Bragar Eagel & Squire, P.C. Is Investigating Franklin, MediaAlpha, e.l.f. Beauty, and BioAge and Encourages Investors to Contact the Firm

NEW YORK, Jan. 06, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Franklin Resources, Inc. (NYSE: BEN), MediaAlpha Inc. (NYSE: MAX), e.l.f. Beauty, Inc. (NYSE: ELF), and BioAge Labs, Inc. (NASDAQ: BIOA). 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.

Franklin Resources, Inc. (NYSE: BEN)

On August 21, 2024, Franklin subsidiary Western Asset Management Company issued a press release announcing that co-Chief Investment Officer Ken Leech “is on a leave of absence, effective immediately” after “receiv[ing] a Wells Notice from the Staff of the U.S. Securities and Exchange Commission”. That same day, Bloomberg reported that “[f]ederal prosecutors in New York are investigating whether a Western Asset Management executive allocated winning trades to favored accounts, as part of a criminal probe into a practice known as ‘cherry-picking.’”

On this news, Franklin’s stock price fell $2.84 per share, or 12.56%, to close at $19.78 per share on August 21, 2024.

For more information on the Franklin investigation go to: https://bespc.com/cases/BEN

MediaAlpha Inc. (NYSE: MAX)

Shares of MediaAlpha fell 29% after reports indicated the FTC may file a complaint against the company for alleged violations related to advertising, marketing, and data practices related to MediaAlpha’s Health Insurance segment. This follows earlier reporting about potential wrongdoing in the company’s Health Insurance segment.

For more information on the MediaAlpha investigation go to: https://bespc.com/cases/MAX

e.l.f. Beauty, Inc. (NYSE: ELF)

On November 20, 2024, Muddy Waters Research issued a report in which it announced that it had a short position in e.l.f. Beauty, Inc. Muddy Waters stated that it believed that e.l.f. Beauty had “materially overstated revenue over the past three quarters,” and that it believed that in “Q2 FY24, ELF management realized its growth narrative was in trouble as its inventory built. It appears that ELF then began reporting inflated revenue and profits. Its reported inventory also appears materially inflated as a result – i.e., to account for cash that has not really come in.”

On this news, e.l.f. Beauty, Inc. stock fell as much as 15% in intraday trading on November 20, 2024.

For more information on the e.l.f. Beauty investigation go to: https://bespc.com/cases/elf

BioAge Labs, Inc. (NASDAQ: BIOA)

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. BioAge discontinued its STRIDES Phase 2 trial for azelaprag on December 9, 2024, citing safety concerns over elevated liver transaminase levels amongst study participants. The Company had previously highlighted azelaprag’s potential for patients undergoing obesity therapy with incretin drugs. Based on this news, shares of BioAge fell by more than 76.8% on the same day.

For more information on the BioAge investigation go to: https://bespc.com/cases/BIOA

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.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

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