SAN FRANCISCO, April 28, 2020 (GLOBE NEWSWIRE) -- Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including upcoming application deadlines, can be found at the links provided.
GPOR Investors Click Here.
PAYS Investors Click Here.
RTIX Investors Click Here.
SERV Investors Click Here.
Gulfport Energy Corporation (GPOR, Financial) Securities Class Action:
Class Period: May 3, 2019 – Feb. 27, 2020
Lead Plaintiff Deadline: May 18, 2020
Sign Up: www.hbsslaw.com/investor-fraud/GPOR
Contact An Attorney Now: [email protected]
844-916-0895
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements about the effectiveness of the Company’s internal controls and procedures over financial reporting and investor disclosures, as well as the accuracy of its financial statements.
Specifically, according to the complaint, Defendants misrepresented and concealed (a) material weaknesses in the Company’s internal controls over financial reporting, (b) deficiencies in the Company’s disclosure controls and procedures, and (c) resulting misstatements in the Company’s financial reports.
Investors began to learn the truth, according to the complaint, on Feb. 27, 2020, when Gulfport disclosed that its 3Q 2019 financial statements contained material misstatements. Gulfport admitted it (1) understated its accumulated depreciation, depletion, and amortization (DD&A) by $553 million, (2) overstated its income from operations by $553 million, (3) overstated its net income by $436 million, and had a material weakness in its internal control over financial reporting.
This news drove the price of Gulfport shares sharply lower.
Paysign, Inc. (PAYS, Financial) Securities Class Action:
Class Period: Mar. 12, 2019 – Mar. 15, 2020
Lead Plaintiff Deadline: May 18, 2020
Sign Up: www.hbsslaw.com/investor-fraud/PAYS
Contact An Attorney Now: [email protected]
844-916-0895
The complaint alleges that Defendants made materially false and misleading statements concerning Paysign’s operations, financial performance and business prospects. According to the complaint, throughout the Class Period, Defendants misrepresented and concealed that: (1) Paysign’s internal control over financial reporting was not effective; and (2) Paysign’s information technology general controls were not effective.
The truth emerged on Mar. 16, 2020, when Paysign announced it would not timely file its 2019 annual report with the SEC. Paysign explained that its “management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) [IT] general controls.” This news drove the price of Paysign shares sharply lower.
Recently, on Mar. 31, 2020, Paysign announced a second delay in the release of its 2019 annual financial results, again due to material weaknesses in its controls. This additional delay caused the price of Paysign shares to decline again.
RTI Surgical Holdings, Inc. (RTIX, Financial) Securities Class Action:
Class Period: Mar. 7, 2016 – Mar. 16, 2020
Lead Plaintiff Deadline: May 22, 2020
Sign Up: www.hbsslaw.com/investor-fraud/RTIX
Contact an Attorney Now:[email protected]
844-916-0895
The Complaint alleges that Defendants misrepresented and concealed that the Company inappropriately recognized revenues, including with its other equipment manufacturer (OEM) customers.
The truth emerged, according to the Complaint, on Mar. 17, 2020 when the Company announced it would not timely file its 2019 annual report. Defendants blamed the delay on an ongoing investigation into “the Company’s revenue recognition practices involving the timing of revenue recognition with respect to certain contractual arrangements, primarily with OEM customers.” This news drove the price of RTI Surgical shares sharply lower on Mar. 17, 2020.
Recent developments have strengthened investors’ securities fraud claims. On Mar. 20, 2020, the Company announced the termination of Johannes W. Louw, RTI Surgical’s former interim CFO, who headed the Company’s financial planning and analysis.
Most recently, on Apr. 9, 2020, the company announced it will restate all previously audited financial statements for 2014 – 2018, and its unaudited financial statements for the quarterly periods for 2016 – 2018 and the nine months ended Sept. 30, 2019. The Company explained, in effect, it recognized revenue prematurely by shipping products to customers earlier than agreed upon. The Company further noted that on some “occasions the goods were delivered early without obtaining the customers’ affirmative approval.” Additionally, the Company divulged that in July 2017, an adjustment was improperly made to a product return provision in the Direct Division.
ServiceMaster (SERV, Financial) Securities Class Action:
Class Period: Feb. 26, 2019 – Nov. 4, 2019
Lead Plaintiff Deadline: June 9, 2020
Sign Up: www.hbsslaw.com/investor-fraud/SERV
Contact An Attorney Now: [email protected]
844-916-0895
The complaint concerns Defendants’ concealment of the financial risks presented to ServiceMaster’s Terminix business arising from Formosan: an invasive termite impacting the Gulf Coast region, particularly Mobile, Alabama.
The complaint alleges that throughout the Class Period, Defendants represented that ServiceMaster was successfully executing upon initiatives to improve the performance in the Terminix segment. In addition, Defendants stated that Terminix would reach a positive “inflection point” and was “definitely the driver” for positive trends in the second half of 2019. Unbeknownst to investors, however, in the past several years the Terminix segment had experienced an adverse trend of costly termite litigation, primarily related to Formosan activity.
Investors began to learn the truth, according to the complaint, when the company announced disappointing preliminary Q3 2019 financial results on Oct. 22, 2019. Defendants blamed the poor performance on “termite damage claims arising primarily from Formosan termite activity” primarily in Mobile, Alabama. Defendants also announced (1) this was a known issue and the company commenced mitigation efforts “starting in 2018,” and (2) the President of Terminix Residential suddenly departed.
Then, on Nov. 5, 2019, ServiceMaster released its final Q3 2019 financial results, informing investors that (1) the increase in termite claims litigation that occurred “[i]n the past few years” impacted termite revenue by 7-8%, (2) these issues would continue throughout 2020, and (3) price increases in Mobile were part of an effort to “mitigate” termite damage claims.
These disclosures have driven the price of ServiceMaster shares sharply lower.
Whistleblowers: Persons with non-public information regarding GPOR, PAYS, RTIX and/or SERV should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected], [email protected], and/or [email protected], and/or [email protected].
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Contact:
Reed Kathrein, 844-916-0895
