MDB - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Maxeon GameStop and MongoDB and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, July 15, 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 Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), GameStop Corp. (NYSE:GME), and MongoDB, Inc. (NASDAQ:MDB). 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.
Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN)
Class Period: November 15, 2023 - May 29, 2024
Lead Plaintiff Deadline: August 26, 2024
On May 30, 2024, before the market opened, Maxeon announced financial results for first quarter 2024 in a press release, reporting a 41% year-over-year decline in revenue to $187.5 million. The Company disclosed that it was "facing a serious cash flow challenge" as the result of, in part, the termination of the SunPower supply agreement. The Company revealed that, as a result, it was forced to "negotiate[] commitments for significant liquidity support" which will result in "substantial dilution to existing public shareholders, with TZE [TCL Zhonghuan Renewable Energy Technology Co. Ltd.] ultimately becoming a controlling shareholder."
On this news, the Company's share price fell 34.7%, or $1.08, to close at $2.03 per share on May 30, 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 facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Maxeon relied on the exclusive sales of certain products to SunPower; (2) that, following the termination of the Master Supply Agreement, the Company was unable to "aggressively ramp sales"; (3) that, as a result, revenue substantially declined; (4) that, as a result, the Company suffered a "serious cash flow" crisis; and (5) 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 Maxeon class action go to: https://bespc.com/cases/MAXN
GameStop Corp. (NYSE:GME)
Class Period: May 13, 2024 - June 13, 2024
Lead Plaintiff Deadline: August 27, 2024
GameStop is a specialty retailer that provides games and entertainment products through its stores and ecommerce platforms in the U.S., Canada, Australia, and Europe. GameStop's principal executive offices are located at 625 Westport Parkway, Grapevine, Texas 76051. The Company's Class A common stock trades in an efficient market on the New York Stock Exchange under the ticker symbol "GME."
Defendant Keith Patrick Gill, known as "Roaring Kitty" on YouTube and the social media platform X (f/k/a Twitter), as well as "DeepF***ingValue" ("DFV") on the social media platform Reddit, is an American financial analyst and investor, as well as former financial analyst for Massachusetts Mutual Life Insurance Company, also referred to as "MassMutual." Defendant is also a former registered stockbroker who holds several securities-industry licenses, as well as one of GameStop's largest shareholders. As of June 2024, Defendant had over 1.6 million followers on X, 982,000 subscribers on YouTube, 116,000 members on his personal subreddit "r/roaringkitty" (ranked "Top 2%" in size among top Reddit communities), and 200,000 members on his personal subreddit "r/DeepF***ingValue."
Defendant was a key figure in the so-called "meme stock" movement, which saw shares of GameStop and a handful of other companies surge as much as twenty-one-fold over two weeks in January 2021 before crashing to pre-surge levels in the subsequent days. Meme ...