NEW YORK, Nov.19, 2019 (GLOBE NEWSWIRE) — The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies.If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.
The lawsuit alleges that Sundial Growers Inc.made materially false and/or misleading statements and/or failed to disclose that: (1) Sundial failed to supply saleable cannabis in line with contractual obligations to Zenabis Global Inc.; (2) due to material quality issues, Zenabis had to return or reject a total of 554 kg of cannabis to Sundial, valued at approximately U.S.$1.9 million (C$2.5 million); and (3) as a result, defendants’ statements about Sundial’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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The complaint alleges that throughout the class period Overstock.com, Inc.made materially false and/or misleading statements and/or failed to disclose that: (a) it was not true that Overstock would be able to support the launch of its tZERO crypto currency with earnings or cash flow from its retail operations and that whatever marginal improvements defendants had made by cutting costs and engineering earnings could not be sustained so as to generate positive EBITDA or cash from operations necessary to support its crypto currency operations; (b) there were extreme additional risks and substantial volatility in the price of Company shares was foreseeable, given defendants’ undisclosed plan to offer its tZERO Preferred Share Dividend as a means to squeeze short sellers out of Overstock and to prevent them from holding legitimate positions in the Company; (c) there was a foreseeable likelihood that the Company’s ability to accomplish its intended short squeeze would embolden the SEC or even market participants, such as major brokerage houses, to act to prevent this market manipulation; (d) it was not true that Overstock contained adequate systems of internal operational or financial controls, such that Overstock’s quarterly reports filed with the SEC were true, accurate or reliable; (e) as a result of the foregoing, it also was not true that the Company’s quarterly reports filed with the SEC were prepared in accordance with GAAP ad SEC rules; and (f) as a result of the aforementioned adverse conditions which defendants failed to disclose, defendants lacked any reasonable basis to claim that Overstock was operating according to plan, or that Overstock could achieve guidance sponsored and/or endorsed by defendants.
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The lawsuit alleges that Ruhnn Holding Limited made materially false and/or misleading statements and/or failed to disclose that: (1) at the time of the initial public offering (“IPO”), the number of Ruhnn’s online stores had declined by nearly 40%; (2) at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (3) as a result, defendants’ statements about Ruhnn’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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The lawsuit alleges Resideo Technologies, Inc.made materially false and/or misleading statements and/or failed to disclose during the class period that: (a) the negative operational effects of the Company’s spin-off from Honeywell International Inc.were more substantial and persistent than disclosed and had negatively affected Resideo’s product sales, supply chain, and gross margins, putting the Company’s FY19 financial forecasts at risk; and (b) as a result of the foregoing, the Company’s financial guidance lacked a reasonable basis and the Company was not on track to make its FY19 guidance as claimed.
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Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
There is no cost or obligation to you.If you suffered a loss during the class period and wish to obtain additional information, please contact J.Klein, Esq.by telephone at 212-616-4899 or visit the webpages provided.
J.Klein, Esq.represents investors and participates in securities litigations involving financial fraud throughout the nation.
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CONTACT:J.Klein, Esq.Empire State Building350 Fifth Avenue59th FloorNew York, NY 10118Telephone: (212) 616-4899Fax: (347) 558-9665.
