The Gross Law Firm Announces Class Actions on Behalf of Shareholders of MMSI, FSCT and XYF
NEW YORK, NY / ACCESSWIRE / January 16, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.
Merit Medical Systems, Inc. (NASDAQ:MMSI)
Investors Affected : February 26, 2019 – October 30, 2019
A class action has commenced on behalf of certain shareholders in Merit Medical Systems, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) the integrations of acquired companies Cianna Medical, Inc. and Vascular Insights, LLC, including their products, sales people, and R&D facilities, had caused operational disruptions and reduced sales and were months behind schedule; (b) sales of acquired company products had slowed substantially due to pre-acquisition pipeline fill, in particular for Vascular Insights products which, as late as July 2019, had zero orders during FY19; and (c) in light of the foregoing, the Company's reported financial guidance for FY19 and FY20 was made without a reasonable basis.
Shareholders may find more information at https://securitiesclasslaw.com/securities/merit-medical-systems-inc-loss-submission-form/?id=5287&from=1
Forescout Technologies, Inc. (NASDAQ:FSCT)
Investors Affected : February 7, 2019 – October 9, 2019
A class action has commenced on behalf of certain shareholders in Forescout Technologies, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company's pipeline, especially in Europe, the Middle East, and Africa; (ii) the foregoing was reasonably likely to have a material negative impact on the Company's financial results; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
Shareholders may find more information at https://securitiesclasslaw.com/securities/forescout-technologies-inc-loss-submission-form/?id=5287&from=1
X Financial (NYSE:XYF)
Investors Affected : X Financial American Depositary Shares pursuant and/or traceable to the Company's September 19, 2018 initial public offering.
A class action has commenced on behalf of certain shareholders in X Financial. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) the Company's total loan facilitation amount was not growing, but rather was contracting; (ii) the number of investors actively using X Financial's platform was shrinking; (iii) demand from small- and medium-sized enterprises for the Company's preferred loans was plummeting; (iv) the Company's preferred loans had performed so poorly that it had begun drastically scaling back its preferred loans in the first quarter of 2018, several months before the initial public offering ("IPO"), and was in the process of phasing out such loans completely; (v) demand for the Company's card loans was also plummeting; (vi) the revenue and loan facilitation growth provided in the registration statement leading up to the IPO was achieved by relaxed credit and due diligence standards, under which the Company had underwritten tens of millions of dollars' worth of poor quality loans that suffered from a disproportionately high risk of default as compared to the Company's earlier loan vintages; (vii) the Company was suffering from accelerated delinquency rates from poor quality loans that it had underwritten in the first, second, and third quarters of 2018, which had caused the Company's delinquency rate to sharply rise; (viii) the Company's product mix had significantly deteriorated; (ix) the Company's net revenue was on track to decline by 22% during the third quarter of 2018; and (x) as a result, the Registration Statement was materially false and/or misleading and failed to state information required to be stated therein.
Shareholders may find more information at https://securitiesclasslaw.com/securities/x-financial-loss-submission-form/?id=5287&from=1
The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Phone: (212) 537-9430
Fax: (833) 862-7770
SOURCE: The Gross Law Firm