Early adoption of new accounting standards means the company could report a gain of more than $300 per share for the first quarter and meet the remaining requirement for index inclusion, the report said.

MicroStrategy (MSTR) could surprise Wall Street analysts and report better-than-expected earnings if the software company chooses to adopt new accounting standards, a move that means it could qualify for inclusion in America’s most important stock index, the S&P 500, broker Benchmark said in a research report on Thursday.

The company will report results for the first quarter 2024 after the close of markets on April 29.

MicroStrategy’s corporate strategy is partly based on the acquisition and holding of bitcoin. As of March 19 it held 214,246 bitcoin worth $13.9 billion at current prices. Benchmark notes that since the software company started holding bitcoin on its balance sheet it has recorded $2.27 billion in cumulative impairment losses due to a Financial Accounting Standards Board (FASB) rule called ASC 350.

The FASB issued new guidance in December last year that allows companies that hold digital assets on their balance sheet to measure them at fair value, and record changes in fair value in net income in each reporting period. The new rules become effective as of Jan. 1, 2025, but early adoption of the standard is allowed.

“The impact of doing so on MSTR’s reported earnings per share would be massive: the company in its 2023 10-K report estimated that early adoption would increase its 2024 beginning retained earnings balance by ~$3.1 billion,” analyst Mark Palmer wrote.

Analyst consensus is for MicroStrategy to report a first-quarter 2024 loss per share of $0.55. Benchmark estimates that if the company decides to opt for early adoption of the new standard it could report a gain of more than $300 per share for the quarter.

MicroStrategy currently meets nearly all of the criteria for S&P 500 inclusion, the report said. The company is based in the U.S., its shares are highly liquid, 50% of its outstanding shares are available for trading, and its market cap is greater than $18 billion.

For the index committee to consider a stock for inclusion in the S&P 500 it must also report positive earnings in its most recent quarter. Benchmark notes that MicroStrategy has reported losses in 10 of the past 14 quarters. Early adoption of the new standards means the software company could meet this final criterion.

“Inclusion in the S&P 500 would position MSTR’s stock valuation to receive an ongoing boost from the price-agnostic purchases of its shares resulting from enormous passive inflows,” Palmer wrote.

Still, uncertainty around the tax impact of adopting the FASB’s updated guidance could cause MicroStrategy to hold off on early adoption, the report added

The post MicroStrategy Could Merit S&P 500 Inclusion If It Adopts New Accounting Rules: Benchmark appeared first on Crypto Insider.

SHANGHAI, China, April 24, 2024 (GLOBE NEWSWIRE) — Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences,” HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced that the Drug Office, Department of Health, the Government of the Hong Kong Special Administrative Region (“DO”) has recently accepted the New Drug Application (“NDA”) for toripalimab in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced nasopharyngeal carcinoma (“NPC”), and as a single agent for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy.

The NDA is supported by results from JUPITER-02, a randomized, double-blind, placebo-controlled, multinational multi-center Phase 3 clinical study (NCT03581786) that examined toripalimab in combination with gemcitabine-cisplatin as the first-line treatment of NPC, as well as results from POLARIS-02, a multi-center, open-label, pivotal Phase 2 clinical study (NCT02915432) that evaluated toripalimab as the second-line or later treatment for recurrent or metastatic NPC.

Results from JUPITER-02, the first international, multi-center, double-blind, randomized, placebo-controlled Phase 3 clinical study using immunotherapy for the treatment of NPC with the largest sample size, were presented at the plenary session of the 2021 American Society of Clinical Oncology (ASCO) annual meeting (#LBA2), and published in Nature Medicine and the Journal of the American Medical Association (JAMA). The study found that compared to chemotherapy alone, toripalimab in combination with chemotherapy for the first-line treatment of metastatic or recurrent NPC significantly improved progression-free survival (“PFS”) and overall survival (“OS”), with a median PFS of 21.4 months and a 3-year OS rate of 64.5%. Toripalimab plus chemotherapy also reduced the risk of disease progression or death by 48% and the risk of death by 37%, all while demonstrating a manageable safety profile.

