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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Diebold Nixdorf, Intelligent Systems, Helius Medical, and Verb Technology and Encourages Investors to Contact the Firm
Globe Newswire 18-Aug-2019 7:30 PM
NEW YORK, Aug. 18, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Diebold Nixdorf, Inc. (NYSE:DBD), Intelligent Systems Corporation (NYSE:INS), Helius Medical Technologies, Inc. (NASDAQ:HSDT), and Verb Technology Company, Inc. (NASDAQ:VERB). 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, filed on July 2, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was experiencing delays in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle; (ii) the foregoing issues were negatively impacting the Company's services business and operations; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times. On July 5, 2017, Diebold disclosed that the Company expected a wider net loss than indicated in its prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss.
The Company attributed the lowered expectations to a delay in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle. 6. Following this news, Diebold's stock price fell $6.40 per share, or nearly 23%, to close at $21.60 per share on July 5, 2017
The complaint, filed on July 9, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Petit, the "financial expert" on Intelligent Systems' Audit Committee engaged in accounting fraud as the CEO of MiMedx Group, Inc.; (2) Intelligent Systems' CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the Company's auditor; (3) Intelligent Systems had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (4) as a result, defendants' statements about Intelligent Systems' business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Intelligent Systems class action go to: https://bespc.com/INS
The complaint, filed on July 9, 2019, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the clinical study on the use of PoNS did not produce statistically significant results regarding the effectiveness of the treatment; (2) that, as a result, the clinical study did not support the Company's application for regulatory clearance; (3) that, as a result, the Company was unlikely to receive regulatory approval of PoNS; and (4) that, as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The complaint, filed on July 9, 2019, alleges that during the Class Period Verb stock increased from approximately $0.12 per share on January 3, 2018 to $2.70 per share on April 19, 2018, an astonishing increase of over 2000%.
Following the rapid rise of the Company's stock price, on April 23, 2018, the truth as to the Company's relationship with Oracle began to emerge. The Company revealed the actual terms of the Oracle Agreement through the filing of a Form 8-K. The terms of the agreement revealed that the prior representations as to the scope of the relationship with Oracle were materially misleading.
As the market digested the true nature of the Oracle Agreement, the stock began a precipitous decline, closing on April 30, 2018 at $1.54 per share, a decrease of 43% from the high a week prior. The market continued to digest this information and by the market close on May 2, 2018, the Company's stock was trading at $1.08 per share, a decrease of 64% from the high price of $3.04 per share on April 20th.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
