SAN DIEGO, Dec. 20, 2021 (GLOBE NEWSWIRE) — National law firm Morris Kandinov is investigating the actions of the officers and board of directors of Workhorse Group, Inc., Vroom, Inc., Redwire Corporation, and Cognizant Technology Solutions Corporation. If you are a current owner of shares of any of these stocks, contact leo@moka.law or call (619) 708-3993.
Workhorse Group, Inc. (NASDAQ: WKHS) Accused of Misleading Investors
On December 2, 2021, Judge Cormac J. Carney of the United States District Court for the Central District of California issued an order denying the defendants’ motion to dismiss in the pending securities class action against Workhorse Group, Inc., paving the way for litigation to proceed. The securities class action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Workhorse was merely hoping that USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case; (2) Workhorse had concealed the fact that – as revealed by the postmaster general in explaining the ultimate decision not to select an electric vehicle – electrifying the USPS’s entire fleet would be impractical and astronomically expensive; and (3) as a result, defendants’ statements about Workhorse’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. Morris Kandinov is investigating Workhorse regarding possible breaches of fiduciary duties and other violations of law, on behalf of shareholders. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
Vroom, Inc. (NASDAQ: VRM) Accused of Misleading Investors
Morris Kandinov is investigating Vroom, Inc. regarding corporate governance failures, possible breaches of fiduciary duties and other violations of law. Vroom is currently facing a federal class action lawsuit filed by investors. The complaint alleges that defendants made materially false and/or misleading statements and failed to disclose that: (1) Vroom had not demonstrated that it was able to control and scale growth in respect to its salesforce to meet the demand for its products; (2) as a result, Vroom was forced to discount aged inventory to move through its retail channels or liquidated in its wholesale channels; (3) as a result, the ecommerce gross profit per unit was reasonably likely to decline; and (4) consequently, defendants’ positive statements about Vroom’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
Redwire Corporation (NYSE: RDW) Accused of Misleading Investors
Morris Kandinov is investigating Redwire Corporation regarding corporate governance failures, possible breaches of fiduciary duties and other violations of law. On November 10, 2021, Redwire announced that it would postpone the release of its third quarter earnings results. The company “was notified by an employee of potential accounting issues at a business subunit,” and the Audit Committee was investigating the allegations. Then, on November 15, 2021, Redwire stated that it could not timely file its quarterly report for the period ended September 30, 2021. Due to the pending investigation into the accounting issues at a business subunit, the company “has not been able to finalize its financial statements or its assessment of the effectiveness of its disclosure controls and procedures and any impact” on the report. Redwire is currently facing a federal class action lawsuit filed by investors. The complaint alleges that defendants made materially false and/or misleading statements and failed to disclose that: (1) that 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 a reasonable basis. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
Cognizant Technology Solutions Corporation (NASDAQ: CTSH) Shareholder Rights Investigation
Morris Kandinov announces Cognizant Technology Solutions Corporation has reached a $95 million class action settlement with investors who alleged stock prices tumbled after the company was investigated for bribing Indian officials to get building permits. Investors claim Cognizant’s stock price dropped more than 13 percent after it informed them it was being investigated for potential violations of the federal Foreign Corrupt Practices Act because of its dealings in India. A complaint was also filed against Cognizant by federal prosecutors and the U.S. Securities and Exchange Commission, which alleged the company had a contractor pay off a government official to get it the proper planning permit needed to build an office campus in Chennai, India, where the company would enjoy labor benefits and tax breaks. President Gordon Coburn and chief legal and corporate affairs officer Steven Schwartz have both pleaded not guilty to criminal charges filed against them by federal prosecutors, arguing they were not involved in the bribery scheme. The SEC’s complaint has been paused pending the results of the criminal investigation. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
Concerned shareholders are encouraged to contact Leo Kandinov to learn more:
leo@moka.law
(619) 708-3993
moka.law
Morris Kandinov LLP is a national law firm that specializes in recovering investment losses and protecting stockholder rights. We work on contingency (i.e., you do not pay our fees out-of-pocket), and our attorneys have made substantial recoveries for investors in jurisdictions across the country. The firm would be happy to further discuss these matters, and any legal rights or remedies potentially available to you, at no charge.
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Contact:
Leo Kandinov, Partner
leo@moka.law
619-708-3993
550 West B Street, 4th Floor
San Diego, CA 92101
moka.law
