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INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That Class Action Lawsuits Have Been Filed Against Ebix, Inc., EHang Holdings Limited, Ontrak, Inc., and Plug Power Inc. and Encourages Investors to Contact the Firm
NEW YORK, March 26, 2021 (GLOBE NEWSWIRE) — The regulation agency of Kirby McInerney LLP reminds buyers that class motion lawsuits have been filed on behalf of stockholders of Ebix, Inc., EHang Holdings Restricted, Ontrak, Inc., and Plug Energy Inc. Buyers have till the deadlines beneath to use to the Courtroom to be appointed as lead plaintiff within the lawsuit. Extra details about every case could be discovered on the hyperlinks offered beneath. Ebix, Inc. (“Ebix” or the “Firm”) (NASDAQ: EBIX) Class Interval: November 9, 2020 to February 19, 2021 Lead Plaintiff Deadline: April 23, 2021 On February 19, 2021, after the market closed, Ebix revealed that its impartial auditor, RSM US LLP (“RSM”), resigned “on account of being unable, regardless of repeated inquiries, to acquire ample acceptable audit proof that will enable it to guage the enterprise goal of great uncommon transactions that occurred within the fourth quarter of 2020” associated to the Firm’s present card enterprise in India. RSM had additionally acknowledged that there was a cloth weak spot associated to Ebix’s failure to design controls “over the present or pay as you go card income transaction cycle ample to forestall or detect a cloth misstatement.” As well as, Ebix and RSM disagreed over the accounting therapy of $30 million that had been transferred right into a commingled belief account of Ebix’s exterior authorized counsel in December 2020. On this information, the Firm’s share worth declined by $20.24 per share, or roughly 40%, to shut at $30.50 per share on February 22, 2021, on unusually heavy buying and selling quantity. The lawsuit alleges that all through the Class Interval Defendants made materially false and/or deceptive statements, in addition to did not disclose materials hostile information concerning the Firm’s enterprise, operations, and prospects. Particularly, Defendants did not speak in confidence to buyers: (1) that there was inadequate audit proof to find out the enterprise goal of sure vital uncommon transactions in Ebix’s present card enterprise in India through the fourth quarter of 2020; (2) that there was a cloth weak spot within the Firm’s inside controls over the present or pay as you go income transaction cycle; and (3) that the Firm’s impartial auditor was fairly prone to resign over disagreements with Ebix relating to $30 million that had been transferred right into a commingled belief account of Ebix’s exterior authorized counsel; and (4) that, on account of the foregoing, Defendants’ constructive statements concerning the Firm’s enterprise, operations, and prospects have been materially deceptive and/or lacked an affordable foundation. For added data on the Ebix lawsuit please go to this web site. EHang Holdings Restricted (“EHang” or the “Firm”) (NASDAQ: EH) Class Interval: December 9, 2019 to February 16, 2021 Lead Plaintiff Deadline: April 19, 2021 On February 16, 2021, analyst Wolfpack Analysis printed a analysis report entitled “EHang: A Inventory Promotion Destined to Crash and Burn.” Citing “intensive proof” together with “behind-the-scenes images, recorded cellphone calls, and movies of on-site visits to EH’s varied amenities,” the report alleged that EHang is “an elaborate inventory promotion, constructed on largely fabricated revenues based mostly on sham gross sales contracts with a buyer [Shanghai Kunxiang Intelligent Technology Co., Ltd.] who seems to us to be extra eager about serving to inflate the worth of its funding in EH…than about shopping for its merchandise.” Wolfpack Analysis additionally famous that “in simply 14 months as a publicly traded firm, EH’s PR group has put out 50 press releases…Nonetheless, EH’s fixed stream of press releases are simply confirmed unfaithful.” Lastly, the report alleged that Wolfpack Analysis “obtained Chinese language court docket information which present that EH’s ADRs might already be in severe jeopardy resulting from authorized points in China.” On this information, the Firm’s share worth declined by $77.79 per share, or roughly 62.7%, to shut at $46.30 per share on February 16, 2021, thereby injuring buyers. The lawsuit alleges that all through the Class Interval, Defendants made materially false and/or deceptive statements, in addition to did not disclose materials hostile information concerning the Firm’s enterprise, operations, and prospects. Particularly, Defendants did not speak in confidence to buyers that: (1) the Firm’s purported regulatory approvals in Europe and North America for its EH216 have been to be used as a drone, and never for carrying passengers; (2) its relationship with its purported main buyer is a sham; (3) EHang has solely collected on a fraction of its reported gross sales since its ADS started buying and selling on NASDAQ in December 2019; (4) the Firm’s manufacturing amenities have been virtually empty and lacked proof of superior manufacturing gear or workers; and (5) because of this, Defendants’ statements about its enterprise, operations, and prospects have been materially false and deceptive and/or lacked affordable foundation in any respect related instances. For added data on the EHang lawsuit please go to this web site. Ontrak, Inc. (“Ontrak” or the “Firm”) (NASDAQ: OTRK) Class Interval: November 5, 2020 to February 26, 2021 Lead Plaintiff Deadline: Might 3, 2021 On March 1, 2021, Ontrak issued a press launch asserting preliminary monetary outcomes for the fourth quarter and full 12 months 2020. Therein, the Firm acknowledged that its largest buyer had terminated its contract with Ontrak, efficient June 26, 2021. The Firm acknowledged that this buyer “evaluated Ontrak on a supplier foundation” and “[a]s such, the shopper evaluated [Ontrak’s] efficiency based mostly on [its] capability to realize the bottom potential value per medical go to, and never on [its] medical outcomes information or medical value financial savings.” The Firm additionally acknowledged that “the teaching mannequin which Ontrak has pioneered for over a decade was seen by the shopper to be much less related to their efficiency metrics.” On this information, the Firm’s share worth declined by $27.32 per share, or roughly 46.4%, to shut at $31.62 per share on March 1, 2021, thereby injuring buyers. The lawsuit alleges that all through the Class Interval, Defendants made materially false and/or deceptive statements, in addition to did not disclose materials hostile information concerning the Firm’s enterprise, operations, and prospects. Particularly, Defendants did not speak in confidence to buyers: (1) that Ontrak’s largest buyer evaluated the Firm on a supplier foundation, valuing Ontrak’s efficiency based mostly on reaching the bottom value per medical go to moderately than medical outcomes or medical value financial savings; (2) that, because of this, Ontrak’s largest buyer didn’t discover the Firm’s program to be efficient and was fairly prone to terminate its contract with Ontrak; (3) that, as a result of this buyer accounted for a good portion of the Firm’s income, the lack of the shopper would have an outsized affect on Ontrak’s monetary outcomes; and (4) that, on account of the foregoing, Defendants’ constructive statements concerning the Firm’s enterprise, operations, and prospects have been materially deceptive and/or lacked an affordable foundation. For added data on the Ontrak lawsuit please go to this web site. Plug Energy Inc. (“Plug” or the “Firm”) (NASDAQ: PLUG) Class Interval: November 9, 2020 to March 1, 2021 Lead Plaintiff Deadline: Might 7, 2021 On March 2, 2021, earlier than the market opened, Plug filed a Notification of Late Submitting with the SEC stating that it couldn’t well timed file its annual report for the interval ended December 31, 2020 as a result of the Firm was finishing a “evaluate and evaluation of the therapy of sure prices almost about classification between Analysis and Improvement versus Prices of Items Offered, the recoverability of proper of use property related to sure leases, and sure inside controls over these and different areas.” The Firm acknowledged that “[i]t is feasible that a number of of these things might lead to expenses or changes to present and/or prior interval monetary statements.” On this information, the Firm’s inventory worth declined by $3.68 per share, or roughly 7%, to shut at $48.78 per share on March 2, 2021, on unusually heavy buying and selling quantity. The share worth continued to say no by $9.48 per share, or roughly 19.4%, over three consecutive buying and selling days to shut at $39.30 per share on March 5, 2021, on unusually heavy buying and selling quantity. The lawsuit alleges that all through the Class Interval, Defendants made materially false and/or deceptive statements, in addition to did not disclose materials hostile information concerning the Firm’s enterprise, operations, and prospects. Particularly, Defendants did not speak in confidence to buyers: (1) that the Firm could be unable to well timed file its 2020 annual report resulting from delays associated to the evaluate of classification of sure prices and the recoverability of the precise to make use of property with sure leases; (2) that the Firm was fairly prone to report materials weaknesses in its inside management over monetary reporting; and (3) that, on account of the foregoing, Defendants’ constructive statements concerning the Firm’s enterprise, operations, and prospects have been materially deceptive and/or lacked an affordable foundation. For added data on the Plug lawsuit please go to this web site. About Kirby McInerney LLP: Kirby McInerney is a New York-based plaintiffs’ regulation agency concentrating in securities, antitrust, and whistleblower litigation. The agency’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of {dollars}. Extra details about the agency could be discovered at Kirby McInerney’s web site: www.kmllp.com. This press launch could also be thought-about Legal professional Promoting in some jurisdictions below the relevant regulation and moral guidelines. ContactsKirby McInerney LLPThomas W. Elrod, Esq., (212) 371-6600investigations@kmllp.com www.kmllp.com
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