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Bragar Eagel & Squire, P.C. Is Investigating Quanterix, e.l.f. Beauty, and Silvaco and Encourages Investors to Contact the Firm
Globe Newswire 24-Feb-2025 9:00 PM
NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Quanterix Corporation (NASDAQ:QTRX), e.l.f. Beauty, Inc. (NYSE:ELF), and Silvaco Group, Inc. (NASDAQ:SVCO). 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 November 12, 2024, following the market's closure, Quanterix disclosed that it had discovered an error in the capitalization of labor and overhead costs for prior periods, dating back to at least 2021. This error impacted the valuation of its inventory. Consequently, the company advised that the financial statements containing these errors should no longer be considered reliable.
Following this news, Quanterix's stock price fell by 18.3% closing at $12.40 per share on November 13, 2024.
On November 20, 2024, Muddy Waters Research issued a report in which it announced that it had a short position in e.l.f. Beauty, Inc. Muddy Waters stated that it believed that e.l.f. Beauty had "materially overstated revenue over the past three quarters," and that it believed that in "Q2 FY24, ELF management realized its growth narrative was in trouble as its inventory built. It appears that ELF then began reporting inflated revenue and profits. Its reported inventory also appears materially inflated as a result – i.e., to account for cash that has not really come in."
On this news, e.l.f. Beauty, Inc. stock fell as much as 15% in intraday trading on November 20, 2024.
On or around May 8, 2024, Silvaco conducted its initial public offering ("IPO") of 6 million shares priced at $19.00 per share.
Then, on October 15, 2024, Silvaco issued a press release announcing preliminary unaudited revenue results for the third quarter of 2024 and updated its outlook for the full year 2024. Among other items, Silvaco lowered its full year revenue guidance to a range of $60 million to $63 million, compared to previous guidance of $63 million to $66 million, and lowered its year-over-year growth projection to a range of 10% to 16%, compared to previous guidance of 16% to 22%.
On this news, Silvaco's stock price fell $3.61 per share, or 32.64%, to close at $7.45 per share on October 16, 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.
