NEW YORK, Jan. 29, 2024 (GLOBE NEWSWIRE) -- 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 Mobileye Global Inc. (NASDAQ: MBLY), Archer-Daniels-Midland Company (NYSE: ADM), and B. Riley Financial, Inc. (NASDAQ: RILY). 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.
Mobileye Global Inc. (NASDAQ: MBLY)
Class Period: January 26, 2023 - January 3, 2024
Lead Plaintiff Deadline: March 18, 2024
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, to avoid the shortages experienced amid supply chain constraints in 2021 and 2022, the Company’s Tier 1 customers had purchased inventory in excess of demand during fiscal 2023; (2) that, as a result, the Company’s customers had excess inventory on hand, including approximately 6-7 million units of EyeQ SoCs; (3) that, due to the build-up of inventory, there was a significant risk that the Tier 1 customers would buy less product, thus adversely impacting the Company’s fiscal 2024 financial results; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Mobileye class action go to: https://bespc.com/cases/MBLY
Archer-Daniels-Midland Company (NYSE: ADM)
Class Period: April 30, 2020 - January 22, 2024 (Common Stock Only)
Lead Plaintiff Deadline: March 25, 2024
The lawsuit alleges that over the past decade, Archer-Daniels-Midland (“ADM”) has spent billions of dollars trying to expand its Nutrition business to protect against commodity price volatility in its legacy agricultural commodities trading business.
It is alleged that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, about the performance and prospects of ADM’s Nutrition segment and its accounting practices. Specifically, Defendants made positive statements about the Nutrition segment as a future profit-driver for the Company, with the ability to capitalize on healthier eating trends and rising consumer demand for natural ingredients and flavoring. Defendants also created the impression that the Nutrition segment’s growth would provide more diversification and earnings stability for ADM.
Unbeknownst to investors, however, the Nutrition segment’s ostensibly impressive growth was inaccurate and subject to improper accounting practices, and Defendants also downplayed the segment’s eventual decline in 2023. As ADM was aggressively acquiring companies to expand its capabilities in Nutrition, investors were under the impression that the segment was growing rapidly. As alleged, Defendants’ accounting practices for the segment misrepresented its true financial results and prospects, including its operating profits (“OP”). During the Class Period, Defendants were incentivized to create the appearance of a diversified business by inflating the performance of the Nutrition segment, and the Individual Defendants were further incentivized by stock awards that were directly tied to the performance of the Nutrition segment from 2020 to 2022. As a result, ADM’s business and prospects were much worse than represented by Defendants, causing the price of ADM common stock to trade at artificially inflated levels during the Class Period.
On January 21, 2024, ADM announced that it had placed its CFO Vikram Luther on leave effective immediately. The Company said that Luther’s “leave is pending an ongoing investigation being conducted by outside counsel for ADM and the Board’s Audit Committee regarding certain accounting practices and procedures with respect to ADM’s Nutrition segment, including as related to certain intersegment transactions.” The Company also revealed that its investigation was initiated in response to its receipt of a voluntary document request by the SEC. As a result, ADM delayed its Q4 and FY 2023 earnings release and withdrew its outlook for the Nutrition segment. On this news, the price of ADM common stock declined by $16.23 per share, or approximately 24%, from $68.19 per share to close at $51.69 on January 22, 2024, wiping out approximately $8.8 billion of ADM’s market value.
For more information on the ADM class action go to: https://bespc.com/cases/ADM
B. Riley Financial, Inc. (NASDAQ: RILY)
Class Period: May 10, 2023 and November 9, 2023 (Common Stock Only)
Lead Plaintiff Deadline: March 25, 2024
According to the filed complaint, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements; (3) that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the B. Riley class action go to: https://bespc.com/cases/RILY
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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
