NEW YORK, Sept. 02, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally acknowledged shareholder rights regulation agency, reminds buyers that class actions have been commenced on behalf of stockholders of FirstEnergy Corp. (NYSE: FE), MEI Pharma, Inc. (NADAQ: MEIP), Cabot Oil & Fuel Company (NYSE: COG), and Eastman Kodak Firm (NYSE: KODK). Stockholders have till the deadlines under to petition the court docket to function lead plaintiff. Extra details about every case might be discovered on the hyperlink supplied.
FirstEnergy Company (NYSE: FE)
Class Interval: February 21, 2017 to July 21, 2020
Lead Plaintiff Deadline: September 28, 2020
On July 21, 2020, federal brokers introduced the arrest of Ohio Speaker Larry Householder and 4 different individuals, together with a distinguished FirstEnergy lobbyist, in reference to a $60 million racketeering and bribery scheme.
On this information, the Firm’s share worth fell by $7.01, or 17%, to shut at $34.25 per share on July 21, 2020.
On July 22, 2020, Cleveland.com revealed an article entitled “FirstEnergy was relentless in quest to have Ohio legislature bail out the utility’s nuclear vegetation,” which supplied additional particulars relating to FirstEnergy’s illicit actions.
On this information, the Firm’s share worth fell by $7.16, or 21%, to shut at $27.09 per share on July 22, 2020.
The criticism, filed on July 28, 2020, alleges that all through the Class Interval defendants made materially false and/or deceptive statements, in addition to did not disclose materials opposed details in regards to the Firm’s enterprise, operations, and prospects. Particularly, defendants did not confide in buyers: (1) that FirstEnergy and its representatives and associates had orchestrated a $60 million marketing campaign to deprave the political course of with the intention to safe the passage of laws favoring the Firm and its associates; (2) that FirstEnergy and its representatives and associates had secretly funneled tens of tens of millions of to Ohio politicians to bribe these politicians with the intention to safe votes in favor of Ohio Home Invoice 6 (“HB6”), a $1.three billion ratepayer bailout for FirstEnergy’s unprofitable nuclear services; (three) that FirstEnergy and its representatives and associates had carried out an enormous, deceptive promoting marketing campaign in help of HB6 and in opposition to a poll initiative to repeal HB6 by passing tens of millions of by an intricate net of “darkish cash” entities and entrance corporations with the intention to conceal the Firm’s involvement; (four) that FirstEnergy and its representatives and associates had subverted a residents’ poll initiative to repeal HB6 by, amongst different unscrupulous ways, hiring greater than 15 signature gathering corporations (and thus conflicting them out of supporting the initiative) and bribing poll initiative insiders and signature collectors; (5) that, because of the foregoing, defendants’ Class Interval statements relating to FirstEnergy’s regulatory and legislative efforts had been materially false and deceptive; and (6) that, because of the foregoing, FirstEnergy was topic to an excessive, undisclosed threat of reputational, authorized and monetary hurt.
For extra data on the FirstEnergy class motion go to: https://bespc.com/FE
MEI Pharma, Inc. (NASDAQ: MEIP)
Class Interval: August 2, 2017 and July 1, 2020
Lead Plaintiff Deadline: October 9, 2020
MEI Pharma is a late-stage pharmaceutical firm that focuses on the event of varied therapies for the remedy of most cancers. MEI Pharma’s medical drug candidates embrace, amongst others, Pracinostat, an oral histone deacetylase (“HDAC”) inhibitor.
MEI Pharma and Helsinn Healthcare SA, a Swiss pharmaceutical company (“Helsinn”), with which MEI Pharma had an unique worldwide license, improvement, manufacturing and commercialization settlement for Pracinostat in acute myeloid leukemia (“AML”), myelodysplastic syndrome, and different potential indications (the “Helsinn License Settlement”), had been evaluating Pracinostat in, amongst different research, a pivotal Part three world registration medical trial for the remedy of adults with newly recognized AML who’re unfit to obtain intensive chemotherapy (the “Part three Pracinostat Trial”). The Part three Pracinostat Trial, which was initiated in June 2017, was a randomized, double-blind, placebo-controlled examine that might enroll worldwide roughly 500 adults with newly recognized AML who’re unfit to obtain intensive chemotherapy. Sufferers had been randomized 1:1 to obtain Pracinostat or placebo with azacitidine as background remedy. The first endpoint of the trial was general survival.
On July 2, 2020, MEI Pharma issued a press launch asserting that it was discontinuing the Part three Pracinostat Trial. Particularly, the Firm suggested that an interim futility evaluation of the Part three Pracinostat Trial, undertaken by the examine’s Unbiased Information Monitoring Committee (“IDMC”), “has demonstrated it was unlikely to fulfill the first endpoint of general survival in comparison with the management group,” and that “[b]ased on the end result of the interim evaluation, the choice was made to discontinue the recruitment of sufferers and finish the examine,” which “was based mostly on an absence of efficacy and never on security considerations.”
Following the announcement, the Firm’s inventory worth fell $zero.78 per share, or 18.27%, to shut at $three.49 per share on July 2, 2020.
The criticism, filed on August 10, 2020, alleges that all through the Class Interval defendants made materially false and deceptive statements relating to the Firm’s enterprise, operational and compliance insurance policies. Particularly, defendants made false and/or deceptive statements and/or did not disclose that: (i) MEI Pharma had overstated Pracinostat’s potential efficacy as an AML remedy for the goal inhabitants; (ii) consequently, the Part three Pracinostat Trial was unlikely to fulfill its major endpoint of general survival; (iii) all of the foregoing, as soon as revealed, was foreseeably more likely to have a fabric unfavourable affect on the Firm’s monetary situation and prospects for Pracinostat; and (iv) consequently, the Firm’s public statements had been materially false and deceptive in any respect related occasions.
For extra data on the MEI Pharma class motion go to: https://bespc.com/MEIP
Cabot Oil & Fuel Company (NYSE: COG)
Class Interval: October 23, 2015 to June 12, 2020
Lead Plaintiff Deadline: October 13, 2020
Cabot was included in 1989 and is headquartered in Houston, Texas. Cabot is an impartial oil and fuel firm that explores for, exploits, develops, produces, and markets oil and fuel properties within the U.S.
Cabot primarily focuses its oil and fuel efforts on the Marcellus Shale positioned in Susquehanna County, Pennsylvania. Cabot’s fuel procuring actions in Pennsylvania have been the topic of controversy for over a decade, with the Firm repeatedly denying any accountability for environmental harm noticed within the state.
On July 26, 2019, Cabot filed a quarterly report on Kind 10-Q with the SEC, reporting the Firm’s monetary and working outcomes for the quarter ended June 30, 2019 (the “2Q19 10-Q”). The 2Q19 10-Q disclosed that the Firm had acquired two proposed Consent Order and Agreements (“CO&As”) associated to 2 Notices of Violation (“NOVs”) it had acquired from the Pennsylvania Division of Environmental Safety (“PaDEP”) again in June and November, 2017, respectively, for failure to stop the migration of fuel into contemporary groundwater sources within the space surrounding Susquehanna County, Pennsylvania.
Following the discharge of the 2Q19 10-Q, Cabot’s inventory worth fell $2.63 per share, or 12.07%, to shut at $19.16 per share on July 26, 2019.
Then, on June 15, 2020, throughout pre-market hours, following a grand jury investigation, the Pennsylvania lawyer normal’s workplace charged Cabot with fifteen legal counts arising from its failure to repair defective fuel wells, thereby polluting Pennsylvania’s water provides by stray fuel migration.
On this information, Cabot’s inventory worth fell $zero.67 per share, or three.34%, to shut at $19.40 per share on June 15, 2020.
The criticism, filed on August 13, 2020, alleges that all through the Class Interval defendants made materially false and deceptive statements relating to the Firm’s enterprise, operational and compliance insurance policies. Particularly, defendants made false and/or deceptive statements and/or did not disclose that: (i) Cabot had insufficient environmental controls and procedures and/or did not correctly mitigate identified points associated to these controls and procedures; (ii) consequently, Cabot, amongst different points, failed to repair defective fuel wells, thereby polluting Pennsylvania’s water provides by stray fuel migration; (iii) the foregoing was foreseeably more likely to topic Cabot to elevated governmental scrutiny and enforcement, in addition to elevated reputational and monetary hurt; (iv) Cabot frequently downplayed its potential civil and/or legal liabilities with respect to such environmental issues; and (v) consequently, the Firm’s public statements had been materially false and deceptive in any respect related occasions.
For extra data on the Cabot Oil & Fuel class motion go to: https://bespc.com/COG
Eastman Kodak Firm (NYSE: KODK)
Class Interval: July 27, 2020 to August 11, 2020
Lead Plaintiff Deadline: October 13, 2020
The securities class motion considerations a number of issues, together with the suspicious timing of insider buying and selling exercise in reference to Kodak’s July 28, 2020 announcement that it had reached an settlement with the U.S. authorities to obtain a $765 million mortgage to supply pharmaceutical substances.
As information of the deal broke, Kodak, which had been buying and selling underneath $2 per share, skyrocketed, and inside two days, the inventory was buying and selling round $60 per share, with 284 million shares altering fingers. Simply previous to the announcement of the mortgage, insiders bought or had been granted over 2 million shares of Kodak inventory.
Extra particularly, the day earlier than the deal was introduced, the corporate granted CEO James Continenza choices for 1.75 million shares, slightly below 29% of which vested instantly. On account of the suspicious timing of the announcement, lawmakers have requested federal regulators to research securities transactions made by the corporate and its executives across the time Kodak realized it may obtain the federal government mortgage, and the SEC has introduced an investigation. On August 7, 2020, the U.S. Worldwide Improvement Finance Company mentioned it was holding up the payout of the mortgage as regulators look into insider buying and selling exercise.
On this information, the Firm’s inventory worth declined $four.15, or 28%, from $14.88 per share on August 7, 2020, to $10.73 per share on August 10, 2020.
The criticism, filed on August 13, 2020, alleges that in the course of the Class Interval defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated the costs of Kodak’s securities and operated as a fraud or deceit on Class Interval purchasers of Kodak’s securities by failing to confide in buyers that the corporate’s monetary outcomes had been materially deceptive and misrepresented materials data. When defendants’ misrepresentations and fraudulent conduct had been disclosed and have become obvious to the market, the costs of Kodak’s securities fell precipitously because the prior inflation got here out of the Firm’s inventory worth.
For extra data on the Kodak class motion go to: https://bespc.com/KODK
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally acknowledged regulation agency with places of work in New York and California. The agency represents particular person and institutional buyers in business, securities, by-product, and different complicated litigation in state and federal courts throughout the nation. For extra details about the agency, please go to www.bespc.com. Lawyer promoting. Prior outcomes don’t assure comparable outcomes.