SYNH - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Sea Syneos and Lordstown and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Sea Limited (NYSE:SE), Syneos Health, Inc. (NASDAQ:SYNH), and Lordstown Motors Corp. (OTC:RIDEQ). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Sea Limited (NYSE:SE)
Class Period: April 23, 2022 - May 15, 2023
Lead Plaintiff Deadline: September 19, 2023
Sea, together with its subsidiaries, provides digital entertainment, e-commerce, and digital financial services in Asia, Latin America, and internationally. The Company's digital financial services platform provides, inter alia, payment processing services, credit offerings, and digital bank services under various brands, which purportedly work in tandem with Sea's digital entertainment and e-commerce platforms to drive synergies among all three business segments.Defendants have consistently asserted that these purported synergies allow the Company to grow its user base and loan book in an efficient, cost-effective manner, while managing risks impacting the Company's profitability.
On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Among other items, Sea reported first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan loss reserves. The Company advised that "[o]ur provision for credit losses increased by 120.5% to US$177.4 million in the first quarter of 2023 from US$80.5 million in the first quarter of 2022, primarily driven by expansion to a broader user base and the growth of our loan book" (emphasis added). Sea also disclosed that the Company's previous Chief Investment Officer, David Ma, had left that role and joined the Company's Board of Directors.
On this news, Sea's American Depositary Share ("ADS") price fell $15.62 per ADS, or 17.74%, to close at $72.45 per ADS on May 16, 2023.
For more information on the Sea class action go to: https://bespc.com/cases/SE
Syneos Health, Inc. (NASDAQ:SYNH)
Class Period: September 9, 2020 – November 3, 2022
Lead Plaintiff Deadline: September 25, 2023
On February ...