NEW YORK, June 24, 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 Dentsply Sirona, Inc. (NADSAQ: XRAY), IonQ, Inc. (: IONQ), Energy Transfer LP (: ET) and Digital Turbine, Inc. (APPS). 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.
Dentsply Sirona, Inc. (NADSAQ: XRAY)
Course period: June 9, 2021 – May 9, 2022
Lead Applicant Deadline: August 1, 2022
Dentsply is a dental equipment manufacturer with offices across the United States. Dentsply produces a wide range of dental supplies, ranging from anesthetics, plaque and gum disease prevention, tooth polishers and artificial teeth. The Company distributes approximately two-thirds of its dental consumable technology and equipment products through third-party distributors.
The complaint alleges that, throughout the class action period, the defendants orchestrated a scheme to inflate the company’s revenues and profits by manipulating its accounting for a distributor rebate program to qualify senior executives. significant cash and stock incentive compensation. In order to facilitate this scheme, Dentsply and its officers made numerous false and misleading statements to investors during the Class Period. As a result of the defendants’ misrepresentations, Dentsply common stock traded at artificially inflated prices during the class period.
The truth about Dentsply’s misconduct came to light through a series of disclosures, beginning on April 19, 2022, when Dentsply announced the sudden dismissal of its CEO Don Casey. Then, on May 10, 2022, Dentsply announced that, following reports from several whistleblowers, its board’s audit committee had opened an internal investigation into certain financial reporting matters. Specifically, Dentsply disclosed that the audit committee was investigating “the company’s use of incentives to sell products to distributors during the third and fourth quarters of 2021” and “whether these incentives were properly accounted for.” In addition, the audit committee was also investigating allegations that “certain former and current senior executives directed the company to use these incentives and other actions to achieve executive compensation targets in 2021. “. Following these disclosures, Dentsply’s stock price fell precipitously.
For more information on the Dentsply Sirona class action, please visit: https://bespc.com/cases/XRAY
IonQ, Inc. (:IONQ)
Course period: March 20, 2021 – May 2, 2022
Lead Applicant Deadline: August 1, 2022
On May 3, 2022, Scorpion Capital released a research report alleging, among other things, that IonQ is a “scam based on misrepresentations about nearly every key aspect of technology and business.” He further claimed that the company reported “[f]fictitious “income” via fictitious transactions and round trips between related parties. »
Following the news, shares of the company fell $0.71, or 9%, to close at $7.15 per share on May 3, 2022, on unusually high trading volume.
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 IonQ had not yet developed a 32-qubit quantum computer; (2) that the company’s 11-qubit quantum computer suffered from high error rates, rendering it useless; (3) that IonQ’s quantum computer is not reliable enough, so it is not accessible although it is available through major cloud providers; (4) that a significant portion of IonQ’s revenue was derived from improper back and forth transactions with related parties; and (5) 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 at all relevant times.
For more information on the IonQ class action, please visit: https://bespc.com/cases/IONQ
Energy Transfer LP(:ET)
Course period: April 13, 2017 – December 20, 2021
Lead Applicant Deadline: August 2, 2022
Energy Transfer is a Delaware company headquartered in Dallas, Texas. Energy Transfer is a company specializing in the transport of natural gas and propane by pipeline. It was founded in 1996 and became a publicly traded partnership in 2006. The Partnership, through its subsidiaries, provides transportation, storage and terminalling services for commodities such as natural gas, petroleum crude, NGLs and refined products. The Partnership also constructs natural gas pipelines through its various subsidiaries.
On April 13, 2017, horizontal directional drilling (“HDD”) activities for the Rover Pipeline Project, one of the Partnership’s natural gas pipeline construction projects, resulted in a large accidental spill of drilling mud near the Tuscarawas River in Ohio. On August 8, 2019, Energy Transfer filed its quarterly report on Form 10-Q with the SEC, reporting the financial and operating results of the Partnership for the second quarter ended June 30, 2019. This quarterly report disclosed that two years earlier, in mid-2017, Federal Energy Regulatory Commission (“FERC”) enforcement personnel launched a formal investigation “into allegations that diesel fuel may have been included in the sludge Tuscarawas River Hard Drive Drilling Facility”. On this news, Energy Transfer’s stock price fell $0.65, or 4.6% over two trading days, to close at $13.38 on August 12, 2019.
Then, on December 16, 2021, FERC publicly released to Energy Transfer the Show Order and Notice of Proposed Sanction, which ordered the partnership to show cause why it should not be assessed a civil penalty in the amount of $40,000,000. The order featured enforcement personnel’s allegation that HDD crews intentionally included diesel fuel and other toxic substances and unapproved additives in the drilling mud during their HDDs under the Tuscarawas River. On this news, Energy Transfer’s stock price fell $0.24, or 2.8%, over two trading days, to close at $8.25 on December 20, 2021.
The Complaint alleges that Energy Transfer concealed and misrepresented the following: (a) Energy Transfer had inadequate internal controls and procedures to prevent contractors from engaging in illegal behavior with respect to drilling activities, and/or failed to properly mitigate known issues with these controls and procedures; (b) Energy Transfer, through its subsidiary, engaged third-party contractors to perform HDDs for the Rover Pipeline Project, whose conduct of adding illegal additives to the drilling mud caused serious pollution near the Tuscarawas River during the April 13 release; and (c) Energy Transfer continually downplayed its potential civil liabilities when FERC was actively investigating the Partnership’s wrongdoings related to the April 13 release and provided it with ongoing updates on FERC’s findings in this regard.
For more information on the Energy Transfer class action, please visit: https://bespc.com/cases/ET
Digital Turbine, Inc. (APPS)
Course period: August 9, 2021 – May 17, 2022
Lead Applicant Deadline: August 5, 2022
Digital Turbine is a software company that provides products to help third parties monetize through the use of mobile advertising. The Company completed the acquisitions of AdColony Holdings AS (“AdColony”) and Fyber NV (“Fyber”) on April 29 and May 25, 2021, respectively.
On May 17, 2022, Digital Turbine issued a press release disclosing that it “will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021 and December 31, 2021, following a review of the presentation of the financial net of license fees and revenue share for the business recently acquired by the company.”
On this news, shares of the company fell $1.93, or 7.1%, to close at $25.28 per share on May 18, 2022, on unusually high trading volume.
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’s recent acquisitions, AdColony and Fyber, act as agents in some of their respective product lines; (2) that, therefore, revenues from these product lines should be reported net of license fees and revenue sharing, rather than on a gross basis; (3) that the Company’s internal control over financial reporting relating to revenue recognition was deficient; and (4) that as a result of the foregoing, the Company’s net revenues were overstated throughout fiscal 2022; and (5) 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 Digital Turbine class action, please visit: https://bespc.com/cases/APPS
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.
Melissa Fortunato, Esq.