “didn’t execute well.”
On this news, Cognyte’s stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, thereby injuring investors.
For more information on the Cognyte investigation go to: https://bespc.com/cases/CGNT
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. Attorney advertising. Prior results do not guarantee similar outcomes.