NEW YORK, Oct. 14, 2016 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Chesapeake Energy Corporation (“Chesapeake” or the “Company”) (NYSE: CHK) and certain of its officers.   The class action, filed in United States District Court, Western District of Oklahoma, and docketed under 16-cv-01150, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Chesapeake securities between February 27, 2015 and September 28, 2016 both dates inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased Chesapeake securities during the Class Period, you have until December 5, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Chesapeake engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States.  The Company holds interests in natural gas and liquids-rich resource plays across the United States.  Chesapeake owns interests in approximately 32,400 oil and natural gas wells.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Chesapeake had improperly accounted for the acquisition and classification of oil and gas properties; (ii) Chesapeake lacked effective internal financial controls; and (iii) as a result of the foregoing, Chesapeake’s public statements were materially false and misleading at all relevant times. 

On September 29, 2016, pre-market, Chesapeake announced receipt of a subpoena from the U.S. Department of Justice “seeking information on [the Company’s] accounting methodology for the acquisition and classification of oil and gas properties and related matters.”

On this news, the Company’s stock fell $0.63, or 9.33%, to close at $6.12 on September 29, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert–pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-chesapeake-energy-corporation-of-class-action-lawsuit-and-upcoming-deadline–chk-300345222.html

SOURCE Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / October 14, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-05439, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Twitter securities between February 6, 2015 and July 28, 2015 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Twitter securities during the Class Period, you have until November 15, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

Twitter is a global platform for public self-expression and conversation in real time, where any user can create a Tweet and any user can follow other users. The Company’s main source of revenue is advertising. Because advertising revenue is driven by the total number of users on the platform and, equally as important, the level of engagement of such users, the Company and analysts have focused closely on metrics measuring total users and user engagement. Twitter reported two primary user metrics: Monthly Active Users or “MAUs” (a measure of the total user base) and timeline views (a measure of user engagement).

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants concealed adverse facts they knew or deliberately disregarded, including that by early 2015, (ii) daily active users (“DAUs”) had replaced the timeline views metric as the primary user engagement metric tracked internally by Twitter management and that the trend in user engagement growth (i.e., DAUs) was flat or declining. In addition, (iii) defendants concealed that new product initiatives were not having a meaningful impact on MAUs or user engagement, (iv) that Twitter’s stated “acceleration [in MAU growth]” was the result of low-quality MAU growth, and that defendants lacked a basis for their previously issued projections of approximately 20% MAU growth and 550 million MAUs in the immediate term, (v) as a result of the foregoing, Twitter’s public statements were materially false and misleading at all relevant times.

On February 5, 2015, after the market closed, Twitter released its fourth quarter and fiscal year 2014 financial results. The Company blamed lower than expected MAU growth on “quarter-specific factors . . . which include seasonality and a couple of issues related to the launch of iOS 8.” Furthermore, the Company reiterated its outlook for strong MAU growth going forward and emphasized the success of the new product initiatives designed to “drive [MAU] growth.” Defendants also reiterated that Twitter would discontinue reporting its primary user engagement metric, timeline views.

On April 28, 2015, Twitter released its first quarter 2015 financial results. The Company reported non-GAAP income of $47 million, or $0.07 non-GAAP EPS, and revenue of $436 million for the first quarter ended March 31, 2015. Additionally, the Company provided its outlook for the second quarter of 2015, projecting second quarter revenue of $470 million to $485 million. Twitter also lowered its full year 2015 revenue forecast to between $2.17 billion and $2.27 billion from prior guidance of $2.30 billion to $2.35 billion. Furthermore, the Company reported that Twitter’s MAUs only increased 5% over the prior quarter.

As a result of this news, the price of Twitter stock dropped $9.39 per share to close at $42.27 per share on April 28, 2015, a decline of 18% on volume of over 77 million shares. On the following day, April 29, 2015, the price of Twitter stock dropped again, falling $3.78 per share to close at $38.49 per share, a one-day decline of nearly 9% on volume of over 120 million shares. However, the stock continued to trade at artificially inflated levels as Defendants assured investors that new initiatives to drive user growth and engagement were still in the early stages.

