RILY - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against B. Riley Evolution NYCB and LuxUrban and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, March 01, 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 B. Riley Financial, Inc. (NASDAQ:RILY), Evolution AB (publ) (OTC:EVVTY, EVGGF)), New York Community Bancorp, Inc. (NYSE:NYCB), and LuxUrban Hotels Inc. (NASDAQ:LUXH). 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.
B. Riley Financial, Inc. (NASDAQ:RILY)
Class Period: May 10, 2023 and November 9, 2023 (Common Stock Only)
Lead Plaintiff Deadline: March 25, 2024
According to the filed complaint, 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 Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements; (3) that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the B. Riley class action go to: https://bespc.com/cases/RILY
Evolution AB (publ) (OTC:EVVTY, EVGGF))
Class Period: February 14, 2019 - October 25, 2023 (Evolution's ADS Only)
Lead Plaintiff Deadline: March 25, 2024
According to the complaint, On January 24, 2022, Analyst Alpha Generation Limited released a report on Evolution (the "Report") to certain institutional investors. According to subsequent media coverage, the Report stated that (i) a significant portion of Evolution's revenue "could be at risk due to future regulatory clampdowns," and (ii) Evolution was "exposed to revenues from what we [the authors of the Report] believe to be illegal gambling activities."
On this news, Evolution's American Depositary Share ("ADS") price fell $19.78 per ADS, or 14.68%, over the following three trading sessions, to close at $115.00 per ADS on January 27, 2022.
On April 26, 2022 (that is, on April 25, 2022 in the United States), Australia's gambling regulator announced that it had requested that Australian internet service provides block six online gambling sites, the operators of at least five of which were direct or indirect customers of Evolution's, alleging that the sites were engaged in illegal gambling.
On this news, Evolution's ADS price fell $6.02 per ADS, or 6.22%, over the following two trading sessions, to close at $96.73 per ADS on April 27, 2022.
On May 4, 2022, industry press reported that the Swedish Administrative Court had upheld most of the record Swedish fines of 175 million Swedish Krona (approximately $17.8 million) that had been imposed on brands operated by ...