Bragar Eagel & Squire, PC East

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NEW YORK, July 31 12, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Cavco Industries, Inc. (CVCO), Discover Financial Services (:DFS), MINISO Group Holding Limited (:MNSO) and World Wrestling Entertainment, Inc. (:WWE). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.

Cavco Industries, Inc. (CVCO)

On Nov. 8, 2018, Cavco disclosed in an SEC filing that it had “received a subpoena from the SEC’s Division of Enforcement requesting certain documents relating to, among other things, trading in the stock of a other public company”.

On this news, Cavco’s stock price fell $49.48 per share, or more than 23%, to close at $165.20 per share on November 9, 2018.

On February 4, 2019, revealed to have received requests for additional documents. Cavco further disclosed that it has spent and expects to spend millions of dollars in legal and insurance costs in connection with the SEC subpoenas and the company’s independent investigation into the matter.

On this news, Cavco’s stock price fell $26.92 per share, or about 16.7%, to close at $134.37 per share on February 5, 2019.

On September 2, 2021, the SEC filed a lawsuit against Cavco, former CEO Joseph Stegmayer, and former Chief Financial Officer and Chief Compliance Officer Daniel Urness. The SEC complaint alleged that Stegmayer and Urness tricked Cavco into buying shares of publicly traded companies based on material, nonpublic information.

On this news, Cavco’s stock price fell $6.59 per share, or about 2.5%, to close at $252.48 per share on September 3, 2021.

For more information on the Cavco survey, visit: https://bespc.com/cases/CVCO

Discover Financial Services (: DSF)

Discover is a digital banking and payments company that provides customers with credit card loans, private student loans, personal loans, home loans and deposit products.

In 2015, the U.S. Consumer Financial Protection Bureau (“CFPB”) issued a consent order against Discover based on the CFPB’s finding that Discover had engaged in illegal debt collection practices and that Discover misstated minimum amounts due on billing statements as well as consumer tax information. necessary to obtain federal tax benefits. In 2020, the CFPB issued a consent order against Discover based on its findings that Discover had violated the CFPB’s previous order, the Electronic Funds Transfer Act and the Consumer Financial Protection Act of 2010 .

On July 20, 2022, Discover disclosed that it was “suspending its existing stock repurchase program until further notice due to an internal investigation into its student loan management practices and related compliance matters.” Discover further revealed that “[t]The investigation is ongoing and is being conducted by an independent special committee appointed by the board.

On this news, Discover stock price fell $8.49 per share, or 7.8%%, to close at $100.00.
per share on July 21, 2022.

For more information on the Discover survey, visit: https://bespc.com/cases/DFS

MINISO Group Holding Limited (: MNSO)

The investigation focuses on whether MINISO and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

On or about October 15, 2020, MINISO made its initial public offering (“IPO”) of 30.4 million American Depositary Shares (“ADS”), at a price of $20.00 per ADS.

On July 26, 2022, Blue Orca Capital (“Blue Orca”) released a brief report regarding MINISO. Citing a “seven-month investigation of Chinese company records and store-level data”, the Blue Orca report alleged, among other things, that “hundreds of [MINISO] the stores are secretly owned and operated by MINISO executives or people closely associated with the president” and that “Chinese company documents also indicate. . . that the president siphoned hundreds of millions from public society through opaque Caribbean jurisdictions as a middleman in a twisted headquarters deal.

On this news, MINISO’s ADS price declined intraday to $6.13, $0.87 lower than the July 26, 2022 opening price and $13.87 lower than the price of the ADS. ‘Initial Public Offering.

For more information on the MINISO survey, visit: https://bespc.com/cases/MNSO

World Wrestling Entertainment, Inc. (: WWE)

WWE is the subject of a June 15, 2022 article in the the wall street journal headlined: “WWE Board of Directors Probing CEO Vince McMahon’s Secret $3 Million Pact, Sources Say.” According to the article, the company’s board of directors is “investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair. , according to documents and people familiar with the council’s investigation.” The article continues, “The board’s investigation, which began in April, uncovered other, older nondisclosure agreements involving allegations by former WWE employees of corporate misconduct. from Mr. McMahon and one of his top executives, John Laurinaitis, head of talent relations at WWE, the people said.

On June 17, 2022, the Company issued a press release stating that “a special committee of the Board of Directors is investigating allegations of misconduct by its President and Chief Executive Officer Vincent McMahon and John Laurinaitis, Head of Talent Relations, and that, effective immediately, McMahon has voluntarily stepped down from his responsibilities as CEO and Chairman of the Board pending the conclusion of the investigation.

On this news, WWE shares fell $1.94, or 3%, to close at $62.51 on June 17, 2022.

For more information on WWE’s investigation, visit: https://bespc.com/cases/WWE

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 information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.

Contact information:

Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

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