Then, on July 28, 2015, after the market closed, Twitter issued a press release announcing its second quarter 2015 financial results. The Company reported non-GAAP income of $49 million, or $0.07 non-GAAP EPS, and revenue of $502 million for the second quarter ended June 30, 2015. Additionally, the Company provided its outlook for the third quarter of 2015, projecting third quarter revenue of $545 million to $560 million. Twitter also provided its outlook for the 2015 full year, projecting revenue in the range of $2.20 billion to $2.27 billion.

As a result of this news, the price of Twitter stock plummeted $5.30 per share to close at $31.24 per share on July 29, 2015, a one-day decline of nearly 15% on volume of nearly 93 million shares.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / October 14, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN) and certain of its officers. The class action, filed in United States District Court, District of Utah, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired LifeVantage securities between November 4, 2015 and September 13, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased LifeVantage securities during the Class Period, you have until November 14, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

LifeVantage identifies, researches, develops, and distributes nutraceutical dietary supplements and skin care products. LifeVantage Corporation sells its products through a network of independent distributors and preferred customers in the United States, Japan, Hong Kong, Australia, Canada, the Philippines, Mexico, and Thailand. The Company also sells its products online.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) LifeVantage lacked effective internal financial controls; (ii) as a result, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and (iii) as a result of the foregoing, LifeVantage’s public statements were materially false and misleading at all relevant times.

On September 13, 2016, post-market, LifeVantage issued a press release and filed a Current Report on Form 8-K with the Securities and Exchange Commission, announcing a delay in the release of the Company’s fourth quarter and fiscal year 2016 financial results, citing an internal review “relate[d] to sales of the Company’s products in certain international markets and the determination of revenue and the deductibility of commission and incentive expenses associated with such sales, as well as the policies and procedures related to sales in those specific markets.”

On this news, LifeVantage stock fell $1.32, or 12.69%, to close at $9.08 on September 14, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / October 14, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against Polaris Industries, Inc. (“Polaris” or the “Company”) (NYSE: PII) and certain of its officers. The class action, filed in United States District Court, District of Minnesota, and docketed under 16-cv-03108, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Polaris securities between January 26, 2016 and September 11, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Polaris securities during the Class Period, you have until November 15, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

Polaris, together with its subsidiaries, designs, engineers, manufactures, and markets off-road vehicles, snowmobiles, motorcycles, and on-road vehicles in the United States, Canada, Western Europe, Australia, and Mexico.

On July 23, 2015, Polaris issued a recall for the Company’s model-year 2016 Youth RZR off-highway vehicle, citing fire hazards. Three other recalls of the Company’s RZR vehicles followed – in October 2015, December 2015, and April 2016 – affecting more than 160,000 RZR vehicles of various model years.

Nevertheless, Polaris consistently advised investors that the Company expected full year 2016 net income to be at least $6.00 per diluted share. On January 26, 2016, Polaris issued a press release reporting full-year guidance in the range of $6.20 to $6.80 per diluted share; on April 21, 2016, Polaris issued a press release maintaining the same guidance estimate; and on July 20, 2016, Polaris issued a press release only slightly lowering and narrowing its guidance range to $6.00 to $6.30 per diluted share.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; (ii) as a result, the Company would ultimately need to implement a more complex and expensive repair solution; (iii) the financial impact of RZR vehicle recalls was therefore greater than the Company had disclosed to investors; (iv) consequently, the Company had overstated its full-year 2016 guidance; and (v) as a result of the foregoing, Polaris’s public statements were materially false and misleading at all relevant times.

