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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Innate Pharma, JPMorgan, First American Financial, and BMW and Encourages Investors to Contact the Firm
Innate Pharma S.A. (NASDAQ: IPHA)
Class Period: March 10, 2020 to September 8, 2020
Lead Plaintiff Deadline: December 22, 2020
On September 8, 2020, the Company submitted to the SEC a Form 6-K containing a press release summarizing the results of the first half of 2020, ended June 30, 2020 (the "1H2020 Results"). In the 1H2020 Results, defendants abruptly announced a change in the long-touted payment scheme with AstraZeneca.
On this news, Innate's American Depositary Share ("ADS") prices dropped $1.62, or over 26.6%, from closing at $6.07 on September 4, 2020, the previous trading day, to open at $4.82 on September 8, 2020, and declined throughout the trading day to close at $4.45.
The complaint, filed on October 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Innate touted the results of their various Phase 2 trials as being within expectations; (2) Innate continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials; (3) Innate failed to timely disclose their renegotiations with AstraZeneca to split the $100 million payment into two $50 million payments, to be partially contingent on performance during the Phase 3 trials; and (4) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Innate Pharma class action go to: https://bespc.com/cases/IPHA
JPMorgan Chase & Co. (NYSE: JPM)
Class Period: February 23, 2016 to September 23, 2020
Lead Plaintiff Deadline: December 23, 2020
On November 6, 2018, the Department of Justice announced in a press release that former JPMorgan precious metals trader John Edmonds pled guilty to commodities fraud and a spoofing conspiracy.
On August 20, 2019, the Department of Justice announced that another JPMorgan employee, Christian Trunz, pled guilty to spoofing charges, and had done so with the knowledge and consent of his supervisors.
On September 23, 2020, Bloomberg reported that the Company was nearing a settlement to resolve the spoofing charges.
On this news, shares of JPMorgan stock fell $2.04 per share, or 2%, to close at $92.74 per share on September 23, 2020.
On September 29, 2020, the Commodity Futures Trading Commission ("CFTC") formally announced that it had ordered JPMorgan to pay $920 million to settle the spoofing and manipulation charges. According to the order, the Company failed to monitor its employees and ignored multiple red flags. The Company also provided the CFTC with misleading information.
The complaint, filed on October 24, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) traders at the Company, with the knowledge and consent of their superiors, manipulated the precious metals market by "spoofing," or placing fake orders to generate the appearance of market demand; (2) the Company had insufficient controls and compliance protocols to enable it to identify and stop the misconduct; (3) the Company's earnings in the physical commodity market were, at least in part, ill-gotten; (4) such conduct would result in enhanced regulatory scrutiny; (5) the Company provided misleading information to CFTC investigators at early stages of the investigation into the misconduct; (6) resolution of the governmental investigation into the Company would result in a record-breaking $920 million fine; and (7) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the JPMorgan securities class action case go to: https://bespc.com/cases/JPM
First American Financial Corporation (NYSE: FAF)
Class Period: February 17, 2017 to October 22, 2020
Lead Plaintiff Deadline: December 24, 2020
On May 24, 2019, KrebsOnSecurity.com ("KrebsOnSecurity"), a noted cybersecurity blog, reported a massive data exposure by First American in which approximately 885 million customer files were exposed by First American.
On this news, shares of First American fell $3.46, or over 6%, to close at $51.80 per share on May 25, 2019.
On October 22, 2020, First American filed a quarterly report on Form 10-Q with the SEC, announcing that the Company had received a Wells Notice regarding its massive security breach.
On this news the price of First American shares fell approximately $4.83 per share, or 9%, to close at $46.75 per share on October 22, 2020.
The complaint, filed on October 25, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company failed to implement basic security standards to protect its customers' sensitive personal information and data; (2) the Company faced a heightened risk of cybersecurity failure due to its automation and efficiency initiatives; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times.
For more information on the First American Financial class action go to: https://bespc.com/cases/FAF
Bayerische Motoren Werke AG ("BMW") (Other OTC: BMWYY, BAMXF)
Class Period: November 3, 2015 to September 24, 2020
Lead Plaintiff Deadline: December 28, 2020
On December 23, 2019, the Wall Street Journal reported that the SEC was probing BMW's sales practices.
On this news, BMWYY ADRs fell $1.33 per ADR, or nearly 6.87%, to close at $18.02 per ADR on December 23, 2019. The same day, BAMXF ADRs fell $1.25, or 1.5%, to close at $80.60.
On September 24, 2020, the SEC announced a settlement agreement with BMW regarding the investigation. According to the SEC's order, from January 2015 to March 2017, BMW US "used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets, resulting in demonstrator and loaner vehicles accounting for over one quarter of BMW [US]'s reported retail sales in this period." Additionally, the order found that BMW US, from 2015 to 2019, maintained a reserve of unreported retail vehicles sales - referred to internally as the "bank" - that it used to meet internal monthly sales targets regardless of when the actual sale occurred. The order also found that BMW improperly designated vehicles as demonstrators or loaners so they would be counted as sold when in actuality they were not. Without admitting to or denying the order's findings, BMW agreed to a settlement to pay $18 million and cease and desist from future violations.
On this news, BMWYY ADRs fell $0.51 per ADR, or approximately 2.2%, to close at $23.07 per ADR on September 25, 2020. The same day, BAMXF ADRs fell $2.54, or about 3.5%, to close at $68.91.
The complaint, filed on October 27, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) BMW kept a "bank" of retail vehicle sales that it used to meet internal monthly sales targets regardless of when the sales actually occurred; (2) BMW artificially manipulated sales figures by having dealers register cars as sold when the cars were still in inventory; (3) as a result, BMW's key operating metrics were inaccurate and misleading; and (4) as a result, defendants' statements about BMW's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
For more information on the BMW class action go to: https://bespc.com/cases/BMW
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 www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
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