NEW YORK, April 08, Apr 08, 2020 (GLOBE NEWSWIRE via COMTEX) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of VMware, Inc. /zigman2/quotes/209864107/composite VMW +1.99% , Mesa Air Group Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
VMware, Inc. /zigman2/quotes/209864107/composite VMW +1.99%
Class Period: March 3, 2019 to February 27, 2020
Lead Plaintiff Deadline: June 1, 2020
On February 27, 2020, VMWare filed a Current Report on Form 8-K with the SEC, disclosing an SEC investigation into the Company's backlog of unfilled orders. Specifically, that Form 8-K advised investors that "[i]n December 2019, the staff of the Enforcement Division of the [SEC] requested documents and information related to VMware's backlog and associated accounting and disclosures." The Form 8-K also advised investors that, although "VMware is fully cooperating with the SEC's investigation," it was "unable to predict the outcome of this matter at this time."
On this news, VMware's stock price fell $15.11 per share, or 11.14%, to close at $120.52 per share on February 28, 2020.
The complaint, filed on March 31, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company's business, operations and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) VMware's reporting with respect to its backlog of unfilled orders was not in compliance with all relevant accounting and disclosure requirements; (ii) the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny and/or investigation; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
For more information on the VMware class action go to: https://bespc.com/VMW
Mesa Air Group, Inc. /zigman2/quotes/201991362/composite MESA -7.71%
Class Period: Securities purchased pursuant and/or traceable to Mesa Air Group's August 2018 initial public offering (the "IPO" or "Offering").
Lead Plaintiff Deadline: June 1, 2020
In August of 2018, Mesa conducted its IPO in which it sold approximately 11 million shares of common stock for $12.00 per share.
On May 10, 2019, Mesa's Chief Executive Officer ("CEO") revealed that over the last 18 months, well before the IPO, Mesa had been "hamstrung by the fact that we had expanded a lot... maintenance became more difficult in terms of qualified maintenance people."
Then on August 9, 2019, Mesa's CEO stated that Mesa "did not meet the performance criteria" under its contract with American Airlines, Inc.
Since the IPO, the Company's stock price has significantly fallen below the IPO price, closing at $3.11 per share on March 30, 2020, or 74% less than its IPO price.
The complaint, filed on April 1, 2020, alleges that the registration statement for the IPO contained false and/or misleading statements and/or failed to disclose that: (1) Mesa's operational performance was poor and below industry standards; (2) Mesa had a shortage of qualified mechanics and maintenance personnel; (3) Mesa had an inadequate number of spare aircraft and parts; (4) Mesa did not have a strong track record of reliable performance; (5) then-existing "risks" had already materialized; (6) Mesa knew of undisclosed adverse trends and uncertainties at the time of the IPO; and (7) as a result, defendants' public statements were materially false and/or misleading at all relevant times.
For more information on the Mesa Air Group class action go to: https://bespc.com/mesa
Liberty Oilfield Services, Inc. /zigman2/quotes/201446558/composite LBRT +0.18%