Monthly Archives: May 2020

Finding Your Purpose and Never Giving Up with Vick Tipnes

NEW YORK, NY / ACCESSWIRE / May 28, 2020 / Vick Tipnes always knew that he wanted to be an entrepreneur at a very young age. Born in London, England, he immigrated to Florida as a young boy along with his family. His father was also an entrepreneur, so he had someone close to him whom he could ask about the industry. He used to ask his father if he would invest in a business that Vick founded, he was 13 at the time. One day, Vick called the Tallahassee Tribune and placed an ad to sell them. Eventually, a man showed up at their doorstep and asked to see Vick.

It turns out the man was responding to Vick's ad, the man gave him 60 dollars and went on his way. Naturally, Vick's dad would look at him funny, but Vick was 60 dollars richer that day, so he didn't mind. Vick often claims that he wasn't born with great salesmanship and that he still had a lot to learn back then, and he knew he had to learn it quickly. So, Vick went for it and threw himself to the wolves, working as a car salesman to get a grasp on salesmanship and improve his skills. It was there and then that Vick built up his confidence, he looks back at his experience selling cars and sees it fondly.

After a while, Vick struggled through starting various businesses and eventually had to sell them. He knew hadn't really reached his full potential yet. After a couple of years, when Vick turned 38 years old, he woke up and realized that he needs to truly invest in himself. Once the ball started rolling, everything changed for Vick and his career. He went ahead and started to educate himself more and take action to define his purpose in life.

It was at that time that Vick established his company called Blackstone Medical Services in 2012, straight from his very own Kitchen. After struggling for quite a while, he finally realized his purpose, and that was to provide better quality, access, and costs for Patients, Providers, and Insurance Companies. The road ahead was paved with struggles.

There were times when Vick would lose funding and almost everything else one could imagine. At one point in 2013, after having only been established for a year, Vick was merely three days away from being completely bankrupt. With $78.00 dollars left to his name, he knew he had to work harder than ever before.

Eventually, Vick's sacrifices and all his hard work finally paid off, since then Blackstone has grown into becoming one of the largest providers of Home Sleep Testing services in the USA. Blackstone recently made the coveted Inc 5000 list in 2016 and was ranked 1276 out of 5000 companies in the country, based on its 345% growth.

Blackstone currently has over 150 employees and is now a multi-million dollar revenue company. They have grown into a national company that does business in over 50 states in America. They are contracted with over 17 million lives via various Insurance Providers, providing an unmatched level of service to their clients.

It takes a lot of hard work and dedication to get there, the struggles may sometimes be daunting, but it is always in your best intentions never to quit. Vick Tipnes is a testament to never giving up. Once he realized his purpose, he grabbed the opportunities that came his way and kept his eyes on the prize.

You can connect with Vick Tipnes through Instagram @vicktipnes, making a direct call at 888-710-2727 or email them at customersupport@blackstonemedicalservices.com for questions and inquiries.

SOURCE: Vick Tipnes

ReleaseID: 591916

Ellipsiz Communications Ltd. Annual and Interim Filings Update

TORONTO, ON / ACCESSWIRE / May 28, 2020 / Ellipsiz Communications Ltd. (TSXV:ECT) (the "Company" or "ECL") is providing an update on the status of the filing of its annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2019 (collectively "Annual Filings") and its interim financial statements and accompanying management's discussion and analysis and related CEO and CFO certifications for the quarter ended March 31, 2020 (the "First Quarter Filings").

On March 23,2020, the Canadian Securities Administrators (CSA) published a blanket relief providing issuers with a 45-day filing extension for filings required on or before June 1, 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. Alturas has been relying on this exemption with respect to the Annual Filings and will also rely on this exemption in respect of its First Quarter Filings all in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements.

The Company is continuing to work on completing its Annual Filings and its First Quarter Filings as expeditiously as possible. In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company confirms that since its press release on April 28, 2020, there have been no material business developments.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Eric Chan, CFO
T: 905 471-8800

SOURCE: Ellipsiz Communications Ltd.

