INMD - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against LuxUrban and InMode and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 18, 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 LuxUrban Hotels Inc. (NASDAQ:LUXH), and InMode Ltd. (NASDAQ:INMD). 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.
LuxUrban Hotels Inc. (NASDAQ:LUXH)
Class Period: November 8, 2023 - February 2, 2024
Lead Plaintiff Deadline: April 12, 2024
On January 17, 2024, Bleeker Street Research published a report, which alleged that the Company had not actually signed a lease with the Royalton Hotel. The report started the owner of the Royalton hotel building confirmed LuxUrban never actually signed a lease, nor even provided a Letter of Credit. The report also alleged the Company was embroiled in a number of lawsuits that "allege LuxUrban failed to pay rent repeatedly," and "in the last six months has been sued by landlords at four of their properties for unpaid rent" but that LuxUrban had "never once disclosed the nature of these lawsuits."
On this news, the Company's stock price fell $0.58, or 12% to close at $4.32 on January 17, 2024, on unusually heavy trading volume. The stock price continued to fall an additional $0.42, or 10%, to close at $3.89 on January 18, 2024, on unusually heavy trading volume.
Then on February 2, 2024, after the market closed, LuxUrban announced the "termination of discussions to add the Royalton Hotel to its roster of properties" and that it was "withdrawing its prior statements regarding the Royalton" including prior quarterly reports which listed the Royalton under "Management's Discussion and Analysis of Financial Condition ...