MDRX - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Veradigm Fisker and Eagle Pharmaceuticals and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 07, 2024 (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 Veradigm Inc. (NASDAQ:MDRX), Fisker Inc. (NYSE:FSR), and Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX). 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.
Veradigm Inc. (NASDAQ:MDRX)
Class Period: February 26, 2021 - June 13, 2023 (Common Stock Only)
Lead Plaintiff Deadline: January 22, 2024
The Veradigm class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Veradigm had overstated its historical revenues by at least $20 million; (ii) Veradigm had artificially inflated its revenue by recording duplicate transactions, among other things, over a more than two-year period; (iii) Veradigm had artificially inflated its earnings and margins and materially misrepresented demand for Veradigm's products and services; (iv) Veradigm had failed to maintain effective internal controls over its financial reporting; and (v) Veradigm had failed to comply with Generally Accepted Accounting Principles regarding appropriate revenue recognition practices.
On February 28, 2023, Veradigm announced that it had "detected certain internal control failures related to revenue recognition that had occurred over the prior six quarters, resulting in a misstatement of reported revenues during those periods." Veradigm disclosed that the revenue misstatements caused revenue to be overstated by approximately $20 million from the third quarter of 2021 until the fourth quarter of 2022. On this news, the price of Veradigm stock fell nearly 13%.
Then, on June 13, 2023, Veradigm revealed that it had identified additional revenue misstatements dating back to fiscal year 2020. Veradigm further disclosed that its internal review on the nature and extent of the accounting and internal control errors would take longer than previously disclosed, and Veradigm's independent auditors needed more time to complete their audit procedures. As a result, Veradigm would not meet the deadline to file its annual report on Form 10-K. On this news, the price of Veradigm stock fell more than 4%.
For more information on the Veradigm class action go to: https://bespc.com/cases/MDRX
Fisker Inc. (NYSE:FSR)
Class Period: August 4, 2023 - November 20, 2023
Lead Plaintiff Deadline: January 26, 2024
On November 8, 2023, before the market opened, Fisker announced that the completion of the Company's financial statements would be delayed due to the appointment of a new chief accounting officer ("CAO") and the departure of the Company's former CAO. The Company had previously announced former CAO, John Finnucan ("Finnucan") provided notice of intent to resign on September 19, 2023, ...