NEW YORK, June 24, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Bowlero Corp. (NYSE: BOWL), Integra LifeSciences Holdings Corp. (NASDAQ: IART), Chinook Therapeutics, Inc. (NASDAQ: KDNY), and DLocal Ltd. (NASDAQ: DLO). 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.
Bowlero Corp. (NYSE: BOWL)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Bowlero announced its Q3 2023 financial results on May 17, 2023. The Company disclosed as part of its results that it had failed to maintain appropriate controls over financial reporting related to, among other things, acquisitions and fixed assets. The Company also noted, “Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger.”
On this news, shares of Bowlero fell more than 15% in intraday trading on May 18, 2023.
For more information on the Bowlero investigation go to: https://bespc.com/cases/BOWL
Integra LifeSciences Holdings Corp. (NASDAQ: IART)
On May 23, 2023, Integra disclosed that it had initiated a recall of its SurgiMed, PriMatrix, Revize, and TissueMend products manufactured at its Boston facility as far back as March 1, 2018. The Company attributed the recall to a finding that products may have been distributed with higher levels of endotoxins than permitted by the product specifications. As a result, the Company expects to write off approximately $22 million in inventory.
On this news, Integra’s stock price fell $10.24, or 20.2%, to close at $40.48 per share on May 23, 2023, thereby injuring investors.
For more information on the Integra investigation go to: https://bespc.com/cases/IART
Chinook Therapeutics, Inc. (NASDAQ: KDNY)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Chinook is the subject of a report issued by Muddy Waters Research on May 16, 2023. According to the report, the Company’s lead product candidate “has been shown to be harmful to patients’ cardiovascular health”, and that “AbbVie and Chinook seem to have systemically manipulated research findings and presentation on atrasentan to obscure these trial results.”
On this news, shares of Chinook fell by almost 4.5% on the same day.
For more information on the Chinook investigation go to: https://bespc.com/cases/KDNY
DLocal Ltd. (NASDAQ: DLO)
On November 16, 2022, Muddy Waters Capital LLC (“Muddy Waters”) published a research report concluding that DLocal “is likely a fraud.” Muddy Waters alleges that DLocal has repeated disclosures about its Total Processing Volume and accounts receivable “that flatly contradict one another” and that there is “a contradictory discrepancy between two key subsidiaries’ accounts payable and accounts receivable.” Muddy Waters also alleges that DLocal engaged in multiple misrepresentations to disguise the timing and the source of funding for an insider option exercise.
On this news, DLocal’s share price fell $10.76, or more than 50%, to close at $10.46 per share on November 16, 2022, thereby injuring investors.
Then, on December 1, 2022, Muddy Waters published another report stating that DLocal has held calls with clients from several banks, stressing that it had separated client funds from its own. The report also said that DLocal’s calls with clients were "non-specific" and "sweet-talking," and that "all [the Company] needed to do to address this issue was provide an explanation as to how the cash flows reconcile."
On this news, DLocal’s share price fell $2.21, or 15.1%, to close at $12.39 per share on December 1, 2022.
Then, on April 5, 2023, DLocal released its fourth quarter 2022 financial results, reporting diluted earnings per share of $0.06 on total revenue of $118 million, missing analyst estimates.
On this news, DLocal’s share price fell approximately 26% on April 5, 2023, thereby injuring investors further.
For more information on the DLocal investigation go to: https://bespc.com/cases/DLO
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.