NEW YORK, Nov. 27, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against against GrafTech International Ltd. (NYSE: EAF), Cantaloupe, Inc. (NASDAQ: CTLP, OTCMKTS: CTLPP), Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), and F45 Training Holdings, Inc. (NYSE: FXLV). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
GrafTech International Ltd. (NYSE: EAF)
On September 16, 2022, GrafTech announced that operations at its graphite electrode manufacturing facility in Monterey, Mexico, had been suspended after an inspection by the State Attorney’s Office for the Secretary of the Environment for the State of Nuevo Leon. The Company also admitted that the Mexican government had determined that its operating license within the country was no longer in effect, and could not provide an estimate for when the manufacturing plant would return to operation.
On this news, Graftech’s stock price fell $0.47 per share, or 8.8%, to close at $4.85 per share on September 19, 2022, the next trading day.
For more information on the GrafTech investigation go to: https://bespc.com/cases/EAF
Cantaloupe, Inc. (NASDAQ: CTLP, OTCMKTS: CTLPP)
On September 28, 2022, the company issued a report stating, "Based on progress made to date in the assessments of the effectiveness of internal controls over financial reporting, the Company currently expects to report three material weaknesses in its internal control framework. This includes the design, implementation and operating effectiveness of information technology general controls in the areas of user access, change management and segregation of duties within various systems that support the Company's accounting and reporting processes, the design, implementation and operating effectiveness of controls over revenue and related accounts, and risk assessment and monitoring activities with respect to identifying and evaluating control deficiencies in a timely manner."
On this news, Cantaloupe stock fell $0.17 per share, or 4.6%, to close at $3.47 per share on September 29, 2022.
For more information on the Cantaloupe investigation go to: https://bespc.com/cases/CTLP
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI)
On September 22, 2022, Reuters reported that advisers to the U.S Food and Drug Administration “voted against recommending Spectrum Pharmaceuticals’ experimental drug for the treatment of patients with a form of non-small cell lung cancer. The FDA panel voted 9 to 4 against the oral drug, poziotinib, citing marginal efficacy, high level of toxicities, and lack of dose optimization. The panel’s decision was in-line with briefing documents released by the drug regulator on Tuesday that raised concerns over the efficacy of the treatment compared with existing drugs like Daiichi Sankyo’s 4568.T AstraZeneca’s Enhertu.”
On this news, Spectrum’s stock price fell $0.207 per share, or 32.65%, to close at $0.427 per share on September 23, 2022.
For more information on the Spectrum investigation go to: https://bespc.com/cases/SPPI
F45 Training Holdings, Inc. (NYSE: FXLV)
On or around July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares of stock priced at $16.00 per share.
Then, on July 26, 2022, F45 issued a press release entitled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty. The press release further disclosed the departure of the Company’s Chief Executive Officer Adam J. Gilchrist and announced that the Company is “reducing global workforce by approximately 110 employees.”
On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.
For more information on the F45 investigation go to: https://bespc.com/cases/FXLV
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.