AMERICAN AIRLINES (N.D. TEX., 4:24-C V-00673, FILED JULY 18, 2024)
Filed on behalf of a putative class of persons who purchased American Airlines Group Inc. securities between January 25, 2024 and May 28, 2024
Asserts claims under the Securities Exchange Act of 1934
Alleges Defendants made "overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of American; notably, that the Company's sales and distribution strategy was not driving the revenue projected. Instead, it was actually driving customers away from American as the strategy and its attested poor execution made it more difficult for customers to access the Company's services."
CROWDSTRIKE (W.D. TEX., 1:24-C V-00857, FILED JULY 30, 2024)
Filed on behalf of a putative class of persons who purchased CrowdStrike Holdings, Inc. common stock between November 29, 2023 and July 29, 2024
Asserts claims under the Securities Exchange Act of 1934
Alleges Defendants made false and/or misleading statements and/or failed to disclose that "(1) CrowdStrike had instituted deficient controls in its procedure for updating [its] Falcon [software platform] and was not properly testing updates to Falcon before rolling them out to customers; (2) this inadequate software testing created a substantial risk that an update to Falcon could cause major outages for a significant number of the Company's customers; and (3) such outages could pose, and in fact ultimately created, substantial reputational harm and legal risk to CrowdStrike."
XPEL (W.D. TEX., 5:24-C V-00873, FILED AUG. 8, 2024)
Filed on behalf of a putative class of persons who purchased XPEL Inc. securities between November 8, 2023 and May 2, 2024
Asserts claims under the Securities Exchange Act of 1934
Alleges Defendants made false and/or misleading statements and/or failed to disclose that "(i) XPEL's competitors were siphoning an increasingly large segment of the market; (ii) as a result, the Company's revenue growth became increasingly dependent upon existing customers and partners; (iii) as a result, the Company's revenue growth for 2023 and 2024 dwindled; and (iv) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis."
NEXT BRIDGE HYDROCARBONS (N.D. TEX., 4:24-C V00767, TRANSFERRED AUG. 12, 2024)
Filed on behalf of a putative class of persons who acquired Next Bridge Hydrocarbons, Inc. shares in connection with the Company's spin-off from Meta Materials, Inc. on December 14, 2022
Asserts claims under the Securities Act of 1933
Alleges that the registration statement in connection with the spin-off contained untrue statements of material fact and/or omitted to state material facts to make the statements therein not misleading concerning (i) "the value of [certain oil and gas] Assets", (ii) the Company's "ability to present accurate financial statements," and (iii) "[i]nformation required under Item 404 of Regulation S-K concerning a related-party transaction involving certain [oil and gas] Assets."
ORTHOFIX (E.D. TEX., 2:24-C V-00690, FILED AUG. 21, 2024)
Filed on behalf of a putative class of persons who purchased Orthofix Medical Inc. common stock between October 11, 2022 and September 12, 2023
Asserts claims under the Securities Exchange Act of 1934
Alleges that "Defendants issued false and misleading statements and/or failed to disclose adverse facts about the Company's management team" and that Defendants "falsely assured the market that Orthofix's management team consisted of individuals committed to conducting business in accordance with the highest ethical and legal standards, and further, that these individuals believed in and fostered a strong performance-based culture focused on integrity, collaboration, innovation, diversity, and corporate responsibility."
BUMBLE (W.D. TEX., 1:24-C V-01131, FILED SEPT. 24, 2024)
Filed on behalf of a putative class of persons who purchased Bumble Inc. securities between November 7, 2023 and August 7, 2024
Asserts claims under the Securities Exchange Act of 1934
Alleges that Defendants "provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning Bumble's relaunch strategy, including: Premium Plus and base tiers, focused engagement and more personalized experiences for younger users, and enhancing premium offerings for paid subscription members."
SIX FLAGS (N.D. TEX., 4:20-CV-00201)
$40 million settlement of case asserting claims under the Securities Exchange Act of 1934
Case initially filed on February 12, 2020. In early 2021, the court granted Defendants' motion to dismiss with prejudice. The Fifth Circuit reversed the dismissal in early 2023. In June 2023, the court granted Defendants' motion for judgment on the pleadings and dismissed the action with prejudice. The Fifth Circuit again reversed the dismissal in April 2024. The case resolved during fact discovery. Motion for preliminary approval of settlement filed on September 3, 2024.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
