Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Leslie’s, Archer, and MPT and Encourages Investors to Contact the Firm
NEW YORK, Oct. 18, 2023 (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 Leslie’s, Inc. (NASDAQ: LESL), Archer Aviation, Inc. (NYSE: ACHR), and Medical Properties Trust, Inc. (NYSE: MPW). 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.
Leslie’s, Inc. (NASDAQ: LESL)
Class Period: February 5, 2021 – July 13, 2023 (Common Stock Only)
Lead Plaintiff Deadline: November 7, 2023
The Class Action alleges that, during the Class Period, Defendants misled investors and/or failed to disclose that (1) the Company’s growth was caused by customers over purchasing products; (2) such sales inflated revenues and earnings and were not indicative of durable and sustainable demand or financial growth; (3) the Company prolonged the inflated customer demand by warning customers that Leslie’s could not “guarantee availability” of chemicals in the future; and (4) any slowdown in sales was not a normalization of past seasonality, but was due to the prior excess stockpiling.
On July 13, 2023, Leslie’s issued a press release announcing disappointing preliminary results for its fiscal third quarter of 2023 ended on July 1, 2023, including a 9% year-over-year sales decline and a cut to the Company’s fiscal 2023 guidance. The press release quoted Defendant Egeck, revealing that “consumers entered the pool season with a greater than normal amount of chemicals left[ ]over from last year.” In addition, the Company announced that its Chief Financial Officer would depart the following month. These revelations shocked analysts, resulting in several downgrades, with one firm concluding that “pretty much everything in the company’s preliminary earnings release was more negative than we could have anticipated.” In response to this news, the price of Leslie’s common stock declined more than 29%, from a closing price of $9.52 per share on July 13, 2023, to a closing price of $6.70 per share on July 14, 2023. Leslie’s common stock price continued to fall another $1.24 per share the following trading day, or over 18%, closing at $5.46 per share on July 17, 2023.
For more information on the Leslie’s class action go to: https://bespc.com/cases/LESL
Archer Aviation, Inc. (NYSE: ACHR)
Class Period: September 17, 2021 – August 15, 2023
Lead Plaintiff Deadline: November 20, 2023
The filed complaint alleges that defendants made false statements and/or concealed that: (i) the Company relied on heavily edited videos of earlier flights to exaggerate the amount of flight testing it had actually performed and the sophistication of its eVTOL aircraft; (ii) the Company had misrepresented the nature and profitability of its business partnerships, (iii) the Company was unlikely to secure FAA certification in the timeframe it had represented to investors, thereby delaying the start of mass production of its aircraft for commercial sales; (iv) accordingly, the Company had overstated its financial position and/or prospects; (v) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Archer class action go to: https://bespc.com/cases/ACHR
Medical Properties Trust, Inc. (NYSE: MPW)
Class Period: May 23, 2023 – August 17, 2023
Lead Plaintiff Deadline: November 28, 2023
According to the complaint, on May 23, 2023, MPW issued a press release announcing that it had entered into a recapitalization transaction (the “Recap Transaction”) with Prospect Medical Holdings, Inc. (“Prospect”), a health care management services organization. Pursuant to the Recap Transaction, in relevant part, MPW would take an equity stake in Prospect’s managed care business, PHP Holdings, LLC (“PHP”), in lieu of a cash payment of outstanding loans and accrued but unpaid rent and interest owed by Prospect to MPW. The Recap Transaction was subject to regulatory approval by the Department of Managed Health Care of the Health and Human Services Agency of the State of California (“DMHC”), the regulatory body responsible for governing managed health care plans in California.
Plaintiffs allege that during the class period, defendants failed to disclose to investors that: (i) the Recap Transaction was subject to regulatory approval and had in fact been placed on hold by the DMHC; (ii) accordingly, MPW had misrepresented the regulatory process for the Recap Transaction’s approval; (iii) as a result of the foregoing, MPW overstated the approval prospects and benefits of the Recap Transaction; and (iv) as a result, the Company’s public statements regarding the Recap Transaction were materially false and misleading at all relevant times.
On this news, MPW’s stock price fell $0.57 per share, or 7.6%, to close at $6.93 per share on August 18, 2023.
For more information on the MPT class action go to: https://bespc.com/cases/MPW
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.
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