Latest news with #KirbyMcInerneyLLP
Business Upturn
12-06-2025
- Business
- Business Upturn
CODI INVESTOR ALERT: Kirby McInerney LLP Notifies Compass Group Diversified Holdings, LLC Investors of Upcoming Lead Plaintiff Deadline in Class Action Lawsuit
NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors of the July 8, 2025, deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of investors who acquired Compass Group Diversified Holdings, LLC ('Compass' or the 'Company') (NYSE:CODI) securities during the period from May 1, 2024, through May 7, 2025 ('the Class Period'). [LEARN MORE ABOUT THE CLASS ACTION] On May 7, 2025, after the market closed, Compass issued an 8-K and attached press release titled 'Compass Diversified Discloses Non-Reliance on Financial Statements for Fiscal 2024 Amid an Ongoing Internal Investigation into its subsidiary, Lugano Holdings, Inc.' In this release, Compass announced that it 'has preliminarily identified irregularities in Lugano's non-CODI financing, accounting, and inventory practices. After discussing with senior leadership and investigators, the Audit Committee of CODI's Board has concluded that the previously issued financial statements for 2024 require restatement and should no longer be relied upon.' The release also announced that Compass intended to delay the filing of its first quarter 2025 Form 10-Q. On this news, the price of Compass shares declined by $10.70 per share, or approximately 62%, from $17.25 per share on May 7, 2025, to close at $6.55 on May 8, 2025. The complaint alleges that defendants, throughout the Class Period, failed to disclose that: (1) the Company's subsidiary, Lugano Holdings, Inc., maintained unrecorded financing arrangements and irregularities in its sales, cost of sales, inventory, and accounts receivable; (2) the irregularities and undisclosed details in Lugano Holdings, Inc.'s financial statements rendered the financial statements of the Company as a whole unreliable, and would require restatement; and (3) the Company failed to maintain adequate internal controls related to its financial statements. If you purchased or otherwise acquired Compass securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you. [CONTACT FORM] Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. ContactsKirby McInerney LLPThomas W. Elrod, Esq.212-699-1180https:// [email protected]
Business Wire
12-06-2025
- Business
- Business Wire
Kirby McInerney LLP is Investigating Potential Shareholder Claims Against Sable Offshore Corp. (SOC)
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Sable Offshore Corp. ('Sable' or the 'Company') (NYSE:SOC). The investigation concerns whether Sable and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation] On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipeline (the 'Onshore Pipeline') in California as of May 15, 2025. On May 21, 2025, Sable announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, by the Company at a price to the public of $29.50 per share (the 'Public Offering'). The Company subsequently announced the closing of the Public Offering on May 23, 2025, with gross proceeds of approximately $295 million. On May 23, 2025, the California State Land Commission sent Sable a letter warning the Company that, 'The [May 19] press release appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable's intentions.' According to the letter, Sable had conflated offshore well testing activities required by a federal regulatory agency with the restart of operations. Then, on May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction requested by the California Coastal Commission regarding Sable's maintenance and repair work in the coastal zone related to its Onshore Pipeline. On this news, the price of Sable declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 on May 28, 2025. If you purchased or otherwise acquired Sable securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below to discuss your rights or interests with respect to these matters without any cost to you. [CONTACT FORM] Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
12-06-2025
- Business
- Business Wire
Kirby McInerney LLP Reminds Fortrea Holdings Inc. (FTRE) Investors of Class Action Filing and Encourages Investors to Contact the Firm
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors who purchased Fortrea Holdings Inc. ('Fortrea' or the 'Company') (NASDAQ:FTRE) securities to contact of Kirby McInerney LLP by email at investigations@ or fill out the contact form below, to discuss your rights or interests with respect to the securities fraud class action lawsuit against the Company. The lawsuit was filed on behalf of investors who acquired Fortrea securities from July 3, 2023, through February 28, 2025 ('the Class Period'). Investors have until August 1, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit. Fortrea is a global contract research organization ('CRO') that provides biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology, and medical device customers. Fortrea was formerly the clinical development and commercialization services business of Labcorp Holdings Inc. ('Labcorp'), a life sciences and healthcare company. In June 2023, Labcorp spun off Fortrea as a standalone, publicly traded company (the 'Spin-Off' or the 'Spin'). At the time of the Spin-Off, certain of the long-term projects in Fortrea's portfolio remained ongoing (the 'Pre-Spin Projects'). In connection with the Spin-Off, Labcorp and Fortrea entered into several transition services agreements (the 'TSAs'), pursuant to which Fortrea pays Labcorp to provide certain transitional services for a set period, including information technology ('IT') applications, network and security support and hosting, as well as finance, human resources, marketing, and other administrative support. However, since completing the