ReleaseID: 591917

IMPORTANT SHAREHOLDER ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Groupon, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

LOS ANGELES, CA / ACCESSWIRE / May 28, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Groupon, Inc. ("Groupon" or "the Company") (NASDAQ:GRPN) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between November 4, 2019 and February 18, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before June 29, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Groupon's Goods category was suffering from a low number of customer engagements. The Company relied on this business segment to drive sales, especially in the holiday season. This weakening performance was likely to reduce the Company's sales. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Groupon, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335

SOURCE: The Schall Law Firm

ReleaseID: 591908

IMPORTANT SHAREHOLDER ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Bed Bath & Beyond Inc. and Encourages Investors with Losses in Excess of $250,000 to Contact the Firm

LOS ANGELES, CA / ACCESSWIRE / May 28, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Bed Bath & Beyond Inc. ("Bed Bath & Beyond" or "the Company") (NASDAQ:BBBY) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between October 2, 2019 and February 11, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before June 15, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Bed Bath & Beyond failed to maintain appropriate levels of inventory in hot categories during the holiday sales season due to "aggressive disposition of inventory." The Company's controls on inventory levels and financial reporting were ineffective. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Bed Bath & Beyond, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
info@schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 591900

XFC Matchmaker Eduardo Duarte Introduced

DESTIN, FL / ACCESSWIRE / May 28, 2020 / Duke Mountain Resources Inc. (OTC PINK:DKMR) has announced that the Xtreme Fighting Championships ("XFC") Board of Directors has retained matchmaker Eduardo Duarte in the highly anticipated relaunch of the renowned brand.

Duarte was an integral leader in XFC's rise to international acclaim previously. Eduardo has, for the last 11 years, been a leading player in the development/expansion of MMA and Jiu Jitsu throughout Latin America where he has coached, trained, refereed, organized competitions and events as well as sanction the first MMA competitions in Colombia, Ecuador, Chile, Costa Rica, Argentina, Uruguay and Paraguay.

A 4th degree Blackbelt in Brazilian Jiu Jitsu, Duarte is an MMA specialist with over 20 years involved in the development of the sport from street no rules fighting to what is the mainstream sport of MMA today.

The XFC business model promotes discovering rising stars in the XFC Young Gun Series, the Next Generation of Champions in the XFC Tournament, and ultimately the XFC SuperFight World Championships.

XFC President and COO, Myron Molotky stated: "XFC is a global brand that will employ 185+ fighters from 35+ different countries. Eduardo's expertise will help secure a formidable roster, as well as continue the XFC tradition of staging open tryouts for deserving young stars. Many fighters who have become household names have experienced the process of the XFC Open Tryouts, and we are excited to continue offering the opportunities through the XFC business model."

XFC CEO Steve Smith added: "XFC is the only publicly traded combat sports entity in the world. As we continue to grow our leadership team, the priority will be placed on the "best of the best" in their respective areas of expertise. The continued presence with Eduardo at the helm of our fight cards creates a level of trust with our fans, fighters and staff. His resume speaks for itself."

Smith continued "The interest to become a part of XFC has been overwhelming, and more announcements are forthcoming. Industry leaders have reached out and we are in the process of securing even more top talent in sports entertainment."

XFC has a new website at XFCMMA.net and will be announcing new broadcast partners in the coming weeks. News will also be announced on our social media channels, such as our 440,000 fans on Facebook https://www.facebook.com/OfficialXFC/ and robust XFC-XFC International YouTube channel.

About the Company

Duke Mountain Resources Inc. (OTC: DKMR) became a primary investor in the sports entertainment market of mixed martial arts. As the lead investor of Xtreme Fighting Championships, Inc.("XFC"), DKMR became XFC and is a premier international mixed martial arts ("MMA") organization with offices throughout the United States and South America. The Xtreme Fighting Championships (XFC) is the only publicly traded independent mixed martial arts (MMA) organization in the world. XFC partnered with one of the largest open television broadcasters in Latin America – Rede TV! as well as HBO, ESPN, Esportes Interativo, Terra TV (the largest internet portal in the world), and UOL – the largest internet portal in Latin America, and premium cable & satellite television network. More announcements of broadcast partners in the USA and Europe will be provided in June, 2020. The XFC has had over 185 exclusively signed fighters, representing over 35+ countries worldwide with even more growth expected. Boasting the signing of The Next Generation of Male & Female Superstars, the XFC is known for entertaining fans with the most action-packed MMA events on television and stadium venues.The Next Generation of MMA

CONTACT:

Steve A. Smith Jr.
www.XFCMMA.net
(290) 290-4914
Steve@XFCHub.com

SOURCE: Duke Mountain Resources, Inc.