The POLARIS-02 results were published online in January 2021 in the Journal of Clinical Oncology. These findings showed that toripalimab demonstrated durable antitumor activity in patients with recurrent or metastatic NPC who failed previous chemotherapy, with an objective response rate (ORR) of 20.5%, a median duration of response (DoR) of 12.8 months, and a median OS of 17.4 months while maintaining a manageable safety profile.

So far, toripalimab has been approved for marketing in the Chinese mainland and the US. Several NDAs are currently under regulatory review in the European Union, UK, Australia, Singapore, Malaysia and Hong Kong Special Administrative Region (“SAR”). Furthermore, NDAs for toripalimab have also been submitted in India, South Africa, Chile and Jordan.

About NPC

NPC is a malignant tumor that occurs in the nasopharyngeal mucosal epithelium and is one of the most common types of head and neck cancer. According to the World Health Organization, the number of newly diagnosed NPC cases in 2022 exceeded 120,000 worldwide. Due to the location of the primary tumor, surgery is rarely an option, while radiotherapy alone or in combination with chemotherapy are the main treatment options for localized cancers.

About Toripalimab

Toripalimab is an anti-PD-1 monoclonal antibody developed for its ability to block PD-1 interactions with its ligands, PD-L1 and PD-L2, and for enhanced receptor internalization (endocytosis function). Blocking PD-1 interactions with PD-L1 and PD-L2 promotes the immune system’s ability to attack and kill tumor cells.

More than forty company-sponsored toripalimab clinical studies covering more than fifteen indications have been conducted globally by Junshi Biosciences, including in China, the United States, Southeast Asia, and Europe. Ongoing or completed pivotal clinical trials evaluating the safety and efficacy of toripalimab cover a broad range of tumor types, including cancers of the lung, nasopharynx, esophagus, stomach, bladder, breast, liver, kidney, and skin.

In China, toripalimab was the first domestic anti-PD-1 monoclonal antibody approved for marketing (approved in China as TUOYI^®). Currently, there are eight approved indications for toripalimab in the Chinese mainland:

1. unresectable or metastatic melanoma after failure of standard systemic therapy;
2. recurrent or metastatic NPC after failure of at least two lines of prior systemic therapy;
3. locally advanced or metastatic urothelial carcinoma that failed platinum-containing chemotherapy or progressed within 12 months of neoadjuvant or adjuvant platinum-containing chemotherapy;
4. in combination with cisplatin and gemcitabine as the first-line treatment for patients with locally recurrent or metastatic NPC;
5. in combination with paclitaxel and cisplatin in first-line treatment of patients with unresectable locally advanced/recurrent or distant metastatic esophageal squamous cell carcinoma (ESCC);
6. in combination with pemetrexed and platinum as the first-line treatment in EGFR mutation-negative and ALK mutation-negative, unresectable, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC);
7. in combination with chemotherapy as perioperative treatment and subsequently with monotherapy as adjuvant therapy for the treatment of adult patients with resectable stage IIIA-IIIB NSCLC;
8. in combination with axitinib for the first-line treatment of patients with medium to high risk unresectable or metastatic renal cell carcinoma (RCC).

The first six indications have been included in the National Reimbursement Drug List (NRDL) (2023 Edition). Toripalimab is the only anti-PD-1 monoclonal antibody included in the NRDL for the treatment of melanoma. In April 2024, the Hong Kong DO accepted the NDA for toripalimab, in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and as a single agent for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy.

In the United States, the FDA has approved the Biologics License Application for toripalimab in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and for toripalimab, as a single agent, for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy in October 2023. The FDA has granted toripalimab 2 Breakthrough Therapy designations for the treatment of NPC, 1 Fast Track designation for the treatment of mucosal melanoma, and 5 Orphan Drug designations for the treatment of esophageal cancer, NPC, mucosal melanoma, soft tissue sarcoma, and small cell lung cancer (SCLC).