On September 12, 2016, pre-market, Polaris issued a press release announcing that the Company was lowering its full-year 2016 earnings guidance to the range of $3.30 to $3.80 per diluted share. The Company attributed the lowered guidance to the impact of RZR thermal-related problems, citing, in part, the Company’s inability “to sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution.”

On this news, Polaris stock fell $4.05, or 5.01%, to close at $76.79 on September 12, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / October 14, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against MGT Capital Investments, Inc. (“MGT” or the “Company”) (NYSE MKT: MGT) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-07449, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired MGT securities between May 9, 2016 and September 20, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased MGT securities during the Class Period, you have until November 21, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

MGT, together with its subsidiaries, purports to acquire, develop, and monetize assets in the online, mobile, and casino gaming space. The Company operates through two segments, Gaming and Intellectual Property.

On May 9, 2016, MGT announced that it had entered into a definitive asset purchase agreement to acquire certain assets and technology from D-Vasive Inc. (“D-Vasive”), a provider of anti-spy software (the “D-Vasive Transaction”). In conjunction with the transaction, MGT announced the proposed appointment of Defendant John McAfee (“McAfee”) as the Company’s Executive Chairman and Chief Executive Officer (“CEO”), and that the Company intended to change its corporate name to John McAfee Global Technologies, Inc. MGT further advised investors that “[m]ajor terms of the deal include the payment to D-Vasive Inc. stockholders of 23.8 million restricted shares of MGT stock and $300,000 in cash. The proposed share issuance is expected to amount to roughly 47% of the Company on a pro-forma diluted basis at closing.”

On May 26, 2016, MGT announced that it had entered into a definitive asset purchase agreement to acquire certain technology and assets from Demonsaw LLC (“Demonsaw”), which the Company touted as “a provider of a secure and anonymous file sharing software platform.” MGT further advised investors that “[m]ajor terms of the deal include the payment to Demonsaw LLC members of 20.0 million restricted shares of MGT common stock. The proposed share issuance is expected to amount to approximately 28% of the Company’s common stock on a pro-forma fully diluted basis at closing, inclusive of shares of common stock to be issued in connection with the Company’s previously announced transaction with D-Vasive, Inc.” The Company and D-Vasive would subsequently arrange for D-Vasive to purchase Demonsaw in advance of the D-Vasive Transaction, “in order to simplify these transactions, and meet certain customary tax issues,” so that MGT would acquire Demonsaw’s assets as well as D-Vasive’s via the D-Vasive Transaction.

On September 9, 2016, MGT announced that at the Company’s 2016 Annual Meeting of Stockholders, its stockholders had approved, inter alia, the issuance of a total of 43.8 million shares of common stock in connection with the D-Vasive Transaction.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the NYSE was unlikely to approve the listing of the 43.8 million additional shares that the Company was required to issue to consummate the D-Vasive Transaction; and (ii) as a result of the foregoing, MGT’s public statements were materially false and misleading at all relevant times.

On September 19, 2016, pre-market, MGT announced that on September 15, 2016, the Company received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) requesting certain information from the Company. MGT stated that it had no reason to believe that the Company is or will be the subject of any enforcement proceedings and was fully cooperating to comply with the SEC’s request.

On this news, MGT stock fell $0.74, or 22.7%, to close at $2.52 on September 19, 2016.

Then, on September 20, 2016, pre-market, MGT announced that the NYSE had informed the Company on September 19, 2016 that it would “not approve the listing on the Exchange of the 43.8 million shares that the Company is required to issue in order to complete the closing of the D-Vassive [sic] merger,” and that “[t]he Company and John McAfee remain committed to closing the transaction and are exploring alternatives.”