ReleaseID: 591872

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Advises eHealth (EHTH) Investors of June 8 Deadline in Shareholder Class Action, Encourages Investors with Losses to Contact the Firm

SAN FRANCISCO, CA / ACCESSWIRE / May 28, 2020 / Hagens Berman urges investors in eHealth, Inc. (NASDAQ:EHTH) who have suffered losses in excess of $50,000 to submit their losses now. The June 8, 2020 lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives is fast approaching.

Class Period: Mar. 19, 2018 – Apr. 7, 2020

Lead Plaintiff Deadline: June 8, 2020

Visit: www.hbsslaw.com/investor-fraud/EHTH

Contact An Attorney Now: EHTH@hbsslaw.com

844-916-0895

eHealth (EHTH) Securities Class Action:

The complaint alleges that Defendants misrepresented and concealed eHealth's highly aggressive accounting and modeling assumptions, skyrocketing rate of member churn resulting from the company's pursuit of low quality, loss-making growth, and its reliance on direct response television advertising which attracts an unprofitable high-churn enrollee.

Investors began to learn the truth, according to the complaint, on Apr. 8, 2020, when Muddy Waters Capital published a scathing report about the company, finding that eHealth uses deceptive accounting to mask a significantly unprofitable business. According to Muddy Waters, eHealth makes "overly optimistic" modeling assumptions concerning its health insurance plan life-time values (LTV), obscures customer churn rates, and materially understates costs. As a result, Muddy Waters claims eHealth has grossly overstated its reported revenues and operating profit by hundreds of millions of dollars.

Moreover, Muddy Waters pointed out that while falsely hyping the company as "the Expedia / Zillow of health insurance," corporate insiders have sold $35 million of their personally held stock at inflated prices, including CEO Scott Flanders, who sold 15% of his stake in January 2020 alone.

On this news, the stock plummeted $12.82, or approximately 12%, in a single trading day.

Recently, on Apr. 23, 2020, the Company reported its Q1 2020 financial results, including a nearly 30% decline in cash flow from operations compared to Q1 2019. This news sent the price of eHealth shares plummeting as much as 14% during intraday trading on Apr. 24, 2020.

"We're focused on investors' losses and proving eHealth manipulated various financial metrics to appear more profitable," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you purchased shares of eHealth and suffered significant losses, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding eHealth 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 EHTH@hbsslaw.com.

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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

CONTACT:
Reed Kathrein
844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

ReleaseID: 591876

HALL DEADLINE: Hagens Berman, National Trial Attorneys, Reminds Hallmark Financial Services (HALL) Investors of Lead Plaintiff Deadline in Securities Fraud Class Action, Encourages Investors with Losses to Contact Firm

SAN FRANCISCO, CA / ACCESSWIRE / May 28, 2020 / Hagens Berman urges investors in Hallmark Financial Services, Inc. (NASDAQ:HALL) who have suffered significant losses to submit their losses now. A securities fraud class action was filed and certain investors may have valuable claims.

Class Period: Mar. 5, 2019 – Mar. 17, 2020

Lead Plaintiff Deadline: July 7, 2020

Visit: www.hbsslaw.com/investor-fraud/HALL

Contact An Attorney Now: HALL@hbsslaw.com

844-916-0895

Hallmark Financial Services (HALL) Securities Class Action:

The complaint alleges that throughout the Class Period, Defendants misrepresented and concealed: (1) that the Company lacked effective internal controls over accounting and financial reporting related to reserves for unpaid losses; and (2) that the Company improperly accounted for reserves for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business.

Investors began to learn the truth, according to the complaint, through a series of disclosures beginning on Mar. 2, 2020, when Hallmark announced it was exiting the Binding Primary Commercial Auto business and reported a $63.8 million loss development for prior underwriting years.

Then, on Mar. 11, 2020, Hallmark announced it had dismissed its independent auditor BDO over a "disagreement" concerning the Company's estimated reserves for unpaid losses and loss adjustment expenses throughout 2019.

Finally, on Mar. 17, 2020, Hallmark disclosed a letter from BDO to the SEC revealing that BDO had expanded significantly the scope of its audit on Jan. 31, 2020, with respect to the matters of disagreement, and that "a substantial portion the requests had not been received and/or tested prior to our termination."