In Europe, marketing authorization applications (MAA) were accepted by the European Medicines Agency (EMA) and the MHRA for 1) toripalimab combined with cisplatin and gemcitabine for the first-line treatment of patients with locally recurrent or metastatic NPC and 2) toripalimab combined with paclitaxel and cisplatin for the first-line treatment of patients with unresectable locally advanced/recurrent or metastatic ESCC, in December 2022 and February 2023.

In Australia, Singapore and Hong Kong SAR, NDAs were accepted by the Australia Therapeutic Goods Administration (TGA), the Singapore Health Sciences Authority (HSA) and DO for toripalimab, both in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and as a single agent for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. Toripalimab obtained an Orphan Drug designation from the TGA and a Priority Review designation from the HSA.

About Junshi Biosciences

Founded in December 2012, Junshi Biosciences (HKEX: 1877; SSE: 688180) is an innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapeutics. The company has established a diversified R&D pipeline comprising over 50 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Four of the company’s innovations have already reached the Chinese or international markets, one of which is toripalimab, China’s first domestically produced and independently developed anti-PD-1 monoclonal antibody, approved in China and the US. Additionally, more than 30 drugs are currently in clinical development. During the COVID-19 pandemic, Junshi Biosciences actively shouldered the social responsibilities of a Chinese pharmaceutical company through its involvement in developing etesevimab, MINDEWEI^®, and other novel therapies for the prevention and treatment of COVID-19.

With a mission of “providing patients with world-class, trustworthy, affordable, and innovative drugs,” Junshi Biosciences is “In China, For Global.” At present, the company boasts approximately 3,000 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing, Guangzhou, etc.). For more information, please visit: http://junshipharma.com.

Junshi Biosciences Contact Information
IR Team:
Junshi Biosciences
info@junshipharma.com
+ 86 021-6105 8800

PR Team:
Junshi Biosciences
Zhi Li
zhi_li@junshipharma.com
+ 86 021-6105 8800

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NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Autodesk securities between June 1, 2023 and April 16, 2024, both dates inclusive (the “Class Period”). Investors have until June 24, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

According to the filed complaint, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Autodesk, Inc. lacked adequate internal controls as a result of issues with its free cash flow and non-GAAP operating margin practices; and (2) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.

If you purchased or otherwise acquired Autodesk shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

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.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.

Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

The post AUTODESK ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Autodesk, Inc. and Encourages Investors to Contact the Firm appeared first on Crypto Insider.

ATLANTA, April 23, 2024 (GLOBE NEWSWIRE) — Mueller Water Products, Inc. (NYSE: MWA) announced that its Board of Directors has declared a quarterly dividend of 6.40 cents ($0.064) per share, payable on or about May 20, 2024, to stockholders of record as of the close of business on May 10, 2024.

About Mueller Water Products, Inc.

Mueller Water Products, Inc. is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America.  Our broad product and service portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software technology that provides critical water system data.  We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure^®. Visit us at www.muellerwaterproducts.com.

Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries.  MWP and each of its subsidiaries are legally separate and independent entities when providing products and services.  MWP does not provide products or services to third parties.  MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other.  Mueller brands include Mueller^®, Echologics^®, Hydro Gate^®, Hydro-Guard^®, HYMAX^®, i2O^®, Jones^®, Krausz^®, Mi.Net^®, Milliken^®, Pratt^®, Pratt Industrial^®, Sentryx, Singer^®, and U.S. Pipe Valve & Hydrant.  Please see muellerwp.com/brands to learn more.

Investor Relations & Media Contact: Whit Kincaid
770-206-4116
wkincaid@muellerwp.com

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SHENZHEN, China, April 24, 2024 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (NASDAQ: XNET), a leading technology company providing distributed cloud services in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the “SEC”) on April 23, 2024. The annual report can be accessed on the Company’s investor relations website at http://ir.xunlei.com or the SEC’s website at www.sec.gov.

