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Bragar Eagel & Squire, P.C. Is Investigating CSX, Stride, and SIGA 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 CSX Corporation (NASDAQ:CSX), Stride, Inc. (NYSE:LRN), and SIGA Technologies, Inc. (NASDAQ:SIGA). 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 August 5, 2024, CSX announced it had "identified misstatements between the balance sheet and operating expense in previously issued financial statements" after the Company "completed a review of the accounting treatment for engineering scrap and certain engineering support labor."
Then on October 17, 2024, CSX revealed it had received a subpoena from the Enforcement Division of the U.S. Securities and Exchange Commission ("SEC") requesting information relating to, among other things, the accounting restatement disclosed in the Company's August 5, 2024 10-Q. The Company further revealed it "has also been responding to information requests by the SEC related to certain of the Company's non-financial performance metrics."
On this news, the Company's share price fell as much as 5.8% during intraday trading on October 17, 2024, thereby injuring investors.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Stride is the subject of a report published by Fuzzy Panda Research on October 16, 2024. The report alleges that the Company inflated its earnings by misleading the market about COVID-19 relief funds. The report claims that 25% of the Company's EBITDA came from Elementary and Secondary School Emergency Relief (ESSER) funds expiring in September 2024. Based on this news, shares of Stride fell on the same day.
On September 23, 2024, after market hours, SIGA disclosed that its Chief Medical Officer and Executive Vice President, Dr. Jay Varma, had been terminated from his position. On this news, SIGA's stock price fell $0.42, or 5%, to close at $8.01 per share on September 24, 2024, thereby injuring investors.
Then, on September 25, 2024, a secretly recorded video surfaced online, revealing Varma detailing a media "spin" campaign to salvage TPOXX as a treatment for Monkeypox so that investors wouldn't "dump the stock, thinking that the Company is worthless," despite the admission that "in the United States, the risk [for Monkeypox] is very low." On this news, SIGA's stock price fell $1.26, or 15.7%, to close at $6.75 per share on September 25, 2024, thereby injuring investors further.
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.
