Bragar Eagel & Squire, PC Reminds Investors Of This Category
NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized law firm, reminds investors that class actions have been filed on behalf of shareholders of Intrusion, Inc . (NASDAQ: INTZ), Romeo Power, Inc. (NYSE: RMO) and Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD). Shareholders have until the deadlines below to request the court to act as principal plaintiff. Additional information on each case can be found at the link provided.
Intrusion, Inc. (NASDAQ: INTZ)
Class period: January 13, 2021 to April 13, 2021
Principal applicant deadline: June 15, 2021
On April 14, 2021, White Diamond Research released a report alleging, among other things, that Intrusion’s product, Shield, “has no patents, certification or assurance, all of which are essential for selling cybersecurity products” and that “Shield is based on open source data already available to the public. Thus, the report stated that “Shield is a repackaging of pre-existing technology rather than an innovative offering”. In addition, the report alleged that allegations that Shield “stopped[ed]a total of 77,539,801 cyber threats from 805,110 unique malicious entities. . . in the 90-day beta program “were” extravagant, “which made White Diamond question”[h]How have these companies been able to function so far, as they have been attacked multiple times per minute by ransomware, malware, data theft, phishing, and DDoS attacks? “
Following this news, the company’s stock price fell $ 4.50, or more than 16%, to close at $ 23.75 per share on April 14, 2021. The stock price continued to drop $ 3.22, or 14%, during the next trading session to close at $ 20.53. per share as of April 15, 2021.
The complaint, filed on April 16, 2021, alleges that throughout the Class Period, the Defendants made materially false and / or misleading statements, as well as failed to disclose material adverse facts regarding the business, operations and the outlook for the Company. Specifically, the defendants failed to disclose to investors: (1) that Intrusion’s Shield product was only a repackaging of existing technology in the company’s portfolio; (2) that Shield did not have the patents, certifications and insurance essential to the sale of cybersecurity products; (3) that the Company overestimated the effectiveness of Shield’s purported ability to protect against cyber attacks; (4) that due to the foregoing, it was reasonably unlikely that Intrusion’s Shield would generate significant revenue; and (5) that as a result of the foregoing, the positive statements by the defendants regarding the business, operations and prospects of the Company were substantially misleading and / or lacked reasonable basis.
For more information on the Intrusion class action, please visit: https://bespc.com/cases/INTZ
Romeo Power, Inc. (NYSE: RMO)
Course period: from October 5, 2020 to March 30, 2021
Lead Applicant Deadline: June 15, 2021
On February 12, 2019, RMG Acquisition Corp. (“RMG”), a New York-based special purpose acquisition company, or SPAC, announced the closing of its initial public offering of 20 million units at $ 10 per share, which has generated gross proceeds of $ 200 million.
On October 5, 2020, RMG announced a definitive agreement for a business combination with defendant Romeo that would make Romeo a publicly traded company. Upon closing of the transaction, the combined entity would be named Romeo Power, Inc. and would remain listed on the New York Stock Exchange and trade under the new ticker symbol “RMO” and its warrants would trade under the new symbol ” RMO.WT ”.
On March 30, 2021, Romeo issued a press release and filed a report with the SEC on Form 8-K that disclosed its financial results for the quarter and fiscal year ended December 31, 2020, and hosted a conference call with investors and analysts. The defendants shocked investors by revealing that the company’s production had been hampered by a shortage of battery cells and that its estimated revenues for 2021 would therefore be reduced by around 71 to 87 percent.
On March 31, 2021, Romeo stock fell from a closing price on March 30, 2021 of $ 10.37 per share to $ 8.33 per share, a decrease of $ 2.04 per share, or nearly 20%.
The complaint, filed on April 16, 2021, alleges that, unbeknownst to investors, Romeo suffered from a severe shortage of high-quality battery cells, which are essential raw materials for Romeo batteries and modules, due to supply constraints. Contrary to the defendants’ statements, (i) Romeo only had two suppliers of battery cells, not four, (ii) the potential future risks that the defendants warned regarding a supply disruption or shortage. were already produced and were already negatively affecting Romeo’s business, operations and outlook, (iii) Romeo did not have the stock of battery cells to meet end-user demand and increase production in 2021, (iv) Romeo’s supply constraint was a significant obstacle to Romeo’s revenue growth, and (v) Romeo’s supply chain for battery cells was not covered, but in fact was totally at risk and indebted to only two suppliers of battery cells and to the spot market for their 2021 inventory. In view of the supply constraint experienced by Romeo during the Class Period, the Defendants no. ‘had no reasonable basis to say that the Company had the capacity to meet customer demand and would support revenue growth in 2021.
For more information on the Romeo Power class action lawsuit, visit: https://bespc.com/cases/RMO
Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD)
Course period: from June 15, 2020 to April 4, 2021
Principal applicant deadline: June 18, 2021
Acadia is a biopharmaceutical company focused on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The Company is developing pimavanserin as a treatment for dementia-related psychosis and as an adjunct to schizophrenia, as well as as an adjunct to major depressive disorder.
On March 8, 2021, Acadia issued a press release providing a regulatory update on pimavanserin sNDA, revealing “that the Company has received notification from [FDA] on March 3, 2021, stating that, as part of its ongoing review of [sNDA], the FDA has identified gaps that prevent discussion of labeling and post-market requirements / commitments at this time. “Acadia has indicated that”[t]The notification does not specify the shortcomings identified by the FDA and there has been no clarification from the FDA at this time.
Following this news, Acadia’s stock price fell $ 20.76 per share, or 45.35%, to close at $ 25.02 per share on March 9, 2021.
Then, on April 5, 2021, Acadia issued a press release announcing that the Company had received a Complete Response Letter (“CRL”) from the FDA stating that pimavanserin sNDA could not be approved in its current form. Specifically, the press release stated that “the [FDA Division of Psychiatry], in the CSF, cited a lack of statistical significance in some of the dementia subgroups and an insufficient number of patients with certain less common dementia subtypes as a lack of substantial evidence of efficacy to support approval. “
Following this news, Acadia’s stock price fell $ 4.41 per share, or 17.23%, to close at $ 21.18 per share on April 5, 2021.
The complaint, filed April 19, 2021, alleges that throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operations and compliance policies. Specifically, the defendants made false and / or misleading statements and / or failed to disclose that: (i) the documents submitted in support of pimavanserin sNDA contained statistical and design flaws; (ii) as a result, pimavanserin sNDA did not have evidence that the Company had led investors to believe that it possessed; (iii) it was unlikely that the FDA would approve pimavanserin sNDA in its current form; and (iv) accordingly, the Company’s public statements were materially false and misleading at all material times.
For more information on the Acadia class action lawsuit, visit: https://bespc.com/cases/ACAD
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Past results do not guarantee similar results.
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.