NEW YORK, July 21, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Chinook Therapeutics, Inc. (NASDAQ: KDNY), Comerica Incorporated (NYSE: CMA), Advance Auto Parts, Inc. (NYSE: AAP), and EPAM Systems, Inc. (NYSE: EPAM). 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.
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
Comerica Incorporated (NYSE: CMA)
On May 29, 2023, citing a review of "internal documents," American Banker reported that "Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans[.]" American Banker stated that "[a] Comerica executive said the Dallas bank faced a 'serious contract violation' for allowing fraud disputes and data on Direct Express and cardholders to be handled out of a vendor's office in Lahore, Pakistan[.]"
On this news, Comerica's stock fell $1.40 per share, or 3.59% to close at $37.59 per share on May 30, 2023.
For more information on the Comerica investigation go to: https://bespc.com/cases/CMA
Advance Auto Parts, Inc. (NYSE: AAP)
On May 31, 2023, Advance Auto Parts revealed disappointing results for the first quarter of fiscal year 2023, including a net sales decrease of more than 1.6% compared to the prior year and an operating margin rate of 2.6%, “well below expectations due to higher than planned investments to narrow competitive price gaps in the professional sales channel as well as unfavorable product mix.” Advance Auto Parts also disclosed that it was slashing its full year 2023 guidance, which it had provided just three months earlier, given that it now “expect[s] the competitive dynamics . . . faced in the first quarter to continue.” Advance Auto Parts further revealed that it was cutting its quarterly dividend by 84% “to provide enhanced financial flexibility.”
Om this news, the price of Advance Auto Parts stock declined approximately 35%.
For more information on the Advance Auto Parts investigation go to: https://bespc.com/cases/AAP
EPAM Systems, Inc. (NYSE: EPAM)
On June 5, 2023, just one month after issuing guidance during its first quarter earnings call on May 5, 2023, EPAM lowered its expectations for the second quarter and the full year, claiming that the demand for IT consulting appeared to have dried up.
On this news, EPAM's stock price fell $56.40 per share, or 21.72%, to close at $203.25 per share on June 5, 2023.
For more information on the EPAM investigation go to: https://bespc.com/cases/EPAM
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.