About Xunlei

Founded in 2003, Xunlei Limited (NASDAQ: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

Contact:
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 6111 1571
Website: http://ir.xunlei.com

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SAN DIEGO, April 22, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of The Chemours Company (NYSE: CC) common stock have until Monday, May 20, 2024 to seek appointment as lead plaintiff of the Chemours class action lawsuit. Captioned Taylor v. The Chemours Company, No. 1:24-cv-00361 (D. Del.), the Chemours class action lawsuit charges Chemours and certain of Chemours’ top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Chemours class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-the-chemours-company-class-action-lawsuit-cc.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Chemours class action lawsuit must be filed with the court no later than May 20, 2024.

CASE ALLEGATIONS: Chemours is an industrial and specialty chemical company.

The Chemours class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Chemours’ senior executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to Chemours’ Annual Incentive Plans and Long-Term Incentive Plans; and (ii) Chemours’ accounting practices and procedures, including its internal control over financial reporting, were deficient.

The Chemours class action lawsuit further alleges that on February 13, 2024, Chemours “announced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year ended December 31, 2023.” The complaint alleges that according to Chemours, the delay was necessary “because it needs additional time to complete its year-end reporting process” and “is evaluating its internal control over financial reporting . . . with respect to maintaining effective controls related to information and communications.” On this news, the price of Chemours stock fell more than 12%, according to the complaint.

Then, on February 29, 2024, the Chemours class action lawsuit further alleges that Chemours announced it was delaying the filing of its annual report for 2023 and that its Board of Directors had “place[d] President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Principal Accounting Officer Camela Wisel on administrative leave . . . pending the completion of an internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel.” According to Chemours, the scope of the investigation “includes the processes for reviewing reports made to the Chemours Ethics Hotline” and Chemours’ “practices for managing working capital, including the related impact on metrics within [Chemours’] incentive plans [and] certain non-GAAP metrics” in Chemours’ financial reports, the complaint further alleges. On this news, the price of Chemours stock fell more than 31%, according to the complaint.

The Chemours class action lawsuit also alleges that on March 6, 2024 Chemours announced, among other things, that the Board’s Audit Committee concluded “that the members of senior management who were placed on administrative leave last week engaged in efforts in the fourth quarter of 2023 to delay payments to certain vendors that were originally due to be paid in the fourth quarter of 2023 until the first quarter of 2024, and to accelerate the collection of receivables into the fourth quarter of 2023 that were originally not due to be received until the first quarter of 2024.” The Audit Committee also revealed that it “found that these individuals engaged in these efforts in part to meet free cash flow targets that [Chemours] had communicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers.”

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Chemours common stock during the Class Period to seek appointment as lead plaintiff in the Chemours class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Chemours class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Chemours class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Chemours class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Attorney advertising. 
Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        info@rgrdlaw.com

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LOS ANGELES, April 22, 2024 (GLOBE NEWSWIRE) — As the world commemorates Earth Day, AX is proud to reaffirm its dedication to environmental stewardship and sustainable development by continuing its partnership with the National Forest Foundation (NFF). Over the past year, AX has demonstrated its commitment to reforestation efforts in areas affected by wildfires, donating over $10,000 to support the NFF’s crucial conservation initiatives.

The National Forest Foundation (NFF) is a non-profit organization dedicated to promoting the health and public enjoyment of America’s National Forests and Grasslands. The NFF partners with the U.S. Forest Service to restore and enhance these public lands through community engagement, tree planting, and other conservation initiatives.

Earth Day serves as a poignant reminder of the importance of preserving and protecting our planet’s natural resources. In light of this, AX remains steadfast in its mission to make a positive impact on the environment. Through its ongoing collaboration with the NFF, AX has contributed significantly to the restoration of vital ecosystems, helping to mitigate the effects of wildfires and promote long-term sustainability.

“We are honored to celebrate Earth Day by reaffirming our commitment to the National Forest Foundation,” said Michael Plaksin, President and CEO at AX. “Our partnership reflects AX’s unwavering dedication to environmental conservation and community resilience. By supporting reforestation efforts, we are not only restoring ecosystems but also fostering a healthier planet for future generations.”

