According to the lawsuit, throughout the Class Period, the registration statement supporting the IPO was false and/or misleading and/or failed to disclose that:
- the Company would restate certain financials;
- the Company’s internal controls were inadequate;
- the Company downplayed and obfuscated its internal controls issues;
- as a result, the Company would engage in an independent investigation;
- as a result of the investigation, the Company would, among other things, retain independent counsel and consultants, and delay its quarterly filings in violation of NYSE requirements of listing;
- following the commencement of the investigation, the Company’s CEO and CFO would leave the Company; and
- as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Also according to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- the Company’s internal controls were inadequate;
- the Company downplayed and obfuscated its internal controls issues;
- the Company did not properly construct or remediate its inadequate and ineffective internal controls;
- contrary to the Company’s statements, the Company was not remediating its internal controls;
- as a result, the Company would engage in an independent investigation;
- as a result of the investigation, the Company would, among other things, retain independent counsel and consultants, and delay its quarterly filings in violation of NYSE requirements of listing;
- following the commencement of the investigation, the Company’s CEO and CFO would leave the Company; and
- as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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