NEW YORK, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Yunji, Inc. (NASDAQ: YJ), Plantronics, Inc. (NYSE: PLT), Lipocine, Inc. (NASDAQ: LPCN), and Armstrong Flooring, Inc (NYSE: AFI). 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.
Yunji, Inc. (NASDAQ: YJ)
Class Period: Securities purchased pursuant and/or traceable to the registration statement and prospectus (collectively, the Registration Statement) issued in connection with the Companys May 2019 initial public offering (IPO or the Offering).
Lead Plaintiff Deadline: January 13, 2020
On May 3, 2019, the Company held its IPO in which it sold 11,217,447 shares for $11.00 per share.
On August 22, 2019, the Company disclosed a supply chain restructuring that shifted part of its merchandise sales to its marketplace platform, resulting in a year-over-year decrease in total revenues for second quarter 2019.
On this news, the Companys share price fell $1.21, or nearly 11%, to close at $9.39 per share on August 22, 2019. Yunjis share price continued to decline by $3.34, or over 35%, over the next three consecutive trading sessions to close at $6.05 per share on August 27, 2019.
By the time this class action was filed, Yunjis shares were trading as low as $4.40 per share, a nearly 60% decline from the $11 per share IPO price.
The complaint, filed on November 12, 2019, alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the Company was shifting certain of its sales to its marketplace platform; (2) that this supply chain restructuring was likely to disrupt Yunjis relationships with suppliers; (3) that this supply chain restructuring was likely to have an adverse impact on the Companys financial results; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on the Yunji class action go to: https://bespc.com/yj
Plantronics, Inc. (NYSE: PLT)
Class Period: July 2, 2018 to November 5, 2019
Lead Plaintiff Deadline: January 13, 2020
On November 5, 2019, the Company disclosed a $65 million reduction in channel inventory by reducing sales to channel partners and decreased its fiscal 2020 guidance, expecting revenue between $1.72 billion and $1.81 billion and adjusted EBITDA between $282 million and $323 million. Plantronics also reported that its Executive Vice President of Global Sales was leaving the Company.
On this news, the Companys stock price fell $14.44 per share, or nearly 37%, to close at $25.00 per share on November 6, 2019.
The complaint, filed on November 13, 2019, 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 Companys business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Companys internal control over inventory levels was not effective; (3) that the Company had not adequately monitored inventory levels ahead of multiple product launches, where the new models would displace demand for aging products; and (4) that, as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on the Plantronics class action go to: https://bespc.com/plt
Lipocine, Inc. (NASDAQ: LPCN)
Class Period: March 27, 23019 to November 8, 2019
Lead Plaintiff Deadline: January 14, 2020
Lipocines lead product candidate is TLANDO (LPCN 1021), an oral testosterone replacement therapy. The Company has previously submitted New Drug Applications (NDA) for TLANDO twice and, both times, received Complete Response Letters (CRL) from the U.S. Food and Drug Administration (FDA) rejecting the NDAs. The Company received the first CRL in June 2016 and the second in May 2018.
On March 27, 2019, Lipocine issued a press release announcing new topline results from a study evaluating TLANDOs effects on blood pressure (one issue cited by the FDA in a prior CRL rejecting TLANDOs NDA), as well as the Companys intention to refile the NDA for TLANDO in the second quarter of 2019.
On November 11, 2019, Lipocine issued a press release announcing receipt of a CRL from the FDA regarding its NDA for TLANDO. In the press release, Lipocine advised investors that the FDA had again rejected the NDA for TLANDOthis time because an efficacy trial had not met three of its secondary endpoints.
On this news, Lipocines stock price fell $1.93 per share, or 70.7%, to close at $0.80 per share on November 11, 2019.
The Complaint, filed on November 14, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the results from Lipocines clinical studies of TLANDO were insufficient to demonstrate the drugs efficacy; (ii) accordingly, Lipocines third NDA for TLANDO was highly likely to be found deficient by the FDA; and (iii) as a result, the Companys public statements were materially false and misleading at all relevant times.
For more information on the Lipocine class action go to: https://bespc.com/lpcn
Armstrong Flooring, Inc. (NYSE: AFI)
Class Period: March 6, 2018 to November 4, 2019
Lead Plaintiff Deadline: January 14, 2020
On May 3, 2019, Armstrong Floorings Chief Executive Officer abruptly resigned.
On this news, the Companys stock price fell $1.75, nearly 12%, to close at $13.14 per share on May 3, 2019.
Then, on November 5, 2019, Armstrong Flooring reported $165.6 million net sales for third quarter 2019, a nearly 21% decline year-over-year, and a net loss of $31.4 million. The Company also cut its full year 2019 guidance for adjusted EBITDA to a range of $20 million to $25 million, from prior guidance range of $46 million to $54 million, citing larger distributor movements on inventory than anticipated.
On this news, the Companys stock price fell $2.90 per share, or nearly 44%, to close at $3.70 per share on November 5, 2019.
The complaint, filed on November 15, 2019, 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 Companys business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Companys internal control over inventory levels was not effective; and (3) that, as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on the Armstrong Flooring class action go to: https://bespc.com/afi
About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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 http://www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:Bragar Eagel & Squire, P.C.Brandon Walker, Esq.Melissa Fortunato, Esq.(212) 355-4648investigations@bespc.comwww.bespc.com
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Bragar Eagel & Squire, PC Reminds Investors That Class Action Lawsuits Have Been Filed Against Yunji, Plantronics, Lipocine, and Armstrong...
