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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Sage, Outset Medical, Allarity, and Super Micro and Encourages Investors to Contact the Firm
Globe Newswire 22-Sep-2024 9:00 PM
NEW YORK, Sept. 22, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Sage Therapeutics, Inc. (NASDAQ:SAGE), Outset Medical, Inc. (NASDAQ:OM), Allarity Therapeutics, Inc. (NASDAQ:ALLR), and Super Micro Computer, Inc. (NASDAQ:SMCI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) zuranolone was less effective in treating MDD than Defendants had led investors to believe; (2) accordingly, the FDA was unlikely to approve the Zuranolone NDA for the treatment of MDD in its present form, and zuranolone's clinical results for MDD, as well as its overall regulatory and commercial prospects, were overstated; (3) SAGE-718 was less effective in treating MCI due to PD than Defendants had led investors to believe; (4) accordingly, SAGE-718's clinical, regulatory, and commercial prospects as a treatment for MCI due to PD were overstated; (5) SAGE-324 was less effective in treating ET than Defendants had led investors to believe; (6) accordingly, SAGE-324's clinical, regulatory, and commercial prospects as a treatment for ET were overstated; and (7) as a result of all the foregoing, the Company's public statements were materially false and misleading at all relevant times.
According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Tablo products were marketed for continuous renal replacement therapy, which is not one of the indications approved by the United States Food and Drug Administration ("FDA"); (2) as a result, Outset Medical was reasonably likely to submit an additional 510(k) application for the Tablo products; (3) there was a substantial risk that Outset Medical would cease sales of the Tablo products pending FDA approval of additional indications; (4) Outset Medical lacked the sales team and process to execute on the ramp of Tablo sales; (5) as a result of the foregoing, Outset Medical's revenue growth would be adversely impacted; and (6) as a result of the foregoing, defendants' positive statements about Outset Medical's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants had overstated the Dovitinib NDA's continued regulatory prospects; (2) Allarity and three of its former officers had engaged in illegal, illicit, and/or otherwise improper conduct in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA; (3) the foregoing misconduct subjected the Company to an increased risk of regulatory and/or governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm; (4) following Allarity's announcement that it was, in fact, being investigated for wrongdoing in connection with the Dovitinib NDA and/or the Dovitinib-DRP PMA, the Company downplayed the substantial likelihood that an enforcement action would result from such investigation; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.
According to the complaint, on August 27, 2024, Hindenburg Research unveiled a short report on SMCI. The short report detailed several allegations against the Company, including that Hindenburg "found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and control failures, and customer issues."
Investors and analysts reacted immediately to these revelations. The price of SMCI's common stock declined dramatically. From a closing market price of $562.51 per share on August 26, 2024, SMCI's stock price fell to $443.49 per share on August 28, 2024, a decline of about 21.16% in the span of only two days.
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.
