Bragar Eagel & Squire, PC reminds investors that class action lawsuits have been filed… | News

NEW YORK, Feb. 13 12, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been filed on behalf of shareholders of Sleep Number Corporation (NASDAQ: SNBR), Marathon Digital Holdings, Inc. (NASDAQ: MARA), TAL Education Group (NYSE: TAL) and Redwire Corporation (NYSE: RDW). Shareholders have until the deadlines below to ask the court to serve as lead plaintiff. Additional information on each case can be found at the link provided.

Sleep Number Corporation (NASDAQ: SNBR)

Course period: February 18, 2021 – July 20, 2021

Lead Applicant Deadline: February 14, 2022

On April 21, 2021, Sleep Number released its first quarter 2021 financial results, missing consensus sales estimates due to supply chain disruptions from winter storm Uri in February 2021. Specifically, “more $50 million of shipments (two weeks) shifted out of the quarter due to temporary foam supply constraints,” representing nearly 9% of the Company’s total sales for the quarter.

On this news, Sleep Number’s stock fell $14.80, or 12%, to close at $110.13 per share on April 22, 2021, hurting investors.

Then, on July 20, 2021, Sleep Number released its second quarter 2021 financial results. Once again, the results missed consensus estimates, which the company blamed on supply constraints and component shortages.

On this news, Sleep Number’s stock fell $14.46, or 12.88%, to close at $97.78 per share on July 21, 2021, further hurting investors.

For more information on the Sleep Number class action, go to: https://bespc.com/cases/SNBR

Marathon Digital Holdings, Inc. (NASDAQ: MARA)

Course period: October 30, 2020 – November 15, 2021

Lead Applicant Deadline: February 15, 2022

Throughout the Class Period, the Defendants have 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) the Beowulf Joint Venture, with respect to the Hardin Facility, involved potential violations of regulations, including violations of US securities law; (ii) as a result, the Beowulf joint venture has subjected Marathon to increased risk of regulatory scrutiny; (iii) the foregoing was reasonably likely to have a material adverse impact on the Company’s business and business prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all material times.

On Nov. 15, 2021, Marathon disclosed that “the company and certain of its executives have received a subpoena to produce documents and communications regarding the Hardin, Montana data center facility.[,]and indicated that “the SEC may investigate whether or not there have been violations of federal securities law.”

On this news, Marathon’s stock price fell $20.52 per share, or 27.03%, to close at $55.40 per share on November 15, 2021.

For more information on the Marathon Digital class action, please visit: https://bespc.com/cases/MARA

TAL Education Group (NYSE: TAL)

Course period: April 26, 2018 – July 22, 2021

Lead Applicant Deadline: April 5, 2022

TAL provides K-12 after school tutoring services in China.

The lawsuit alleges that the defendants made false and misleading statements and failed to disclose that: (i) TAL’s revenues and operational growth were the result of deceptive marketing tactics and illicit business practices that flouted laws, regulations and Chinese policies and put TAL at extreme risk of more drastic measures being imposed on TAL; (ii) TAL had engaged in deceptive and fraudulent advertising practices, including providing false and misleading discount information designed to obscure the true cost of TAL’s programs for its customers, creating false customer reviews designed to fraudulently attract new customers to TAL programs, misrepresent teacher qualifications and course grades, and market rigged promotional events; (iii) TAL had challenged Chinese policies aimed at easing the burden of tutoring services on students and their families, including imposing heavy advances and recurring debt repayments on course enrollees, by offering courses designed to giving wealthy students unfair advantages, by holding classes outside authorized tutoring hours and tying for-profit classes to government-mandated education; (iv) as a result, TAL was subject to undisclosed tail risk of adverse enforcement action, regulatory fines and penalties, and the imposition of new rules and regulations adverse to TAL’s business and financial interests; and (v) therefore, TAL’s historic growth was not sustainable or the result of legitimate business tactics as depicted, and defendants’ positive statements about TAL’s business, operations and prospects were materially false and misleading. and lacked a reasonable factual basis.

From March 4, 2021 to March 11, 2021, China held its annual parliamentary meetings in “two sessions”. Media said attendees of the ongoing Two Sessions conference had proposed “tougher regulations” to curb the online education industry, such as regulations to improve the quality of teachers, limit scams fees, to reduce market “abuse” by big players like TAL, and to reduce the stress that for-profit tutoring companies had placed on students in the Chinese education system.

As news of the government’s focus on the after-school tutoring industry spread, the price of TAL ADS began to drop from $76.04 at market close on March 5, 2021 to $56.31 as of April 1, 2021, a decrease of 26%.

Then, on May 12, 2021, news reports revealed that the impending government crackdown on for-profit tutoring companies in China would be far more drastic and far-reaching than previously publicly known. Sources said the planned rules would include measures such as banning on-campus tutoring classes, providing tutoring services during weekend hours and imposing company-wide fee caps. the industry.

At this news, the price of TAL ADS fell by 13% over a two-day period.

Then, on June 1, 2021, Chinese regulators announced that they had fined 15 off-campus educational institutions, including TAL, for illegal activities such as false advertising and fraud. Among the violations committed by the 15 offenders are allegedly fabricating teacher qualifications, exaggerating the effects of training, and fabricating user reviews. Regulators gave examples of how TAL subsidiary Xueersi published fake parent user reviews in Beijing and Shanghai. The offending companies, including TAL, were hit with maximum penalties for their illegal business practices, totaling $5.73 million. Officials said the crackdown on the for-profit tutoring industry grew out of two-session parliamentary meetings earlier in the year and followed a flood of complaints against bad actors in the industry, including 155,000 complaints and reports for education and training services received by the authorities. in 2020 alone and over 47,000 complaints and similar reports received by authorities in the first quarter of 2021. In addition to the issues described above, TAL allegedly: (i) forced students to pay hefty advances and assume recurring debt payments in violation of Chinese law; (ii) offered courses that gave students unfair advantages in violation of Chinese government policies; (iii) engaged in illegal bait and switch tactics; (iv) misrepresentation of teachers’ qualifications and course qualities; (v) mishandled user data; and (vi) rigged promotional events to defraud consumers.

At this news, the price of TAL ADS fell by around 18% over a two-day period.

Finally, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making a profit, raising capital, or going public. This drastic measure effectively ended any potential growth of the for-profit tutoring industry in China.

On this news, the price of TAL ADS fell from $20.52 at market close on July 22, 2021, to just $4.40 at market close on July 26, 2021, a drop of almost 79%. .

For more information on the TAL class action, please visit: https://bespc.com/cases/TAL

Redwire Corporation (NYSE:RDW)

Course period: August 11, 2021 – November 14, 2021

Lead Applicant Deadline: February 15, 2022

The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, defendants failed to disclose to investors that: (1) there were accounting issues at one of Redwire’s subunits; (2) that, as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (3) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.

For more information on the Redwire class action, please visit: https://bespc.com/cases/RDW

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.

Contact details:

Bragar Eagel & Squire, CP Brandon Walker, Esq. Alexandra B. Raymond, Esq. (212) 355-4648 [email protected]

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