On this news, MGT stock fell $0.63, or 25%, to close at $1.89 on September 20, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

NEW YORK, Oct. 14, 2016 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Chesapeake Energy Corporation (“Chesapeake” or the “Company”) (NYSE: CHK) and certain of its officers. The class action, filed in United States District Court, Western District of Oklahoma, and docketed under 16-cv-01150, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Chesapeake securities between February 27, 2015 and September 28, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Chesapeake securities during the Class Period, you have until December 5, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

Chesapeake engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States. The Company holds interests in natural gas and liquids-rich resource plays across the United States. Chesapeake owns interests in approximately 32,400 oil and natural gas wells.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Chesapeake had improperly accounted for the acquisition and classification of oil and gas properties; (ii) Chesapeake lacked effective internal financial controls; and (iii) as a result of the foregoing, Chesapeake’s public statements were materially false and misleading at all relevant times.

On September 29, 2016, pre-market, Chesapeake announced receipt of a subpoena from the U.S. Department of Justice “seeking information on [the Company’s] accounting methodology for the acquisition and classification of oil and gas properties and related matters.”

On this news, the Company’s stock fell $0.63, or 9.33%, to close at $6.12 on September 29, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert–pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-chesapeake-energy-corporation-of-class-action-lawsuit-and-upcoming-deadline–chk-300345222.html

SOURCE Pomerantz LLP

NEW YORK, Oct. 14, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE:WFC) and certain of its officers.   The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-05513, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Wells Fargo securities between February 26, 2014 and September 15, 2016 both dates inclusive (the “Class Period”).  This class action seeks to recover damages against Wells Fargo, the Company’s Chairman and Chief Executive Officer John G. Stumpf, Wells Fargo’s Chief Financial Officer John R. Shrewsberry, and the Company’s former Senior Executive Vice President of Community Banking, Carrie L. Tolstedt, for violations of the Securities Exchange Act of 1934 (the “1934 Act”) and SEC Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Wells Fargo securities during the Class Period, you have until November 25, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Wells Fargo is a diversified financial services company that provides retail, commercial and corporate banking services, principally in the United States, and during the Class Period was the largest bank by market capitalization.

As part of the Company’s business strategy, throughout the Class Period, Wells Fargo emphasized to investors, customers and employees that “cross-selling” was a key part of its strategy to increase the number of retail products that each of its customers, or households, used. For example, if a customer held a mortgage with Wells Fargo, the cross-selling opportunity would be to have the same customer open a credit card or a savings account, or get an auto loan. Wells Fargo’s execution on these cross-selling opportunities was considered central to the Company’s business and growth prospects and recognized by the analyst community to be among Wells Fargo’s best performing business strategies.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (a) The Company illegally, through forgery and other electronic means, applied for and opened credit card accounts on behalf of customers without their knowledge or consent; (b) The Company illegally, through forgery and other electronic means, opened bank deposit accounts on behalf of customers without their knowledge or consent; (c) The Company used fake e-mail addresses to enroll customers in online banking services and request debit cards, including the creation of PINs, without customers’ knowledge or consent; (d) The Defendants engineered a sales culture that was designed to incentivize and reward employees for pushing products on customers they did not want or need and rewarded employees for bank and credit card accounts that were opened without the customers’ knowledge through forgery or other means; (e) An ongoing internal investigation had in fact found that in excess of 5% of the employees in the Community Banking segment had engaged in a wide ranging scheme to inflate the Company’s financial performance figures by, among other things, opening millions of unauthorized deposit and credit card accounts, resulting in mass terminations of employees, ultimately reaching more than 5,000 firings; (f) That, in an effort to conceal the breadth of Defendants’ fraudulent cross-selling scheme, Defendants Wells Fargo and Stumpf agreed that they would not terminate Defendant Tolstedt for overseeing the fraudulent activities in the Community Banking segment, but rather would allow her to retire, notwithstanding her leadership over and oversight of the misconduct in the Community Banking segment, and thereby permit her to pocket more than $90 million; (g) The Company’s reported cross-selling metrics and the financial results derived from them were the product of Defendants’ misconduct; and (h) as a result of the foregoing, Wells Fargo’s public statements were materially false and misleading at all relevant times. 