AX’s generous donation has enabled the NFF to implement reforestation projects in wildfire-affected areas, replenishing forests and enhancing biodiversity. These efforts are essential in safeguarding ecosystems, preserving habitats, and mitigating the risk of future wildfires.

They hope that their contributions can make a tangible difference in NFF’s reforestation efforts, allowing us to restore and protect critical forest landscapes. Together, they are making strides toward a more sustainable and resilient future.

As Earth Day reminds us of the urgent need for environmental action, AX remains committed to driving positive change. By standing alongside the National Forest Foundation, they are proud to play a role in preserving our planet’s natural heritage and building a brighter tomorrow for all.

About AX

Founded in 2016, AX is an artificial intelligence Software-as-a-Service (SaaS) company that has developed award-winning proprietary technology in the areas of wildfire detection and visual artificial intelligence (AI) including facial recognition, augmented reality, and more. 

FireScout, the leader in wildfire detection SaaS, utilizes AI to provide wildfire detection in real time on a 24/7/365 basis. FireScout seamlessly integrates into existing camera/monitor systems. 

We offer the most informative, effective, and supportive user interface system in the market today. FireScout is presently being used on over 1,000 cameras throughout the Western United States and is considered to be the de facto standard in AI for disaster prevention in wildfire management.

Join the Conversation: Follow us on LinkedIn – AX and FireScout, Twitter and YouTube.

Media Contact:
Palak Kapasi
Head of Marketing & Public Relations, AX
AXmedia@alcherainc.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7ab53def-b2f1-433c-9f86-70b7b8ee01fe
https://www.globenewswire.com/NewsRoom/AttachmentNg/f78e6dce-c9ef-4070-b749-35a1d448ff96

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Nadeem Anjarwalla, who escaped Nigerian custody in March, could be extradited back to the country within the week, one local media outlet reported citing government sources.

Nadeem Anjarwalla, an executive at crypto exchange Binance who recently escaped Nigerian custody, has been located in Kenya and faces extradition, multiple local media outlets have reported.

Nigerian authorities have found Anjarwalla in Kenya and are working with Kenyan authorities to bring the executive back to the country, Nigeria’s Daily Post reported last week, citing government sources. Nigerian newspaper The Punch reported on Monday, citing unnamed government sources, that Anjarwalla could be returned to Nigeria within the week via the international criminal police organization (INTERPOL).

CoinDesk has reached out to INTERPOL, Kenya’s foreign ministry and Nigeria’s police force for comment.

Anjarwalla was detained alongside another Binance executive, Tigran Gambaryan, in February, as Nigerian authorities accused the crypto exchange of manipulating the local exchange rate, tax evasion and money laundering.

Anjarwalla, a British-Kenyan dual national, reportedly fled the country in March using a concealed Kenyan passport. Gambaryan, still in Nigeria, pleaded not guilty to money laundering charges during an April court appearance.

The post Binance Exec Who Escaped From Nigeria Has Been Found in Kenya, Faces Extradition: Reports appeared first on Crypto Insider.

Miami, April 21, 2024 (GLOBE NEWSWIRE) — The Ibogaine clinic by David Dardashti has announced its latest investigation into the correlation between alcohol addiction and chemical depression.

Alcohol Addiction Treatment: The Ibogaine Clinic, founded by David Dardashti, specializes in providing non-invasive treatments for alcohol addiction through the use of ibogaine. The clinic has launched a new investigation into the correlation between alcohol addiction and chemical depression. It has been found that alcoholics usually strive for success, but the pressure associated with this can cause stressors to carry over into their leisure time. Not only that, but there are often deeply rooted traumas associated with drinking, such as the feeling of guilt and shame. “It is important to recognize that an alcoholic’s addiction is more than just a result of their drinking,” said David Dardashti, CEO of Ibogaine Clinic. “There are underlying factors such as trauma and depression that often contribute to this problem. We want to make sure that we are providing successful, long-term treatment solutions.”

