NEW YORK, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against on behalf of investors of Homology Medicines, Inc. (NASDAQ: FIXX), Vasta Platform Limited (NASDAQ: VSTA), Tricida, Inc. (NASDAQ: TCDA), and Energy Harbor Corporation (Other OTC: ENGH). Our investigation concerns whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each potential case can be found at the link provided.
Homology Medicines, Inc. (NASDAQ: FIXX)
On July 21, 2020, Mariner Research (“Mariner”) published a report questioning statements by Homology and its officers about the efficacy of HMI-102, the Company’s lead product candidate for treatment of phenylketonuria. Mariner focused on Homology’s HMI-102 dose escalation pheNIX trial, concluding that the Company concealed data showing HMI-102’s lack of efficacy and indicating that the program was unlikely to proceed to commercialization. Among other evidence, Mariner cited an email from Homology’s Chief Communications Officer appearing to indicate the Company’s awareness that a HMI-102 high dose patient had adverted to the adverse efficacy issue in a social media post during April 2020.
On this news, Homology’s stock price fell $1.71 per share, or 10.38%, over the following three trading days, closing at $14.77 per share on July 24, 2020.
For more information on our investigation into Homology go to: https://bespc.com/cases/FIXX
Vasta Platform Limited (NASDAQ: VSTA)
On or around July 30, 2020, Vasta conducted its initial public offering (“IPO”), selling 18,575,492 of its Class A common shares priced at $19.00 per share.
Then, on August 20, 2020, Vasta issued a press release announcing the Company’s financial results for the second quarter and first half of 2020. Among other results, Vasta announced a second-quarter net loss of 54.9 million reais and revenue of 120.23 million reais, representing a revenue decline of 12.9% from the year-ago quarter. Vasta also advised investors that adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), excluding non-recurring effects, was negative by 1.7 million reais in the second quarter, and that “[t]he different seasonality in revenue recognition seen in 2020 on account of a greater concentration of invoices at the start of the commercial cycle (4Q and 1Q) ended up having a negative impact on the basis of comparison against the same period last year.” The Company further advised that negative EBITDA of 10.9 million reais in the second quarter was “due to the extraordinary effects seen in the period, such as the different seasonality of revenue together with the impact of Covid-19 on the operation, as well as the inventory adjustment and higher marketing expenses.”
On this news, Vasta’s common share price fell $1.63 per share, or 8.81%, to close at $16.88 per share on August 21, 2020, representing an 11.16% decline from the IPO price.
For more information on our investigation into Vasta go to: https://bespc.com/cases/VSTA
Tricida, Inc. (NASDAQ: TCDA)
On July 15, 2020, Tricida issued a press release announcing “that on July 14, 2020, the Company received a notification from the U.S. Food and Drug Administration (FDA) stating that, as part of its ongoing review of the Company's New Drug Application (NDA)” for Tricida’s drug candidate, veverimer (TRC101), “the FDA has identified deficiencies that preclude discussion of labeling and post marketing requirements/commitments at this time.” Tricida stated that “[t]he notification does not specify the deficiencies identified by the FDA.”
On this news, Tricida’s stock price fell sharply on July 16, 2020, to close at $15.64 per share.
For more information on our investigation into Tricida go to: https://bespc.com/cases/TCDA
Energy Harbor Corporation (Other OTC: ENGH)
On July 21, 2020, Federal Bureau of Investigation agents arrested Ohio House Speaker Larry Householder in connection with an alleged illegal scheme involving bribery in return for Householder’s championing of a state-funded bailout of two nuclear power plants operated by Energy Harbor.
On this news, Energy Harbor’s stock price fell $7.35 per share, or 20.79%, to close at $28.00 per share on July 21, 2020.
For more information on our investigation into Energy Harbor go to: https://bespc.com/cases/ENGH
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.