On September 8, 2016, the U.S. Consumer Financial Protection Bureau published a Consent Order detailing the Company’s fraudulent practices, which were centered on a corporate culture intent on growing its cross-selling opportunities and unlawfully and without its customers’ consent opening millions of unauthorized deposit and credit card accounts, and imposing a fine of more than $185 million. The announcement noted that these facts were known to the Company through an internal investigation that had uncovered the fraudulent practices, not as a result of an independent government investigation.

Between September 8, 2016 and September 16, 2016, the Company’s stock price declined 9%, from a close of $49.90 per share on September 8, 2016 to a close of $45.43 per share on September 16, 2016, as information about Defendants’ conduct and its impact on Wells Fargo’s operations reached the market, inflicting billions of dollars of harm on Plaintiff and other Wells Fargo shareholders.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

NEW YORK, NY / ACCESSWIRE / October 14, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-05439, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Twitter securities between February 6, 2015 and July 28, 2015 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Twitter securities during the Class Period, you have until November 15, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

Twitter is a global platform for public self-expression and conversation in real time, where any user can create a Tweet and any user can follow other users. The Company’s main source of revenue is advertising. Because advertising revenue is driven by the total number of users on the platform and, equally as important, the level of engagement of such users, the Company and analysts have focused closely on metrics measuring total users and user engagement. Twitter reported two primary user metrics: Monthly Active Users or “MAUs” (a measure of the total user base) and timeline views (a measure of user engagement).

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants concealed adverse facts they knew or deliberately disregarded, including that by early 2015, (ii) daily active users (“DAUs”) had replaced the timeline views metric as the primary user engagement metric tracked internally by Twitter management and that the trend in user engagement growth (i.e., DAUs) was flat or declining. In addition, (iii) defendants concealed that new product initiatives were not having a meaningful impact on MAUs or user engagement, (iv) that Twitter’s stated “acceleration [in MAU growth]” was the result of low-quality MAU growth, and that defendants lacked a basis for their previously issued projections of approximately 20% MAU growth and 550 million MAUs in the immediate term, (v) as a result of the foregoing, Twitter’s public statements were materially false and misleading at all relevant times.

On February 5, 2015, after the market closed, Twitter released its fourth quarter and fiscal year 2014 financial results. The Company blamed lower than expected MAU growth on “quarter-specific factors . . . which include seasonality and a couple of issues related to the launch of iOS 8.” Furthermore, the Company reiterated its outlook for strong MAU growth going forward and emphasized the success of the new product initiatives designed to “drive [MAU] growth.” Defendants also reiterated that Twitter would discontinue reporting its primary user engagement metric, timeline views.

On April 28, 2015, Twitter released its first quarter 2015 financial results. The Company reported non-GAAP income of $47 million, or $0.07 non-GAAP EPS, and revenue of $436 million for the first quarter ended March 31, 2015. Additionally, the Company provided its outlook for the second quarter of 2015, projecting second quarter revenue of $470 million to $485 million. Twitter also lowered its full year 2015 revenue forecast to between $2.17 billion and $2.27 billion from prior guidance of $2.30 billion to $2.35 billion. Furthermore, the Company reported that Twitter’s MAUs only increased 5% over the prior quarter.

As a result of this news, the price of Twitter stock dropped $9.39 per share to close at $42.27 per share on April 28, 2015, a decline of 18% on volume of over 77 million shares. On the following day, April 29, 2015, the price of Twitter stock dropped again, falling $3.78 per share to close at $38.49 per share, a one-day decline of nearly 9% on volume of over 120 million shares. However, the stock continued to trade at artificially inflated levels as Defendants assured investors that new initiatives to drive user growth and engagement were still in the early stages.

