SAN FRANCISCO, CA / ACCESSWIRE / Nov. 27, 2020 / Hagens Berman updates investors in the following publicly traded companies and encourages investors who have suffered significant losses to reach out to the company. Please see the links provided for more details on the cases, including important upcoming deadlines.
LOOP investors click here.
Tile Investors Click Here.
YY Investors Click Here.
Loop (NASDAQ: LOOP) class action against securities fraud:
Classes: September 24, 2018 – October 12, 2020
Lead plaintiff deadline: December 14, 2020
Contact an attorney now: LOOP@hbsslaw.com
The complaint alleges that Loop made false and misleading statements about its supposedly “proven” technology that breaks PET plastic into its base chemicals with a 100% recovery rate. The complaint also alleges that Loop misrepresented its partnerships with key customers.
In particular, the complaint alleges that the defendants did not communicate anything to investors: (1) that Loop scientists were asked to misrepresent the results of the allegedly proprietary Loop process; (2) that Loop did not have the technology to break down PET into its base chemical with a 100% recovery rate; (3) As a result, the Company was unlikely to realize the alleged benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp.
Investors reportedly began learning the truth on October 13, 2020 when Hindenburg Research released a report that concluded that “looping are smoke and mirrors without viable technology”. Hindenburg reported that: (i) Loop’s technology is no more efficient or less expensive than traditional PET recycling methods, and that its previous claims to break down PET into its base chemical at 100% recovery were “technically and industrially impossible”; (ii) Under pressure from CEO Daniel Solomita, Loop scientists were tacitly encouraged to lie internally about the results of the company’s process. and (iii) the Indorama partnership has not even entered into and the Thyssenkrupp partnership is for an indefinite period.
According to the Hindenburg report, the price of Loop shares crashed on October 13, 2020.
Most recently, on October 16, 2020, Loop announced that the SEC had cited the company for information on tests, test results, and details of the results of its technologies, partnerships, and agreements, causing the price of Loop stock to crash again.
If you are a Loop Industries investor and you are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Class action lawsuit against securities of Interface, Inc. (NASDAQ: TILE)::
Classes: March 2, 2018 – September 28, 2020
Lead plaintiff deadline: January 11, 2021
Contact an attorney now: TILE@hbsslaw.com
The lawsuit focuses on the disclosure of Interface’s financial results, including the accounting for certain expenses such as provisions for management bonuses, independent consultant fees and stock-based compensation.
According to the complaint, Interface and management were repeatedly delighted with investors when they reported earnings and earnings per share growth that consistently met or exceeded analyst estimates, and assured them that the company’s internal controls over financial reporting were effective were.
Investors began to learn the truth, according to the complaint, on April 24, 2019, when Interface announced that the SEC had served the company three separate subpoenas to review its 2014-2017 earnings per share calculations. The company also announced this. Gregory Bauer, chief accounting officer, was put on administrative leave when he learned that Bauer was adding notes to materials filed with the SEC. However, the company and senior management claimed they had collaborated with the SEC investigation since its inception.
On September 28, 2020, the SEC filed a lawsuit against the company for violations of the Securities Act, finding that (1) Interface made unsupported manual accounting adjustments to certain expenses in the second quarter of 2015 through the second quarter of 2016 to reflect the EPS -Fulfill estimates) Bauer and former CFO (Patrick Lynch) directed the unsupported entries, and (3) Interface obstructed the SEC investigation.
This information has significantly lowered the price of Interface shares.
If you are an Interface investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
JOYY Inc. (NASDAQ: YY) class action lawsuit against securities fraud::
Teaching time: April 28, 2016 – November 18, 2020
Lead plaintiff deadline: January 19, 2021
Contact an attorney now: JOYY@hbsslaw.com
The complaint alleges that the defendants misrepresented and withheld: (1) JOYY dramatically overestimated its live streaming source income; (2) The majority of users at any given time were bots. (3) The company used these bots to run a round-trip program that gave the wrong impression of revenue. (4) the company has overestimated its cash reserves; and (5) the company’s recent acquisition of Bigo largely benefited insiders, including JOYY Co-Founder, CEO and Chairman David Xueling Li, who founded Bigo.
Investors began to learn the truth on November 18, 2020 when research firm Muddy Waters Capital released a damning forensic report, “YY: You can’t make this up. Well … actually you can.” Muddy Waters accused JOYY of (1) a multi-billion dollar scam, (2) massively overestimating reported earnings through inappropriate roundtripping transactions, and (3) massively overvaluing Bigo-related earnings and valuation To overestimate to secretly enrich Li at JOYY paid over $ 1.4 billion in March 2019 for the remaining 68.5% of Bigo that JOYY did not yet own.
This news caused the price of JOYY American Depositary Shares to fall on November 18, 2020.
“We are focusing on investor losses and are proving that JOYY has deceived investors about the company’s actual operations and financial results,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a JOYY investor and experience significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Loop Industries, Interface and / or JOYY should review their options to help with the investigation or to use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. For more information, call Reed Kathrein at 844-916-0895 or send an email to LOOP@hbsslaw.com, TILE@hbsslaw.com and / or JOYY@hbsslaw.com.
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SOURCE: Hagens Berman Sobol Shapiro LLP
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