NEW YORK, Jan. 21, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Medallion Financial Corporation (NASDAQ: MFIN), Clarivate Plc (NYSE:CLVT), TaskUs (NASDAQ:TASK) and Applied Therapeutics, Inc. (NASDAQ:APLT). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.
Medallion Financial Corporation (NASDAQ: MFIN)
On December 29, 2021, the SEC accused Medallion and its chairman and chief operating officer, Andrew Murstein, “of unlawfully engaging in two schemes in an attempt to reverse the company’s stock price plunge. “. Specifically, the pair had “engaged in illegal campaigns by paying Ichabod’s Cranium and others to post positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”
On this news, Medallion stock fell as much as 27% in intraday trading on Dec. 29, 2021, hurting investors.
For more information on Medallion Financial’s investigation, visit: https://bespc.com/cases/MFIN
Clarivate Plc (NYSE:CLVT)
Clarivate is an information and analytical services company that provides structured information and analysis for the discovery, protection and commercialization of scientific research, innovations and brands.
On December 27, 2021, Clarivate disclosed in a filing with the United States Securities and Exchange Commission that “[o]n December 22, 2021, Clarivate . . . concluded that the financial statements previously issued as at and for the fiscal year ended December 31, 2020 and the quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021 should no longer be relied upon due to an error in these financial statements[.]Specifically, Clarivate reported that “[t]The error relates to the treatment under United States generally accepted accounting principles (‘GAAP’) relating to a share plan included in the CPA Global business combination which was completed on October 1, 2020 (the ‘transaction Global CPA’). In the relevant financial statements, certain awards made by CPA Global under its stock ownership plan were incorrectly included as part of the acquisition accounting for the CPA Global transaction.
On this news, Clarivate stock price declined $1.70 per share, or approximately 6.92%, from $23.58 per share to close at $22.88 per share on December 28, 2021.
For more information on the Clarivate survey, visit: https://bespc.com/cases/CLVT
TaskUs, Inc. (NASDAQ:TASK)
On January 20, 2022, Spruce Point Capital Management, LLC released a short sale report on TaskUs. In the report, Spruce Point states, “After conducting a forensic financial and accounting review, Spruce Point believes that the shares of TaskUs, Inc. (Nasdaq: TASK), a business process outsourcing (BPO) company highly promoted to digital and emerging technology companies, has a pattern of exaggerated and inflated business claims including revenue, and conceals financial difficulties with reduced disclosures, hand-picked market data and key performance indicators not standard. trade at deep valuation discounts due to being undercovered in the BPO
On this news, TaskUs stock fell $5.46, or 15.3%, to close at $30.13 per share on Jan. 20, 2022, hurting investors.
For more information on the TaskUs survey, visit: https://bespc.com/cases/TASK
Applied Therapeutics, Inc. (NASDAQ: APLT)
On January 3, 2022, Applied Therapeutics issued a press release “provided[ing] a regulatory update on the AT-007 Galactosemia program. In the press release, Applied Therapeutics announced that “[f]Following discussions with the FDA at the end of the year, the Company decided to suspend the submission of an NDA for AT-007 for the treatment of galactosemia pending further discussions with the agency. Although the Galactosemia program was previously discussed under an NDA for accelerated approval based on galactitol reduction, the FDA has now indicated that clinical outcome data will likely be required for approval.
On this news, Applied Therapeutics’ stock price fell $1.77 per share, or 28.46%, over the next two trading sessions, closing at $4.45 per share on January 5. 2022.
For more information on the Applied Therapeutics survey, visit: https://bespc.com/cases/APLT
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.