Spin-Off, Fortrea has consistently represented that it has 'built detailed TSA exit plans' designed to save costs and improve margins by investing in developing its own infrastructure. In March 2024, the Company announced that it was targeting 2025 adjusted EBITDA margins on a full-year basis of approximately 13%. In August 2024, the Company slightly lowered its targeted adjusted 2025 EBITDA margins to the '11% to 12% range,' but touted that this would still 'represent a roughly 300 basis points improvement at the midpoint versus 2024, and broadly a 30% to 40% increase in adjusted EBITDA dollars delivered.' On September 25, 2024, the investment bank Jefferies published a report (the 'Jefferies Report') downgrading Fortrea from buy to hold. Among other things, the Jefferies Report cited perceived weaknesses in Fortrea's business model as a contract research organization amid pressure on biotechnology funding and suggested that the cost savings Fortrea expects to achieve by exiting the TSAs are 'not as material as [o]ne [m]ight think,' stating that 'IT infrastructure costs to exit the TSAs are already non-GAAPed out of adjusted EBITDA. Thus, once TSAs are exited, Fortrea will just be replacing TSA costs with internal operating costs.' On this news, the price of Fortrea shares declined by $2.73 per share, from $22.21 per share on September 24, 2024, to close at $19.48 on September 25, 2025. Then, on December 6, 2024, market analyst Baird Equity Research ('Baird') downgraded Fortrea to neutral from outperform after the Company abruptly cancelled two scheduled conferences. A Baird analyst said that 'given our ongoing concerns around the sector, Fortrea's choppy history post spin, and lack of clarity on the abrupt communications course change, we cannot recommend an actionable investment (buy or sell)[.]' On this news, the price of Fortrea shares declined by $1.90 per share from $23.57 per share on December 5, 2024, to close at $21.67 on December 6, 2024. Finally, on March 3, 2025, Fortrea announced its fourth quarter and full year 2024 financial results, disclosing that its 'targeted revenue and adjusted EBITDA trajectories for 2025 [were] not in line with [its] prior expectations.' Specifically, in an earnings call held that same day, Fortrea revealed that the Company's Pre-Spin projects are 'late in their life cycle [and] have less revenue and less profitability than expected for 2025' and that 'post-spin work is not coming on fast enough to offset the pre-spin contract economics.' The Company also said this 'older versus newer mix issue will continue to negatively impact Fortrea's financial performance during 2025.' On this news, the price of Fortrea shares declined by $3.47 per share, or approximately 25.1%, from $13.85 per share on February 28, 2025, to close at $10.38 on March 3, 2025. The complaint alleges that defendants, throughout the Class Period, failed to disclose that: (1) Fortrea overestimated the amount of revenue the Pre-Spin Projects were likely to contribute to the Company's 2025 earnings; (2) Fortrea overstated the cost savings it would likely achieve by exiting the TSAs; and (3) as a result, the Company's previously announced EBITDA targets for 2025 were inflated. Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
29-05-2025
- Business
- Business Wire
Kirby McInerney LLP is Investigating Potential Shareholder Claims Against Arvinas, Inc. (ARVN)
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Arvinas, Inc. ('Arvinas' or the 'Company') (NASDAQ:ARVN). The firm's ongoing investigation concerns whether Arvinas and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. On May 1, 2025, Arvinas and its partner Pfizer announced that they would discontinue development of vepdegestrant, an oral SERD for HR-positive breast cancer. The move eliminated two planned Phase 3 studies, following the termination of VERITAC-3 in January. According to The Fly, a financial news platform, Oppenheimer & Co. 'was surprised by the announcement' and questioned whether 'Arvinas' management isn't telling us the whole story.' Arvinas had repeatedly pointed to clinical progress for vepdegestrant and the drug's commercial opportunity, leaving investors caught off guard by the abrupt pivot. On this news, the price of Arvinas shares declined by $2.39 per share, or approximately 25%, from $9.62 per share on April 30, 2025, to close at $7.23 on May 1, 2025. If you purchased or otherwise acquired Arvinas securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below to discuss your rights or interests with respect to these matters without any cost to you. [CONTACT FORM] Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
29-05-2025
- Business
- Business Wire
Kirby McInerney LLP is Investigating Potential Shareholder Claims Against Ichor Holdings, Inc. (ICHR)
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Ichor Holdings, Inc. ('Ichor' or the 'Company') (NASDAQ:ICHR). The firm's ongoing investigation concerns whether Ichor and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation ] On May 5, 2025, Ichor released its first quarter 2025 financial results, missing EPS and revenue consensus estimates and reporting gross margin of 12.4%, below the forecasted midpoint of 14.5%. The Company explained 'In Q1, our strategy did not materialize into the margin flow through we anticipated, essentially because we ended up purchasing far more external supply than we had forecasted.' On this news, the price of Ichor shares declined by $4.84 per share, or approximately 23%, from $20.84 per share on May 5, 2025, to close at $16.00 on May 6, 2025. If you purchased or otherwise acquired Ichor securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below to discuss your rights or interests with respect to these matters without any cost to you. Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