The clinic is planning on collecting quantifiable data and running follow-up investigations to assess the progress of treatment. It is their goal to create sustainable and effective solutions for alcohol addiction. “Going from zero to 100 will often make long term success unsustainable,” says Dardashti. “We are dedicated to treating the underlying root chronic drinking rather than the drinking itself. By addressing the root cause, we can create better overall health and improved quality of life for those who are struggling with addiction.” The Ibogaine Clinic, founded by David Dardashti, specializes in providing non-invasive treatments for alcohol addiction through the use of ibogaine in order to address underlying root causes and create sustainable and effective solutions for the long-term.

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NEW YORK, April 21, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Luna Innovations, Inc. (NASDAQ: LUNA), HireRight Holdings Corporation (NYSE: HRT), and Doximity, Inc. (NYSE: DOCS). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Luna Innovations, Inc. (NASDAQ: LUNA)

Class Period: August 11, 2023 – March 25, 2024

Lead Plaintiff Deadline: May 31, 2024

According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Luna Innovations’ financial statements from August 10, 2023 to the present included false figures as a result of improper revenue recognition; (2) as a result, Luna Innovations would need to restate its previously filed financial statements from August 10, 2023 to November 14, 2023; (3) Luna Innovations lacked adequate internal controls; 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 times. 

For more information on the Luna Innovations class action go to: https://bespc.com/cases/LUNA

HireRight Holdings Corporation (NYSE: HRT)

Class Period: pursuant and/or traceable to the Offering Documents issued in connection with HireRight’s October 2021 initial public offering (the “IPO” or “Offering”)

Lead Plaintiff Deadline: June 3, 2024

HireRight provides technology-driven workforce risk management and compliance solutions to a customer base characterized as a “diverse set of organizations, from large-scale multinational businesses to small and medium-sized businesses, across a broad range of industries.” The Company offers background screening, verification, identification, monitoring, and drug and health screening services for customers under the HireRight brand name and boasts a purportedly “robust pipeline of opportunities developed by [its] sales team to continue to attract new customers and take share in the market.” 

On October 6, 2021, HireRight filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after an amendment, was declared effective by the SEC on October 28, 2021 (the “Registration Statement”). 

On November 1, 2021, HireRight filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”). 

That same day, pursuant to the Offering Documents, HireRight’s common stock began publicly trading on the New York Stock Exchange (“NYSE”) under the ticker symbol HRT. 

Pursuant to the Offering Documents, HireRight issued approximately 22. million shares of its common stock to the public at the Offering price of $19.00 per share for proceeds to the Company of approximately $399 million after applicable underwriting discounts and commissions, and before expenses. 

According to the complaint, the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the Offering Documents made false and/or misleading statements and/or failed to disclose that: (i) HireRight was exposed to customers with significant employment and hiring risk and the Company derived greater revenue growth from existing client hiring than from new client hiring; (ii) as a result, the Company’s revenue growth was unsustainable to the extent that it relied on the stability of its current customers’ hiring and/or the profitability of securing new customers; (iii) accordingly, HireRight had overstated its post-IPO business and/or prospects; and (iv) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. 

On January 19, 2023, Stifel, a brokerage and investment banking firm, downgraded HireRight’s stock from a Hold to a Buy, prompting several market analysts to issue publications discussing the downgrade. For example, Seeking Alpha reported that Stifel found HireRight to be exposed to large technology firms where there is more acute employment and hiring risk, and that more of the Company’s growth comes from existing client hiring than from new. 

On this news, HireRight’s stock price fell $0.88 per share, or 7.5%, to close at $10.75 per share on January 19, 2023

At the time of the Complaint’s filing, HireRight’s common stock continue to trade below the $19.00 per share IPO price.

