NEW YORK, March 27, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been filed on behalf of shareholders of Rivian Automotive, Inc. (NASDAQ: RIVN), Akebia Therapeutics, Inc. (NASDAQ: AKBA), Grab Holdings, Inc. (NASDAQ: GRAB) and Celsius Holdings, Inc. (NASDAQ: CELH). Shareholders have until the deadlines below to ask the court to serve as lead plaintiff. Additional information on each case can be found at the link provided.
Rivian Automotive, Inc. (NASDAQ: RIVN)
Class Period: November 10, 2021 IPO
Lead Applicant Deadline: May 6, 2022
Rivian is an electric vehicle company that in 2018 unveiled its first consumer electric vehicles, the R1T electric pickup truck and the R1S electric SUV.
On November 10, 2021, Rivian offered 153 million shares to the public through an IPO at a price of $78.00 per share for total proceeds of $11.93 billion.
According to the registration statement, the “R1T and R1S showcase our brand to the world and will serve as flagship vehicles as we continue to expand our offerings.”
Rivian’s emphasis on its reputation for transparency and dedication to its customers, as well as Rivian’s R1T and R1S, including the large number of pre-orders and the potential for increased demand, were key selling points. for IPO investors.
Unbeknownst to the investors, however, the statements in the registration statement were materially inaccurate, misleading and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were undervalued at such degree that Rivian is expected to raise prices shortly thereafter. the IPO and that these price increases would tarnish Rivian’s reputation as a reliable and transparent company and put a significant number of the existing backlog of 55,400 pre-orders as well as future pre-orders at risk of cancellation.
As a result, the price of the Company’s shares was artificially and materially inflated at the time of the Offer.
For more information on the Rivian class action, please visit: https://bespc.com/cases/RIVN
Akebia Therapeutics, Inc. (NASDAQ: AKBA)
Course period: June 28, 2018 – September 2, 2020
Lead applicant deadline: May 13, 2022
Akebia is a biopharmaceutical company focused on the development and commercialization of kidney therapeutics for patients with kidney disease. The Company’s lead investigational product candidate is vadadustat, an oral therapy, which is in Phase 3 development for the treatment of anemia due to chronic kidney disease (“CKD”) in adult patients dependent and non-dependent on dialysis (“NDD”). .
Akebia’s Phase 3 clinical programs for vadadustat include, among others, the PRO2TECT program in NDD-CKD patients with anemia (the “PRO2TECT Program”). The primary safety endpoint of the PRO2TECT program was defined as non-inferiority of vadadustat to darbepoetin alfa in time to first occurrence of major adverse cardiovascular events (“MACE”).
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) vadadustat was not as safe in the treatment of NDD-CKD patients with anemia as Defendants l had represented; (ii) as a result, the defendants overstated the clinical prospects of the PRO2TECT program; (iii) as a result, the defendants also overstated Vadadustat’s overall business and regulatory prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all material times.
On September 3, 2020, Akebia issued a press release announcing the “first results” of the PRO2TECT program, revealing that “[v]adadustat did not achieve the primary safety endpoint of the PRO2TECT program, defined as non-inferiority of vadadustat to darbepoetin alfa in time to first onset of [MACE.]”
On this news, Akebia’s common stock price fell $7.35 per share, or 73.5%, to close at $2.65 per share on September 3, 2020.
For more information on the Akebia class action, go to: https://bespc.com/cases/AKBA
Grab Holdings, Inc. (NASDAQ: GRAB)
Course period: November 12, 2021 – March 3, 2022
Lead applicant deadline: May 15, 2022
On March 3, 2022, at 7:01 a.m. EST, Grab disclosed that its fourth quarter revenue was down 44% from the prior quarter and posted a loss of $1.1 billion for the quarter. . Grab’s CFO attributed poor financial results to “investment[ing] heavily” in driver incentives and said it would take a quarter or two “to get that balance between drivers and riders, between supply and demand.”
Following this news, the Company’s share price fell $2.04, or 37.3%, to close at $3.28 per share on March 3, 2022, on unusually high trading volume. raised.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the defendants failed to disclose to investors: (1) that Grab’s pilot supply declined during the third quarter; (2) that, as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate the driver supply”; (3) that as a result, the Company’s financial results would be adversely affected, including, among other things, a significant decline in revenues; and (4) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.
For more information on the Grab class action, go to: https://bespc.com/cases/GRAB
Celsius Holdings, Inc. (NASDAQ: CELH)
Course period: August 12, 2021 – March 1, 2022
Lead applicant deadline: May 15, 2022
On March 1, 2022, after the market closed, Celsius disclosed that it could not file its 2021 annual report in a timely manner due to “staff limitations, unforeseen delays and clerical errors identified in previous filings” . Specifically, Celsius “determined that the calculation and expense of non-cash stock-based compensation related to stock option and restricted stock unit awards granted to certain former employees and retired directors were significantly underestimated for the three- and six-month periods ended June 30. , 2021 and the three and nine month periods ended September 30, 2021.” Accordingly, management has concluded that there is a material weakness in the Company’s internal control over financial reporting.
Following this news, the company’s stock price fell to an intraday low of $56.21 per share on unusually high trading volume on March 2, 2022. During the March 2 trading sessions 2022 and from March 3, 2022, the company’s stock price fell $5.20 in total, or 8.3% on unusually high trading volume to close at $57.60 per share on March 3, 2022.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the defendants failed to disclose to investors: (1) that the company incorrectly recorded expenses for non-cash stock-based compensation for the second and third quarters of 2021; (2) that as a result, the Company’s financial statements for those periods would be restated, including to report a net loss for the third quarter of 2021; (3) that there was a material weakness in Celsius’s internal controls over financial reporting; and (4) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.
For more information on the Celsius class action, please visit: https://bespc.com/cases/CELH
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP Brandon Walker, Esq. Alexandra B. Raymond, Esq. (212) 355-4648 [email protected]