NEW YORK, Aug. 05, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Corcept Therapeutics, Inc. (NASDAQ: CORT), Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI), NIO, Inc. (NYSE: NIO), and Generac Holdings, Inc. (NYSE: GNRC). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Corcept Therapeutics, Inc. (NASDAQ: CORT)
On December 8, 2021, Corcept disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n November 15, 2021, the Company received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey (the ‘NJ USAO’) pursuant to Section 248 of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym.” Corcept further disclosed that “[t]he NJ USAO has informed Corcept that it is investigating whether any criminal or civil violations by Corcept occurred in connection with the matters referenced in the subpoena.”
On this news, Corcept’s stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.
For more information on the Corcept investigation go to: https://bespc.com/cases/CORT
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI)
On July 12, 2022, market analyst Muddy Waters Research published a report titled “HASI: ‘ESG’ Is for Exaggerating, Scamming, and Grifting,” which alleged several issues with Hannon Armstrong’s financial statements, summarizing the alleged issues as “HASI misleadingly inflates GAAP earnings three ways: 1) through a loophole in the arcana of accounting for renewables subsidies, HASI books non-cash unrealizable income relating to third parties’ tax credits that will be reversed; 2) HASI produces non-cash income by manipulating the discount rate it applies to residual assets to implausibly low levels, thereby inflating its gains on securitizations; and, 3) HASI books interest income from non-cash ‘Paid in Kind’ (‘PIK’) interest payments, which are essentially IOUs from stressed borrowers.”
On this news, Hannon Armstrong’s stock price fell $6.92 per share, or 19%, to close at $29.41 per share on July 12, 2022, on unusually heavy trading volume, damaging investors.
For more information on the Hannon Armstrong investigation go to: https://bespc.com/cases/HASI
NIO, Inc. (NYSE: NIO)
On May 5, 2022, NIO provided an update on its status under the Holding Foreign Companies Accountable Act (“HFCAA”) amid the increased focus on Chinese companies listed on U.S exchanges. NIO stated that it is aware that the Company has been provisionally identified by the U.S. Securities and Exchange Commission under the HFCAA and understands that it may be a result of the auditor used for its filing of the annual report on Form 20-F. NIO further stated that it has been actively exploring possible solutions to protect the interest of its stakeholders, including a secondary listing of its Class A ordinary shares on the Hong Kong Stock Exchange.
On this news, NIO’s American depositary receipt (“ADR”) price fell $2.75 per ADR, or 15.17%, to close at $15.38 per ADR on May 5, 2022.
For more information on the NIO investigation go to: https://bespc.com/cases/NIO
Generac Holdings, Inc. (NYSE: GNRC)
On June 22, 2022, Spruce Point Capital Management issued a short report on Generac alleging multiple claims. Spruce Point stated, “Among other alarming findings, we find evidence to suggest a sham revenue transaction at Off Grid Energy, its recent UK acquisition acquired by Pramac’s subsidiary. Even more concerning, we find evidence that to grow its residential solar business and compete against the likes of Tesla, Generac has engaged in a shady transaction with Sunnova, a company we previously profiled for its shoddy financial reporting, which we believe may have been designed to finance its own sales. Generac has also partnered with a large solar distributor named Powerhome (now Pink Energy) which multiple undercover investigations allege it has been misleading customers. Yet, Generac is still promoting the partnership, which we believe to be under FTC investigation.”
On this news, Generac stock fell sharply by $7.23, or 3.3%, during intraday trading, to close at $212.57.
For more information on the Generac investigation go to: https://bespc.com/cases/GNRC
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. 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, 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.
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