NEW YORK, April 20, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against RBB Bancorp (NASDAQ: RBB), Verra Mobility Corp. (NASDAQ: VRRM), Natera, Inc. (NASDAQ: NTRA), and Li-Cycle Holdings Corp. (NYSE: LICY). 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.
RBB Bancorp (NASDAQ: RBB)
On February 18, 2022, RBB Bancorp announced the abrupt departure of Tammy Song, the EVP and Chief Lending Officer of RBB Bancorp’s wholly owned subsidiary Royal Business Bank.
Four days later, on February 22, 2022, RBB Bancorp announced its President and CEO (Alan Thian) would take a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of the Company’s board of directors.
On this news, RBB Bancorp’s stock price declined by $2.69 per share, or approximately 10.45%, from $25.75 to $23.06 over two trading days.
For more information on the RBB Bancorp investigation go to: https://bespc.com/cases/RBB
Verra Mobility Corp. (NASDAQ: VRRM)
On February 28, 2022, Verra Mobility announced that it filed a notice of late filing with the SEC, because it will not be able to file its Form 10-K for the year ended December 31, 2021 by the due date of March 1, 2022, and the Company is not expected to do so within the allowable 15-day extension period.
Further, Verra Mobility announced that “[d]uring its year-end 2021 financial statement review process, Verra Mobility . . . determined that revenues from the Company's recently acquired Australian subsidiary, Redflex Holdings Limited, may not have been recorded in accordance with generally accepted accounting principles. The Company’s Audit Committee is conducting an investigation of the circumstances surrounding these issues to determine, among other things, whether any related adjustment is necessary for the previously issued financial statements for the second and third quarters of fiscal year 2021.”
On this news, Verra Mobility’s stock dropped as much as 7.6% during intraday trading on February 28, 2022, thereby injuring investors.
For more information on the Verra investigation go to: https://bespc.com/cases/VRRM
Natera, Inc. (NASDAQ: NTRA)
On January 1, 2022, an article from the New York Times called into question the accuracy of certain prenatal tests, alleging that positive results on tests are incorrect about 85 percent of the time, and that patients who receive a positive result are supposed to pursue follow-up testing, which “can cost thousands of dollars, come with a small risk of miscarriage and can’t be performed until later in pregnancy.”
On this news, Natera’s stock declined as much as 3.5% during intraday trading on January 3, 2022, thereby injuring investors.
For more information on the Natera investigation go to: https://bespc.com/cases/NTRA
Li-Cycle Holdings Corp. (NYSE: LICY)
On March 24, 2022, Blue Orca Capital published a report (the "Report") characterizing the Company as "a near fatal combination of stock promotion, laughable governance, a broken business hemorrhaging cash, and highly questionable Enron-like accounting." According to the Report, “Li-Cycle recognizes revenues using an Enron-like mark-to-model accounting gimmick Li-Cycle recognizes revenues months prior to the actual sales of its recycled black mass, based on its own provisional estimate of the future value of the product. This accounting treatment is plainly vulnerable to abuse, giving Li-Cycle discretion over its reported revenues. We suspect that under this framework, LiCycle marks up the value of its receivables on unsold products and runs the gains through its revenue line.”
On this news, Li-Cycle’s stock price fell $0.47 cents per share, or 5.60% to close at $7.93 per share on March 24, 2022.
For more information on the Li-Cycle investigation go to: https://bespc.com/cases/LICY
About Bragar Eagel & Squire, P.C.:
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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