For more information on the HireRight class action go to: https://bespc.com/cases/HRT

Doximity, Inc. (NYSE: DOCS)

Class Period: February 9, 2022 – April 1, 2024 (Common Stock Only)

Lead Plaintiff Deadline: June 17, 2024

Doximity operates a digital platform that provides connections between, medical information to, and patient scheduling tools for medical professionals. The Class Period begins on February 9, 2022, when Doximity released its quarterly financial results for the third quarter of fiscal year 2022, after the market closed the night prior. During the accompanying quarterly investor earnings call afterhours on February 8, 2022, Defendant Anna Bryson, the Company’s Chief Financial Officer, emphasized that “marketers have been able to witness the value of running these digital programs” and that it was this “value that’s the main reason we’re seeing this sustained demand from our customers and not new [COVID] variants.”  To this end, Defendant Bryson further assured investors that the Company was “focused on . . . really building a business that can provide years of sustainable growth with high margins.”

The complaint alleges that, throughout the Class Period, Defendants continued to tout the sustainability of the Company’s business prospects while also downplaying the importance of customer upsell rates on the Company’s financial performance. For example, during the Company’s second quarter fiscal year 2023 investor earnings call on November 10, 2022, Defendant Jeffrey Tangney, the Company’s Chief Executive Officer, reassured investors that “pharma’s doing quite well” amid investor concerns that macroeconomic headwinds would substantially impact Doximity’ financial performance. Defendant Bryson similarly emphasized that the Company’s sales pipeline has “bigger dollar deals than we’ve seen before” and, to alleviate investor concerns, explained that, while Doximity’s upsell rates were “a little below historical norms,” customer upsells are “not a significant portion of our revenue.”

Similarly, in February 2023, Defendant Bryson specifically noted that Doximity is “less dependent on major upsell than prior years,” and in May 2023, Defendant Bryson indicated that the Company was being conservative with its financial guidance to the market by assuming upsell rates of “half of our historical [upsell] rate.”

The complaint further alleges that notwithstanding Defendants’ claims regarding the sustainability of Doximity’s growth and profitability, investors began to learn the truth on August 8, 2023, when, after the market closed, Doximity reported its financial results for the first quarter of fiscal year 2024, which ended June 30, 2023. While the Company exceeded its quarterly revenue and adjusted EBITDA guidance for the first quarter, the Company provided disappointing guidance for the second quarter of fiscal year 2024 and slashed its guidance for the full fiscal year 2024. Specifically, Doximity announced that it expected fiscal year 2024 revenue of between $452 million and $468 million (down from prior guidance of between $500 million and $506 million, and representing year-over-year revenue growth of only between 7.9% and 11.7%), and adjusted EBITDA of between $193 million and $209 million (down from prior guidance of between $216 million and $222 million, and representing year-over-year adjusted EBITDA growth of only between 4.9% and 13.6%). In conjunction with the disappointing guidance, Doximity announced that it would reduce its workforce by approximately 10%. The Company further noted that the workforce reduction is expected to cost approximately $8 million to $10 million.

In explaining this about-face, Defendant Bryson admitted that the Company’s “major upsells have materially underperformed, and we expect this to continue in the near term.” Defendant Tangney further explained that Doximity failed to close sales due, in part, to “fewer face-to-face meetings with our clients.” On this news, the price of Doximity common stock declined $7.49 per share, or nearly 23%, from a close of $32.79 per share on August 8, 2023, to close at $25.30 per share on August 9, 2023.  

Investors learned more about the unsustainability of the Company’s revenue growth on April 1, 2024, when Jehoshaphat Research published a report alleging, among other things, that “Doximity’s underlying sales . . . are declining at a negative -3-6% rate, but that this decline has been masked through accelerated revenue recognition.” On this news, the price of Doximity common stock declined $1.11 per share, or more than 4% over two trading-days, from a close of $26.91 per share on March 28, 2024, to close at $25.80 per share on April 2, 2024.

The Complaint further alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, Defendants repeatedly touted the Company’s business prospects and the sustainability of the Company’s revenue growth and profitability, while downplaying the impact of competition and tightening macroeconomic conditions on the Company and Doximity’s reliance on “upselling” products and services (such as additional advertising) to existing customers to sustain the Company’s performance and future growth.

For more information on the Doximity class action go to: https://bespc.com/cases/DOCS

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.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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