TWOU - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Marinus 2U Lamb Weston and Teradata and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, June 20, 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 Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS), 2U, Inc. (NASDAQ:TWOU), Lamb Weston Holdings, Inc. (NYSE:LW), and Teradata Corporation (NYSE:TDC). 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.
Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS)
Class Period: March 17, 2021 - May 7, 2024
Lead Plaintiff Deadline: August 5, 2024
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants understated the risk of failure to meet the early-stopping criteria in the RAISE trial; (2) defendants did not disclose that a possible consequence of failing to meet the early stopping criteria in the RAISE trial would be that Marinus would stop the separate Phase 3 RAISE II trial; and (3) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
For more information on the Marinus class action go to: https://bespc.com/cases/MRNS
2U, Inc. (NASDAQ:TWOU)
Class Period: February 9, 2022 - February 12, 2024
Lead Plaintiff Deadline: August 12, 2024
On November 9, 2023, after the market closed, the Company announced that 2U and USC would wind down their 15-year collaboration in the Company's major programs, and that USC would pay approximately $40 million in connection with this exit. The Company also announced it would recognize a total of $80 million in the fourth quarter related to partners seeking a negotiated exit from certain degree programs, which the Company euphemistically referred to as "portfolio management activities." The Company disclosed these portfolio management activities would offset a 21% decrease in full course equivalent enrollment, which was primarily driven by "the impact of [its] transition to a new marketing framework in mid-2022." The Company also revealed fiscal quarterly results, showing Degree Program revenue was flat year over year, that total revenue had decreased 1%, and that the Alternative Credential Segment revenue decreased 3%.
On this news, 2U's share price fell $1.35, or 56.72% to close at $1.03 on November 10, 2023, on unusually heavy trading volume.
Then, on February 12, 2024, after the market closed, 2U disclosed that due to the Company's debt, "there is substantial doubt about its ability to continue as a going concern." The Company further disclosed it recognized $88.0 million of revenue from portfolio management activities (i.e., fees negotiated for early partnership contract termination) in the year and it would assume another $10 million from such activities in the first quarter of 2024 and at least $15 million in full-year 2024. The Company also announced its full year revenue of $946 million, significantly missing the Company's guidance of $965 million to $990 million, and revealed Degree Program Segment revenue, Alternative Credential Segment Revenue, and total revenue, all decreased 2% year over year. The Company also issued full year 2024 guidance, estimating revenue would continue to decline from $946 million, to $805 million to $815 million.
On this news, 2U's share price fell $0.55 or 59.33%, to close at $0.37 on February 13, 2024, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse ...