RILY - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Mobileye ADM B. Riley and Evolution and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 02, 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 Mobileye Global Inc. (NASDAQ:MBLY), Archer-Daniels-Midland Company (NYSE:ADM), B. Riley Financial, Inc. (NASDAQ:RILY), and Evolution AB (publ) (OTC:EVVTY, EVGGF)). 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.
Mobileye Global Inc. (NASDAQ:MBLY)
Class Period: January 26, 2023 - January 3, 2024
Lead Plaintiff Deadline: March 18, 2024
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company's Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) that, as a result, the Company's customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (3) that, due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company's fiscal 2024 financial results; and (4) that, as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Mobileye class action go to: https://bespc.com/cases/MBLY
Archer-Daniels-Midland Company (NYSE:ADM)
Class Period: April 30, 2020 - January 22, 2024 (Common Stock Only)
Lead Plaintiff Deadline: March 25, 2024
The lawsuit alleges that over the past decade, Archer-Daniels-Midland ("ADM") has spent billions of dollars trying to expand its Nutrition business to protect against commodity price volatility in its legacy agricultural commodities trading business.
It is alleged that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, about the performance and prospects of ADM's Nutrition segment and its accounting practices. Specifically, Defendants made positive statements about the Nutrition segment as a future profit-driver for the Company, with the ability to capitalize on healthier eating trends and rising consumer demand for natural ingredients and flavoring. Defendants also created the impression that the Nutrition segment's growth would provide more diversification and earnings stability for ADM.
Unbeknownst to investors, however, the Nutrition segment's ostensibly impressive growth was inaccurate and subject to improper accounting practices, and Defendants also downplayed the segment's eventual decline in 2023. As ADM was aggressively ...