NEW YORK, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fox Corporation ( FOX, FOXA), Instil Bio, Inc. ( TIL), Veru Inc. ( VERU), and Twist Bioscience Corp ( TWST). 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.
Fox Corporation ( FOX, FOXA)
In November and December of 2020, Fox News broadcasted reports stating that the U.S. election was rigged. Fox News specifically called out Smartmatic and Dominion Voting Systems, voting technology and software companies, for their alleged involvement in rigging the election. Both companies have sued Fox for defamation and other claims based on defendants' actions. The judges in both cases have upheld the lawsuits by overruling defendants' motions to dismiss, finding that Smartmatic and Dominion sufficiently pleaded facts to support their claims of defamation.
In ruling in favor of Dominion, Delaware Superior Court Judge Eric M. Davis found Dominion had shown that the Murdochs, Fox's most senior executives, may have been on notice that the conspiracy theory that rigged voting machines tilted the vote was false but let Fox News broadcast it anyway. Dominion cited in its suit a report that Rupert Murdoch spoke with Trump a few days after the election “and informed him that he had lost,” the judge noted.
“These allegations support a reasonable inference that Rupert and Lachlan Murdoch either knew Dominion had not manipulated the election or at least recklessly disregarded the truth when they allegedly caused Fox News to propagate its claims about Dominion,” said Davis.
These lawsuits, which seek billions of dollars, punitive damages and other relief, can deplete Fox's assets, harm Fox's reputation, and prove detrimental to Fox shareholders.
For more information on the Fox investigation go to: https://bespc.com/cases/FOX
Instil Bio, Inc. ( TIL)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Instil Bio disclosed on October 31, 2022, that it had informed the FDA that it had voluntarily paused enrollment in a clinical trial due to problems in manufacturing one of its therapies. The manufacturing trouble resulted in an inability to properly dose patients in a clinical trial of ITIL-168 for advanced melanoma.
On this news, shares of Instil Bio fell by more than 33% in intraday trading.
For more information on the Instil investigation go to: https://bespc.com/cases/TIL
Veru Inc. ( VERU)
On November 10, 2022, Veru issued a press release announcing that the U.S. Food and Drug Administration’s Pulmonary-Allergy Drugs Advisory Committee (the “Advisory Committee”) voted against granting emergency use authorization for the Company’s product sabizabulin for treatment of hospitalized moderate to severe COVID-19 patients who are at high risk for acute respiratory distress syndrome. Specifically, the Advisory Committee voted 8-5 that the known and potential benefits of sabizabulin do not outweigh its known and potential risks.
On this news, Veru’s stock price fell sharply during intraday trading on November 10, 2022.
For more information on the Instil investigation go to: https://bespc.com/cases/VERU
Twist Bioscience Corp ( TWST)
Before the market opened on November 15, 2022, Scorpion Capital published a negative report on Twist entitled "A Cash-Burning Inferno That Is Not a Going Concern, Operating a Ponzi-Like Scheme That Will End In Bankruptcy. Just Another 'Synthetic Biology' Swindle, This Time With An Absurd 'Silicon DNA Chip' And Financials So Phony It May Be Criminal. Target Price: $0." The report alleges Twist is "A ticking time bomb that we believe is resorting to a Worldcom-esque accounting fraud" and "Multiple competitors internally refer to Twist's price dumping and customer subsidy scheme as a "Ponzi".
In early morning trading on November 15, 2022, Twist's stock price is down $11.42 per share to $26.59, or a drop of 30.0%.
For more information on the Twist investigation go to: https://bespc.com/cases/TWST
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.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.