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Bragar Eagel & Squire, P.C. Is Investigating Paragon 28, Bumble, Cardlytics, and NuScale and Encourages Investors to Contact the Firm
Globe Newswire 3-Sep-2024 9:03 PM
NEW YORK, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Paragon 28, Inc. (NYSE:FNA), Bumble Inc. (NASDAQ:BMBL), Cardlytics, Inc. (NASDAQ:CDLX), and NuScale Power Corp. (NYSE:SMR). 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.
On July 30, 2024, after the market closed, Paragon 28 filed a current report on Form 8-K with the SEC. It stated that "On July 30, 2024, the Audit Committee of the Board of Directors (the "Audit Committee") of Paragon 28, Inc. (the "Company"), in consultation with management, concluded that the Company's previously issued audited consolidated financial statements for the fiscal year ended December 31, 2023, contained within the Annual Report on Form 10-K for that year (and the associated audit report of the Company's independent registered accounting firm) and the unaudited condensed consolidated financial statements contained within the Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024 should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required. Accordingly, the Company intends to restate the aforementioned financial statements by amending its Annual Report on Form 10-K for the year ended December 31, 2023 and its quarterly report on Form 10-Q for the quarter ended March 31, 2024 (the "Restated Filings") as soon as reasonably practicable."
On this news, the price of Paragon 28 stock fell by 13.7% on July 31, 2024.
Bumble announced on August 7, 2024, its second-quarter results and adjusted guidance for the full year, significantly lowering its revenue growth expectations. The company now anticipates a year-over-year total revenue growth of 1% to 2% for 2024, a sharp decline from the previous forecast of 8% to 11% issued in May.
Following this news, Bumble stock dropped over 40% during pre-market trading on August 8, 2024.
On August 7, 2024, Cardlytics announced its second quarter 2024 financial results, revealing a 9% year-over-year decrease in revenue to $69.6 million, alongside a 3% decline in adjusted contribution to $36.4 million. The Company also disclosed that Karim Temsamani stepped down as Chief Executive Officer and from the Board of Directors.
On this news, Cardlytics' stock price fell $3.94 per share, or 57.10%, to close at $2.96 per share on August 8, 2024.
On July 29, 2024, Hunterbrook Media ("Hunterbrook") reported that "[t]he U.S. Securities and Exchange Commission's Division of Enforcement is conducting an ‘active and ongoing' investigation into NuScale", citing the "SEC's July 24 response to an open records request obtained by Hunterbrook[.]" Although the SEC's response to Hunterbrook's request did not provide details regarding the subject of its investigation, Hunterbrook's report noted that "the U.S. Nuclear Regulatory Commission raised significant questions about NuScale's risk mitigation plans for one of its reactor designs" and further asserted that "after a decade and a half of research and development, NuScale has yet to commercialize any reactors." On this news, NuScale's stock price fell $1.35 per share, or 12.44%, to close at $9.50 per share on July 29, 2024.
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.
