SAN DIEGO, Dec. 5, 2021 /PRNewswire/ --
Shareholder rights law firm Johnson Fistel, LLP, is investigating potential claims against the following Companies for violations of federal securities laws.
There is no cost or obligation to you. If you are interested in learning more about any of the following investigations, please contact Lead Analyst Jim Baker ([email protected]) at 619-814-4471. If you email, please include your phone number.
Summit Therapeutics Inc. (NASDAQ: SMMT)
In a filing with the U.S. Securities and Exchange Commission on September 21, 2021, Summit disclosed that it "received feedback from the United States Food and Drug Administration (the 'FDA') that the FDA does not agree with the change to the primary endpoint that Summit proposed and has subsequently implemented in its ongoing Phase III Ri-CoDIFy studies when combining the studies."
LifeStance Health Group, Inc. (NASDAQ: LFST)
On Wednesday, August 11, 2021, LifeStance released its second quarter ended June 30, 2021, financial results, reporting a net loss of $70 million. Just two months ago, on or about June 10, 2021, LifeStance sold about 40 million shares of stock in its initial public stock offering (the "IPO") at $18 a share, raising nearly $720 million in new capital. Since the IPO, the stock has plummeted; on December 3, 2021, the stock closed at $8.67.
Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its June 2021 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.
Berkeley Lights Inc. (NASDAQ: BLI)
On September 15, 2021, Scorpion Capital published a short-seller report on Berkeley Lights. In the statement, Scorpion Capital alleged, among other things, that "a trail of customers who allege they were 'tricked,' misled, or over-promised into buying a $2 million lemon. The reality is so far from BLI's grandiose hype that we believe its product claims and practices may constitute outright fraud." Additionally, stating, "We conducted 24 research interviews, including seven former employees and executives of BLI, as well as 17 scientists and users across 14 of BLI's largest customers. We believe the customers we spoke with comprise >30-50% of BLI's entire installed base of 92 cell screening systems. We believe our research may represent the most in-depth due diligence to date on BLI, leading us to conclude it is just another vaporous venture capital IPO promotion with zero underlying value."
Rollins, Inc. (NYSE: ROL)
On October 28, 2020, Rollins filed its Form 10-Q with the Securities and Exchange Commission ("SEC"), disclosing an 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 2020 Form 10-K 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. It booked a related accrual during the third quarter of 2021, which is reflected in the Company's financial statements.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP