WILMINGTON, Del., July 27, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. reminds investors of upcoming deadlines involving securities fraud class action lawsuits commenced against the following companies:
Casper Sleep, Inc. (NYSE: CSPR)
Attention: All persons or entities that purchased the common stock of Casper Sleep in or traceable to the Company’s public offering conducted on or around February 7, 2020 (“IPO”)
Lead Plaintiff Deadline: August 18, 2020
According to the Complaint, on January 10, 2020, the Company filed its Registration Statement on Form S-l for the IPO, which, after several amendments, was declared effective by the SEC on February 5, 2020 (the “Registration Statement”). On February 7, 2020, Casper filed its Prospectus on Form 424B4 with the SEC. In the IPO, defendants sold 8.35 million shares of Casper common stock at $12 per share, generating over $100 million in gross proceeds.
Then, on April 21, 2020, Casper announced that it was taking significant actions to improve its cash position and business model, notwithstanding the fact that the Company had raised more than $100 million in gross offering proceeds from the IPO less than three months previously. The Company stated that it was reducing the size of its global operations and sales team and completely winding down its European operations, leading to the loss of 21% of its entire corporate workforce globally. These drastic measures were necessitated by the Company’s ballooning losses and deteriorating cash position. The Company also stated that defendant Macfarlane, the Company’s CFO and COO, was resigning – an extraordinary move so soon after the IPO.
On May 12, 2020, Casper issued a release providing its financial results for the quarter ended March 31, 2020 – the same quarter during which defendants conducted the IPO. The Company stated that it had suffered a net loss of $34.5 million, a 98% increase year over year, and an adjusted EBITDA loss of $22.9 million, a 60% increase year over year. In addition, the Company stated that its gross margin had actually fallen during the quarter by 190 basis points.
To learn more, visit: https://rl-legal.com/cases-casper-sleep-inc
PlayAGS, Inc. (NYSE: AGS)
Class Period: August 2, 2018 – August 7, 2019
Lead Plaintiff Deadline: August 24, 2020
According to the Complaint, on August 7, 2019, PlayAGS reported a net loss of $7.6 million for second quarter 2019, which included a $3.5 million impairment to goodwill and $1.3 million impairment to intangible assets of the Company’s iGaming reporting unit, due to extended regulatory timelines which delayed revenues.
To learn more, visit: https://rl-legal.com/cases-playags-inc
Insperity, Inc. (NYSE: NSP)
Class Period: February 11, 2019 – February 11, 2020
Lead Plaintiff Deadline: September 21, 2020
According to the Complaint, on February 11, 2019, the start of the Class Period, Insperity reported its fourth quarter and full-year 2018 financial results, which results were up significantly year-over-year. Additionally the Company offered bullish full-year 2019 guidance. Likewise, on April 29, 2019, Insperity reported “record” first quarter results, and raised its full-year 2019 guidance. Therefore, at least according to Defendants’ narrative, Insperity was poised to deliver a record year of growth as a result of the Company’s successful business model. As a result, Insperity’s stock price dramatically increased during the first half of 2019.
The truth about Insperity’s deceptive business practices was revealed through a series of disclosures. First, on July 29, 2019, Insperity released its second quarter 2019 financial results. Despite delivering year-over-year growth and meeting analysts’ estimates, the Company offered disappointing third quarter 2019 guidance and reduced its full-year 2019 guidance. Further, Defendants revealed that in the second quarter 2019, Insperity had experienced an increase in large medical claim costs, which Defendants described as an anomaly which would not impact projected cost benefit trends. On this news, Insperity shares fell $35.74 per share, or 25%.
Second, on November 4, 2019, Insperity released its third quarter 2019 financial results, which substantially missed analysts’ estimates and were materially down year-over-year. In addition, Insperity materially reduced its full-year 2019 guidance. Defendants attributed these results to continued large medical claim costs, which they again attempted to describe as a mere anomaly to assuage investor concern. On this news, Insperity shares fell by $36.29 per share, or 34%.
Finally, on February 11, 2020, after the close of trading, Insperity released its fourth quarter and full-year 2019 financial results. On this date, Insperity revealed that, for the third quarter in a row, large medical claims had again impacted the Company. Further, the Company stated that it had restructured its contract with UnitedHealthcare to no longer have financial responsibility for any medical claims over $1 million. Insperity also offered disappointingly bearish guidance for the first quarter and full-year 2020.
To learn more, visit: https://rl-legal.com/cases-insperity-inc
If you would like to discuss any of these lawsuits and your rights cost and obligation free, please contact Seth D. Rigrodsky or Timothy J. MacFall toll-free at (888) 969-4242 or by e-mail at email@example.com.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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