These disclosures caused Hallmark shares to decline over 75% lower between Mar. 2 and Mar. 18, 2020.

"We're focused on proving Defendants intentionally misled investors about the Company's internal controls and the sufficiency of its loss reserves," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you purchased shares of Hallmark and suffered significant losses, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Hallmark 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 HALL@hbsslaw.com.

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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

CONTACT: 
Reed Kathrein
844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

ReleaseID: 591873

Daniel Yomtobian Examines the Outlook for the Digital Advertising Market

LOS ANGELES, CA / ACCESSWIRE / May 28, 2020 / The past two months have been inordinately challenging for the world at large as the global pandemic affects all spheres of life and business. Governments are bracing for sharp contractions of their national economies, but the current downturn is also throwing up opportunities for some sectors, especially where digital operations underpin the business model.

"Advertising has always been an industry quick to evolve with the times, devising new formats to reach consumers in an increasingly connected world," notes Daniel Yomtobian, an entrepreneur and corporate executive with an established reputation in the online media space. "While the timing and strength of a global economic revival remain uncertain, the digital advertising market has held up relatively well and is expected to stage a swift recovery once business activity returns to normal. Moreover, there are indications that social distancing measures and quarantines are driving changes in consumer behaviors, most notably a strong pivot towards online and mobile services. This is likely to create additional opportunities for digital advertisers and help them rebound faster."

Boosted by the proliferation of mobile devices, the rise of social media platforms, and the boom in online shopping and streaming services, digital advertising has enjoyed a decade of robust growth. As Daniel Yomtobian points out, it now accounts for more than half of total ad spending, and its share is projected to increase further. Before the pandemic started affecting the market, digital ad spending was forecast to reach $335 billion in 2020, rising to $517 billion by the end of 2023, according to estimates published on Statista. In a report released last August, Grace Research Data said the global digital ad market would deliver a compound annual growth rate of 11.3% between 2019 and 2026 to hit $664.7 billion in value. Although forecasts are being revised to account for the impact of the pandemic, most analysts and industry players expect the sector to weather this storm relatively well with support from several verticals. While travel, hospitality, and traditional entertainment have been battered, there has been excellent news from other quarters: food delivery, software (especially messaging and video conferencing solutions), streaming services (films, gaming, and music), home improvement, and hobbies are areas that have seen a spike in popularity and a related increase in digital advertising budgets.

Market analysts and economists are wary of committing to projections for a specific recovery timeframe, but most appear to expect some relief during the second half of the year and a pronounced upturn in 2021, Daniel Yomtobian comments. In the digital advertising sector, there are signs of tentative optimism, as suggested by a recent poll from the European division of the Interactive Advertising Bureau (IAB). A large proportion of the respondents, which included both buy- and sell-side operators, reported a 25% drop in second-quarter spending and trading, but the majority were upbeat about the third quarter of 2020. Among buy-side participants, 60% expect some degree of improvement, the proportion rising to 67% for sell-side respondents. Additionally, the poll revealed impressive growth during the pandemic in ad spending across several verticals: healthcare topped the list with 42%, fast-moving consumer goods and entertainment each registered an increase of 35%, retail saw a 23% rise, and electronics achieved a 22% uptick. In another sign of guarded optimism, eMarketer made only a slight revision to its 2020 forecast for global advertising expenditure, amending its previously projected growth rate from 7.4% to 7%, or from an estimated $712 billion to $691.7 billion.

Starting out as a web designer, Daniel Yomtobian quickly realized that his true passion was online advertising. Considered a pioneer and innovator in this space, he has dedicated himself to helping advertisers and publishers maximize their ROI and successfully monetize their solutions. In 2014, C-Suite Quarterly described him as a "…young leader [who] will continue to play an important role in shaping the online world of tomorrow." Daniel Yomtobian holds a business marketing degree from California State University-Northridge.

