Get Cash Back and $0 Commissions + The Power of TradeStation
Bragar Eagel & Squire, P.C. Is Investigating Winnebago, Laser Photonics, Visa, and Kaspi and Encourages Investors to Contact the Firm
Globe Newswire 29-Oct-2024 9:00 PM
NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Winnebago Industries, Inc. (NYSE:WGO), Laser Photonics Corporation (NASDAQ:LASE), Visa Inc. (NYSE:V), and Joint Stock Company Kaspi.kz (NASDAQ:KSPI). 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 September 23, 2024, Hunterbrook Media published an article called "‘Grand Deception"- Winnebago Muzzles Outcry Over Major Problem That Owners Say Makes RVs Dangerous, Untowable, Worthless." The article stated that Winnebago's "best-selling Grand Design RVs" appear to be "experiencing frame failure, potentially affecting thousands of units sold for more than a billion dollars. This defect has led to costly damage and potential safety hazards, and rendered some RVs unroadworthy." The article continued to state that "Winnebago has used NDAs, buybacks, and online censorship to silence complaints about frame failure[.]" Following this news, Winnebago's stock dropped $1.35 per share, or 2.28%, to close at $57.76 on September 23, 2024.
On September 23, 2024, Laser Photonics disclosed in a filing with the U.S. Securities and Exchange Commission "that the Company's previously issued financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and the Quarterly Report on Form 10-Q for the period ended June 30, 2024, should no longer be relied upon as a result of the Company's predecessor auditor, Fruci & Associates II, PLLC (‘Fruci'), identifying an adjusting entry that Fruci had proposed and that was posted by the Company that overstated deferred revenue and needed to be corrected as discussed in further detail in Note 7 of the December 31, 2023, financial statements in the Company's Form 10-K/A that it filed on August 28, 2024, and the Form 10-Q/A filed September 12, 2024."
On this news, Laser Photonics' stock price fell $6.90 per share, or 36.7%, over the following two trading sessions, to close at $11.90 per share on September 25, 2024.
On September 24, 2024, during market hours, The United States Department of Justice issued a release entitled "Justice Department Sues Visa for Monopolizing Debit Markets." In this release, the DOJ announced that it had "filed a civil antitrust lawsuit today against Visa for monopolization and other unlawful conduct in debit network markets[.]" The release further stated that the "complaint alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives."
The release quoted Attorney General Merrick Garland as stating that "[w]e allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market[.] Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing – but the price of nearly everything."
On this news, the price of Visa stock fell 5.4% on September 24, 2024.
On September 19, 2024, Culper Research published a report alleging, among other things, that Kaspi "systematically misled U.S. investors and regulators in its repeated claims-especially ahead of the Company's January 2024 NASDAQ listing-that the Company has zero exposure to Russia", when in fact "Russia has contributed materially to Kaspi's reported growth." Following publication of the Culper Research report, Kaspi's American Depositary Receipt ("ADR") price fell $19.20 per ADR, or 16.13%, to close at $99.81 per ADR on September 19, 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.