Then, on July 28, 2015, after the market closed, Twitter issued a press release announcing its second quarter 2015 financial results. The Company reported non-GAAP income of $49 million, or $0.07 non-GAAP EPS, and revenue of $502 million for the second quarter ended June 30, 2015. Additionally, the Company provided its outlook for the third quarter of 2015, projecting third quarter revenue of $545 million to $560 million. Twitter also provided its outlook for the 2015 full year, projecting revenue in the range of $2.20 billion to $2.27 billion.

As a result of this news, the price of Twitter stock plummeted $5.30 per share to close at $31.24 per share on July 29, 2015, a one-day decline of nearly 15% on volume of nearly 93 million shares.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

NEW YORK, NY / ACCESSWIRE / October 14, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against MGT Capital Investments, Inc. (“MGT” or the “Company”) (NYSE MKT: MGT) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-07449, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired MGT securities between May 9, 2016 and September 20, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased MGT securities during the Class Period, you have until November 21, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

MGT, together with its subsidiaries, purports to acquire, develop, and monetize assets in the online, mobile, and casino gaming space. The Company operates through two segments, Gaming and Intellectual Property.

On May 9, 2016, MGT announced that it had entered into a definitive asset purchase agreement to acquire certain assets and technology from D-Vasive Inc. (“D-Vasive”), a provider of anti-spy software (the “D-Vasive Transaction”). In conjunction with the transaction, MGT announced the proposed appointment of Defendant John McAfee (“McAfee”) as the Company’s Executive Chairman and Chief Executive Officer (“CEO”), and that the Company intended to change its corporate name to John McAfee Global Technologies, Inc. MGT further advised investors that “[m]ajor terms of the deal include the payment to D-Vasive Inc. stockholders of 23.8 million restricted shares of MGT stock and $300,000 in cash. The proposed share issuance is expected to amount to roughly 47% of the Company on a pro-forma diluted basis at closing.”

On May 26, 2016, MGT announced that it had entered into a definitive asset purchase agreement to acquire certain technology and assets from Demonsaw LLC (“Demonsaw”), which the Company touted as “a provider of a secure and anonymous file sharing software platform.” MGT further advised investors that “[m]ajor terms of the deal include the payment to Demonsaw LLC members of 20.0 million restricted shares of MGT common stock. The proposed share issuance is expected to amount to approximately 28% of the Company’s common stock on a pro-forma fully diluted basis at closing, inclusive of shares of common stock to be issued in connection with the Company’s previously announced transaction with D-Vasive, Inc.” The Company and D-Vasive would subsequently arrange for D-Vasive to purchase Demonsaw in advance of the D-Vasive Transaction, “in order to simplify these transactions, and meet certain customary tax issues,” so that MGT would acquire Demonsaw’s assets as well as D-Vasive’s via the D-Vasive Transaction.

On September 9, 2016, MGT announced that at the Company’s 2016 Annual Meeting of Stockholders, its stockholders had approved, inter alia, the issuance of a total of 43.8 million shares of common stock in connection with the D-Vasive Transaction.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the NYSE was unlikely to approve the listing of the 43.8 million additional shares that the Company was required to issue to consummate the D-Vasive Transaction; and (ii) as a result of the foregoing, MGT’s public statements were materially false and misleading at all relevant times.

On September 19, 2016, pre-market, MGT announced that on September 15, 2016, the Company received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) requesting certain information from the Company. MGT stated that it had no reason to believe that the Company is or will be the subject of any enforcement proceedings and was fully cooperating to comply with the SEC’s request.

On this news, MGT stock fell $0.74, or 22.7%, to close at $2.52 on September 19, 2016.

Then, on September 20, 2016, pre-market, MGT announced that the NYSE had informed the Company on September 19, 2016 that it would “not approve the listing on the Exchange of the 43.8 million shares that the Company is required to issue in order to complete the closing of the D-Vassive [sic] merger,” and that “[t]he Company and John McAfee remain committed to closing the transaction and are exploring alternatives.”

On this news, MGT stock fell $0.63, or 25%, to close at $1.89 on September 20, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP