NEW YORK, July 31 10, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against NIO, Inc. (NYSE: NIO), Generac Holdings , Inc. (NYSE: GNRC), Cognyte Software Ltd. (NASDAQ: CGNT) and Toronto-Dominion Bank (NYSE: TD). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.
NIO, Inc. (NYSE:NIO)
On May 5, 2022, NIO provided an update on its status under the Foreign Corporate Liability Act (“HFCAA”) amid increased focus on Chinese companies listed on US stock exchanges. NIO has stated that it is aware that the Company has been provisionally identified by the United States Securities and Exchange Commission under the HFCAA and understands that this may be the result of the auditor used for the filing of the annual report on form 20-F. NIO further said it is actively exploring possible solutions to protect the interests of its stakeholders, including a secondary listing of its Class A ordinary shares on the Hong Kong Stock Exchange.
On this news, the price of NIO’s American Certificate of Deposit (“ADR”) 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, visit: https://bespc.com/cases/NIO
Generac Holdings, Inc. (NYSE: GNRC)
On June 22, 2022, Spruce Point Capital Management released a brief report on Generac alleging several claims. Spruce Point said: “Among other alarming findings, we find evidence to suggest a fictitious revenue transaction at Off Grid Energy, its recent UK acquisition acquired by Pramac’s subsidiary. Even more disturbing, we find evidence that to grow its residential solar business and compete with Tesla, Generac engaged in a shady transaction with Sunnova, a company we previously profiled for its shoddy financial reporting, which, according to us, may have been designed to finance its own sales. Generac has also partnered with a major solar distributor named Powerhome (now Pink Energy) which multiple undercover investigations have found to have misled customers. Yet Generac continues to promote the partnership, which we believe is under investigation by the FTC.
On this news, Generac stock fell sharply by $7.23, or 3.3%, in intraday trading, to close at $212.57.
For more information on the Generac investigation, visit: https://bespc.com/cases/GNRC
Cognite Software Ltd. (NASDAQ: CGNT)
On April 5, 2022, Cognyte announced its fourth quarter 2021 financial results, including revenue of $125 million, approximately $3.5 million below the midpoint of the company’s own guidance. Cognyte cited “lower conversions in its product pipeline,” as well as supply chain issues. During the related conference call, the CEO of Cognyte stated that “a longer sales cycle [resulted] in lower than expected bookings in the fourth quarter” and acknowledged that management “did not execute well”.
On this news, Cognyte’s stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, hurting investors.
For more information on the Cognyte survey, visit: https://bespc.com/cases/CGNT
Toronto-Dominion Bank (NYSE: TD)
TD, a Toronto-based bank with 1,100 branches in the United States, is seeking regulatory approval for the acquisition of Tennessee-based First Horizon.
On June 15, 2022, CNBC reported that “Lawmakers led by Senator Elizabeth Warren have asked a key regulator to block The Toronto-Dominion Bank’s $13.4 billion acquisition of a U.S. regional bank due to allegations of customer abuse. In a letter sent Tuesday to the Office of the Comptroller of the Currency obtained exclusively by CNBC, Warren cited a May 4 report from Capitol Forum, a Washington-based investigative news group, which alleged that TD had used similar tactics. to those of Wells Fargo. fake accounts scandal.
On this news, TD stock fell $3.12 per share, or 4.5%, to close at $66.10 per share on June 16, 2022.
For more information on the TD investigation, visit: https://bespc.com/cases/TD
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 before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Melissa Fortunato, Esq.