NEW YORK, Aug. 26, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Full Truck Alliance Co. Ltd. (NYSE: YMM), Coinbase Global Inc. (NASDAQ: COIN), Concho Resources Inc. (Other OTC: CXO), and PayPal Holdings, Inc. (NASDAQ: PYPL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Full Truck Alliance Co. Ltd. (NYSE: YMM)
Class Period: June 2021 IPO
Lead Plaintiff Deadline: September 10, 2021
On or about June 22, 2021, FTA sold about 82.5 million American Depositary Shares (“ADSs”) in its IPO for $19 per ADS, raising nearly $1.6 billion in new capital.
On July 5, 2021, FTA reported that the Company was subject to a review by the Cyberspace Administration of China (“CAC”) and that “FTA’s Yunmanman apps and Huochebang apps . . . are required to suspend new user registration in China during the review period.”
On this news, the Company’s ADS price declined by $1.27 per ADS, or approximately 6.7%, from $19.02 per ADS on July 2, 2021 to close at $17.75 per ADS on July 6, 2021, which is approximately 6.6% below the IPO price, thereby injuring investors.
The complaint alleges that the Registration Statement was materially false and/or misleading and/or failed to disclose that: (i) FTA’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the CAC; (ii) the CAC would require FTA to suspend new user registration; (iii) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (iv) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (v) as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
For more information on the Full Truck class action go to: https://bespc.com/cases/YMM
Coinbase Global Inc. (Nasdaq: COIN)
Class Period: April 14, 2021 IPO
Lead Plaintiff Deadline: September 20, 2021
On May 17, 2021, Coinbase undermined its representations in the Offering Materials that the Company’s existing cash and cash equivalents were sufficient by announcing plans to raise capital via a convertible bond sale. On May 19, 2021, Coinbase revealed technical problems experienced by users on its platform, including “delays…due to network congestion” effecting “those who want to get their money out.”
On this news, the price of Coinbase shares fell $23.44 per share, nearly 10% over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021, thereby injuring investors.
The complaint alleges that the registration statement and prospectus used to effectuate the Company’s Offering were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, the positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Coinbase class action go to: https://bespc.com/cases/COIN
Concho Resources Inc. (Other OTC: CXO)
Class Period: February 21, 2018 and July 31, 2019
Lead Plaintiff Deadline: September 28, 2021
On July 31, 2019, after the close of trading, Concho released its financial results for the second quarter 2019. On this date, the Company revealed that the Dominator Project’s 23 wells were spaced “too tight,” and that Concho had already “incorporated learnings from [the Dominator Project] into its second half of 2019 program and future Delaware Basin projects.” Concho also revealed that it would be forced to scale back production targets for the rest of this year, including by reducing its active rig count to 18, down from 33 in the first quarter 2019.
On this news, Concho sank 22% to close at $75.97 per share on August 1, 2019, down from the closing price of $97.68 per share on July 31, 2019.
The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the well spacing at the Company’s Dominator Project was aggressive and highly risky, and premised on no reasonable basis to believe it would work as intended; (ii) Concho’s practice of implementing tighter well spacing was not relegated to a handful of “tests” and therefore more widespread than the market was led to believe; (iii) it was known or recklessly disregarded that any measures to mitigate well spacing risks were non-existent and/or impossible; (iv) these risks had manifested during the Class Period, causing underground well interference and permanently decreasing production, forcing the Company to scale back production targets and adopt more conservative spacing measures in its other projects; (v) it would take multiple quarters to unwind the impacts of the widespread well spacing failure; and (vi) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Concho class action go to: https://bespc.com/cases/CXO
PayPal Holdings, Inc. (NASDAQ: PYPL)
Class Period: September February 9, 2017 to July 28, 2021
Lead Plaintiff Deadline: October 19, 2021
On July 29, 2021, PayPal filed a quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission (“SEC”), reporting the Company’s financial and operating results for the second quarter of 2021. In its quarterly report, PayPal disclosed investigations by the SEC and the CFPB. Specifically, PayPal disclosed receipt of a Civil Investigative Demand from the CFPB related “to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services”; and that the Company has “responded to subpoenas and requests for information received from the [SEC] relating to whether the interchange rates paid to the bank that issues debit cards bearing our licensed brands were consistent with Regulation II of the Board of Governors of the Federal Reserve System, and to the reporting of marketing fees earned from the Company’s branded card program.”
On this news, PayPal’s stock price fell $18.81 per share, or 6.23%, to close at $283.17 per share on July 29, 2021.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) PayPal had deficient disclosure controls and procedures; (ii) as a result, PayPal’s business practices with respect to PayPal Credit remained non-compliant with applicable laws and/or regulations; (iii) PayPal’s practices regarding payment of interchange rates related to its debit cards were likewise non-compliant with applicable laws and/or regulations; (iv) accordingly, PayPal’s revenues derived from its PayPal Credit and debit card practices were in part the subject of improper conduct and thus unsustainable; (v) all the foregoing subjected the Company to an increased risk of regulatory investigation and enforcement; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the PayPal class action go to: https://bespc.com/cases/PYPL
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.