Johnson & Weaver, LLP Announces Securities Class Action Lawsuits against RH, Natus Medical Incorporated and Banc of California, Inc.
SAN DIEGO- PRNewswire —February 13, 2017
Shareholder Rights Law Firm Johnson & Weaver, LLP announces class action lawsuits were filed against RH, Natus Medical Incorporated and Banc of California, Inc., as detailed below:
RH
Shareholder rights law firm Johnson & Weaver, LLP announces that a shareholder class action lawsuit has been filed against RH (formerly known as Restoration Hardware) (NYSE: RH) on behalf of purchasers of stock between March 26, 2015 and June 8, 2016, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for of RH investors under the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements, on a new product line, RH Modern. The complaint further alleges that RH misrepresented and concealed problems surrounding the launch of RH Modern, including inventory shortages, shipping delays and poor construction quality.
On June 8, 2016, RH announced its financial and operating results for the first quarter of 2016 and significantly reduced its earnings guidance for fiscal year 2016, noting “accommodations largely due to . . . production delays” in RH’s new product line, RH Modern, which the Company had previously touted as “the most important and significant new home furnishings business to be launched in the last 15 or 20 years.” On this news, RH stock dropped 21.24% on June 9, 2016.
If you wish to serve as a lead plaintiff, you must move the Court no later than April 3, 2017.
If you have held RH shares continuously prior to March 26, 2015, you may have standing to hold RH harmless from the damage the officers and directors caused by making them personally responsible. You may also be able to assist in reforming the Company’s corporate governance to prevent future wrongdoing.
If you are an RH shareholder and are interested in learning more about your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If you email, please include your phone number.
Natus Medical Incorporated
Shareholder Rights Law Firm Johnson & Weaver, LLP announces the filing of a class action lawsuit on behalf of purchasers of Natus Medical Incorporated (NASDAQ: BABY) between October 16, 2015, through April 3, 2016, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Natus investors under the federal securities laws.
The complaint alleges throughout the Class Period Defendants made materially false and misleading statements, as well as failed to disclose material adverse facts about Natus’ business, operations and prospects, including that: (1) the Venezuelan government failed to make tens of millions of dollars in prepayments to Natus, which were required to have been paid beginning in October 2015; (2) Natus had no means to effectively enforce its rights under its supply contract, as Venezuela was the exclusive forum for dispute resolution; (3) Natus’ receipt of revenues pursuant to the supply contract was contingent on the outcome of Venezuelan elections; and (4) as a result, Natus was not on track to achieve the increased guidance provided by Defendants, which lacked a reasonable basis. When the factual details were made known, the lawsuit claims that investors suffered damages.
If you wish to serve as a lead plaintiff, you must move the Court no later than March 31, 2017. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact Jim Baker (jimb@johnsonfistel.com) by email or by phone at 619-814-4471. Your ability to share in any recovery does not require that you serve as a lead plaintiff.
Banc of California, Inc.
Shareholder Rights Law Firm Johnson & Weaver, LLP announces the filing of a class action lawsuit on behalf of purchasers of Banc of California, Inc. (NASDAQ: BANC) between October 29, 2015 and January 20, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Banc of California investors under the federal securities laws
The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public. As a result of defendants’ false statements, Banc’s stock traded at artificially inflated prices during the Class Period, reaching a high of $23.12 per share on August 8, 2016.
On September 7, 2016, Bloomberg News published an article on Banc highlighting several related-party transactions, including Banc paying $100 million for the naming rights on Los Angeles’s new soccer stadium for a soccer team whose investors included the brother of Banc’s CEO, “marking the latest in a series of deals involving the CEO’s family and associates,” and stating that such “transactions, even when disclosed, should serve as warning signs for investors when deciding whether to buy stock.” Within a week of this article, Banc’s stock price fell to below $21 per share. On September 20, 2016, Banc announced that its CFO had resigned after only a year on the job. On this news, Banc’s stock price fell again, declining from $20.51 per share to $17.61 per share within a week.
On October 18, 2016, an article was published by Seeking Alpha that highlighted Banc’s ties to alleged fraudsters. The article stated that Seeking Alpha had “conducted exhaustive due diligence into [Banc’s] leadership team” and had established that Banc’s “senior-most officers and board members have a broad mosaic of extensive and indisputable ties to Jason Galanis.” According to Seeking Alpha, “[t]he mere presence of a bank leadership team associated with Galanis should send diligent investors running for the hills.” On this news, the price of Banc stock fell $4.61 per share, or 29%, on October 18, 2016, to close at $11.26 per share. In response to the Seeking Alpha article, on October 18, 2016, Banc issued a press release announcing that the Company was aware of the Seeking Alpha allegations and that the Board of Directors had initiated a “thorough” and “independent” investigation through “Disinterested Directors.”
Then, on January 23, 2017, Banc issued a press release announcing the resignation of its CEO and Chairman of the Board, Steven A. Sugarman, and revealed that the SEC had opened a formal order of investigation directed at certain of the issues that Banc’s Special Committee was reviewing concerning the Company’s response to the October 18, 2016, Seeking Alpha article in which Banc had mischaracterized the investigation into Seeking Alpha’s allegations. As a result of this news, the price of Banc stock dropped $1.50 per share to close at $14.65 per share on January 23, 2017, a decline of 9%.
If you wish to serve as a lead plaintiff, you must move the Court no later than March 24, 2017. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact Jim Baker (jimb@johnsonfistel.com) by email or by phone at 619-814-4471. Your ability to share in any recovery does not require that you serve as a lead plaintiff.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com