Daniel Yomtobian – Acclaimed by Leaders of Online Advertising Market: https://finance.yahoo.com/news/daniel-yomtobian-acclaimed-leaders-online-134700259.html

Daniel Yomtobian Reviews the State of the Programmatic Advertising Market: https://finance.yahoo.com/news/daniel-yomtobian-reviews-state-programmatic-013000859.html

Daniel Yomtobian (@DanielYomtobian) – Twitter: https://twitter.com/danielyomtobian

Contact Information:
Advertise.com
Daniel Yomtobian
info@advertise.com
15303 Ventura Blvd Ste 1150
Sherman Oaks, CA 91403
+1-800-710-7009
https://www.advertise.com

SOURCE: Daniel Yomtobian

ReleaseID: 591874

4-DAY VMW INVESTOR DEADLINE: Hagens Berman, National Trial Attorneys, Reminds VMware (VMW) Investors of Monday Application Deadline, Encourages Investors with Losses to Contact its Attorneys

SAN FRANCISCO, CA / ACCESSWIRE / May 28, 2020 / Hagens Berman urges investors in VMware, Inc. (NYSE: VMW) who have suffered losses in excess of $100,000 to submit their losses now. Only four days remain until the June 1, 2020 lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives.

Class Period: Mar. 30, 2019 – Feb. 27, 2020

Lead Plaintiff Deadline: June 1, 2020

Visit: www.hbsslaw.com/investor-fraud/VMW

Contact An Attorney Now: VMW@hbsslaw.com

844-916-0895

VMware, Inc. (VMW) Securities Class Action:

The Complaint alleges that Defendants made materially false and misleading statements regarding the Company's financial performance. Specifically, the Complaint alleges that Defendants falsely represented and concealed that: (i) VMware's reporting with respect to its backlog of unfilled orders was not in compliance with all relevant accounting and disclosure requirements; (ii) the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny and/or investigation; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times

The Complaint alleges that the truth emerged on Feb. 27, 2020, when after the market closed, the Company announced disappointing Q4 results and disclosed that in Dec. 2019 the SEC requested documents and information related to VMware's backlog and associated accounting and disclosures. Significantly, on the Q4 2019 earnings call, VMware disclosed that its total backlog was only $18 million, down massively from $449 million in the year-ago quarter. This news sent the price of VMware shares sharply lower the next day.

"We're focused on investors' losses and whether VMware may have manipulated its backlog metric," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you purchased shares of VMware and suffered significant losses, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding VMware 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 VMW@hbsslaw.com.

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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

ReleaseID: 591862

IQ CLASS ACTION REMINDER: Hagens Berman, National Trial Attorneys, Reminds iQIYI (IQ) Investors of Securities Class Action, Encourages Investors with Losses to Contact the Firm

SAN FRANCISCO, CA / ACCESSWIRE / May 28, 2020 / Hagens Berman urges investors in iQIYI, Inc. (NASDAQ:IQ) who have suffered significant losses to submit their losses now. The June 15, 2020 lead plaintiff deadline in a securities fraud class action against iQIYI is fast approaching.

Class Period: Mar. 29, 2018 – Apr. 7, 2020
Lead Plaintiff Deadline: June 15, 2020
Visit: www.hbsslaw.com/investor-fraud/IQ
Contact An Attorney Now: IQ@hbsslaw.com
844-916-0895

iQIYI (IQ) Securities Class Action:

The complaint alleges that Defendants inflated iQIYI's revenue figures, user numbers and operational expenses to cover up other fraud.

Investors began to learn the truth, according to the complaint, on Apr. 7, 2020, when Wolfpack Research published a scathing report, claiming the company was committing fraud well before its 2018 IPO and has continued to do so ever since. Wolfpack estimates that (a) iQIYI inflated its 2019 revenue by 27% – 44%, (b) overstates its user numbers by 42% – 60%, and then (c) inflates its expenses, the prices it pays for content, and other assets and acquisitions in order to burn off fake cash to hide the fraud from its auditors and investors.

This news drove the price of iQIYI ADSs sharply lower during intraday trading on Apr. 7, 2020.

More recently, on May 18, 2020, iQIYI released disappointing 1Q 2020 financial results, disclosing widening quarterly losses of $406.4 million, or 56 cents a share, a 55% increase over the year-ago quarter.

"We're focused on investors' losses and proving iQIYI misled investors about the company's revenues, user numbers, and operational expenses to appear more successful," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you purchased shares of iQIYI and suffered significant losses, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding iQIYI 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 IQ@hbsslaw.com.

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About Hagens Berman

Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

CONTACT:

Reed Kathrein
844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

ReleaseID: 591860