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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed ...
Bragar Eagel & SquireJanuary 14, 2021 GMT
NEW YORK, Jan. 13, 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 Triterras, Inc. (NASDAQ: TRIT), Restaurant Brands International (NYSE: QSR), CD Projekt S.A. (Other OTC: OTGLY, OTGLF), and SolarWinds Corporation (NYSE: SWI). 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.
Triterras, Inc. (NASDAQ: TRIT)
Class Period: August 20, 2020 to December 16, 2020
Lead Plaintiff Deadline: February 19, 2021
Triterras is a fintech company focused on trade and trade finance. It operates Kratos, a commodity trading and trade finance platform that connects commodity traders to trade and source capital from lenders directly online. Triterras formed via merger of Netfin and Triterras Fintech Pte. Ltd., which closed on November 11, 2020.
Rhodium Resources Pte. Ltd. ("Rhodium") is a commodity trading business controlled by Srinivas Koneru, the Company's Chief Executive Officer ("CEO"). Rhodium enabled the launch of the Kratos platform, and substantially all of the Company's users were referred to it by Rhodium.
On December 17, 2020, Triterras stated that Rhodium was seeking a moratorium to shield itself from creditor actions while it planned a restructuring of its debts and continue its business as a going concern.
On this news, the Company's share price fell $4.11, or 31%, to close at $9.09 per share on December 17, 2020. The Company's warrant price fell $1.09, or 35%, to close at $2.01 per warrant on December 17, 2020.
The complaint, filed on December 21, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) the extent to which Company's revenue growth relied on Triterras' relationship with Rhodium to refer users to the Kratos platform; (2) that Rhodium faced significant financial liabilities that jeopardized its ability to continue as a going concern; (3) that, as a result, Rhodium was likely to refer fewer users to the Company's Kratos platform; and (4) that, as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Triterras class action go to: https://bespc.com/cases/TRIT
Restaurant Brands International, Inc. (NYSE: QSR)
Class Period: April 29, 2019 to October 28, 2019
On April 24, 2018, Restaurant Brands announced a new strategy designed to improve performance within the Company's Tim Hortons brand. Specifically, the "Winning Together Plan" would focus on three key pillars: restaurant experience; product excellence; and brand communications.
On March 20, 2019, Restaurant Brands announced "Tims Rewards"—a new loyalty program for Tim Hortons customers in Canada. Under the Tims Rewards program, customers would be eligible for a free hot brewed coffee, hot tea, or baked good after every seventh paid visit to a participating Tim Hortons restaurant. On April 10, 2019, Restaurant Brands announced that it was expanding the Tims Rewards program to include customers in the United States.
Throughout the Class Period, Defendants repeatedly touted the implementation and execution of the Company's Winning Together Plan and Tims Rewards loyalty program. On the heels of the Company touting the benefits of these initiatives, the Company completed two stock offerings on or about August 12, 2019, and September 5, 2019, collectively resulting in proceeds of approximately $3 billion to insiders.
On October 28, 2019, mere weeks after the offerings were completed, investors learned the truth about Tim Hortons's hyped growth initiatives when the Company announced disappointing financial results for the third quarter ended September 30, 2019. Specifically, Defendants acknowledged that "results at Tim Hortons were not where we want them to be with global comparable sales dipping into negative territory" and admitted that "discounting [associated with Tims Rewards] is slightly more than offsetting the traffic levels, which is causing a little bit of softness in sales."
On this news, the price of Restaurant Brands common stock declined $2.59 per share, or approximately 4%, from a close of $68.45 per share on October 25, 2019, to close at $65.86 per share on October 28, 2019.
The complaint, filed on December 21, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company's Winning Together Plan was failing to generate substantial, sustainable improvement within the Tim Hortons brand; (2) the Tims Rewards loyalty program was not generating sustainable revenue growth as increased customer traffic was not offsetting promotional discounting; and (3) as a result, defendants' statements about the Company's business, operations, and prospects lacked a reasonable basis.
For more information on the Restaurant Brands class action go to: https://bespc.com/cases/QSR
CD Projekt S.A. (Other OTC: OTGLY, OTGLF)
Class Period: January 16, 2020 to December 17, 2020
For several years, the Company had been devoting substantially all its resources to the development of Cyberpunk 2077, which the Company described as a "open world, narrative-driven role-playing game."
The Company launched Cyberpunk 2077 on December 10, 2020. Consumers soon discovered that the Current-Generation Console versions of Cyberpunk 2077 were error-laden and difficult to play. IGN published a scathing review, stating that the Console versions "fail[] to hit even the lowest bar of technical quality one should expect even when playing on lower-end hardware. [Cyberpunk 2077] performs so poorly that it makes combat, driving, and what is otherwise a master craft of storytelling legitimately difficult to look at."
Following the release, the Company's ADRs fell from its close of $27.68 on December 9, 2020 to close at $20.75 on December 14, 2020, a drop of $6.93 or 25% over 3 trading days, damaging investors. Over that same period, CD Projekt's common share (OTGLF) price fell $21.65 per share, or 20.1%, to close at $86.00 on December 14, 2020.
Then, on December 18, 2020, Sony issued a statement via the Playstation website that it would "offer a full refund for all gamers who have purchased Cyberpunk 2077 via PlayStation Store" and "be removing Cyberpunk 2077 from PlayStation Store until further notice." Microsoft also announced that it would offer refunds for the game. That same day, the Company stated that Sony's decision to "temporarily suspend" sales of the game came after a discussion with the Company.
On this news, CD Projekt's ADR (OTGLY) price fell $3.44 per share, or 15.8%, to close at $18.50 per ADR on December 18, 2020, damaging investors. CD Projekt's common share (OTGLF) price fell $9.20 per share, or 10.45%, to close at $78.80 on December 18, 2020.
The complaint, filed on December 24, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cyberpunk 2077 was virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs; (2) as a result, Sony would remove Cyberpunk 2077 from the Playstation store, and Sony, Microsoft and CD Projekt would be forced to offer full refunds for the game; (3) consequently, CD Projekt would suffer reputational and pecuniary harm; and (4) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the CD Projekt class action go to: https://bespc.com/cases/CDProjekt
SolarWinds Corporation (NYSE: SWI)
Class Period: February 24, 2020 to December 15, 2020
Lead Plaintiff Deadline: March 5, 2021
On December 15, 2020, Reuters published an article stating that, last year, security researcher Vinoth Kumar "alerted the company that anyone could access SolarWinds' update server by using the password 'solarwinds123.'" The article also disclosed that, according to Kyle Hanslovan, the cofounder of Maryland-based cybersecurity company Huntress, "days after SolarWinds realized their software had been compromised, the malicious updates were still available for download."
On this news, the Company's shares fell $1.56 per share or 8% to close at $18.06 per share on December 15, 2020.
The complaint, filed on January 4, 2021, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) since mid-2020, SolarWinds Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran; (2) SolarWinds' update server had an easily accessible password of 'solarwinds123'; (3) consequently, SolarWinds' customers, including, among others, the Federal Government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks; (4) as a result, the Company would suffer significant reputational harm; and (5) as a result, Defendants' statements about SolarWinds's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the SolarWinds class action go to: https://bespc.com/cases/SWI
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.
Marion Passmore, Esq.
investigations@bespc.com
www.bespc.com