NEW YORK, June 25, 2023 (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 TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), NovoCure Limited (NASDAQ: NVCR), and UP Fintech Holding Limited (NASDAQ: TIGR). 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.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG)
Class Period: March 4, 2020 – May 1, 2023
Lead Plaintiff Deadline: August 15, 2023
TriplePoint is a business development company specializing in investments in venture capital-backed companies at the growth stage. It also provides debt financing to venture growth space companies, including growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TriplePoint had overstated the strength of its various portfolio companies and loan book, as well as the viability of its overall investment strategy; (ii) the foregoing, once revealed, was likely to have a material negative impact on the Company's financial position and/or prospects; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On May 2, 2023, the Bear Cave released a report titled "Problems at TriplePoint Venture Growth BDC (TPVG)" (the "Bear Cave Report"). The Bear Cave Report highlighted significant issues at TriplePoint, alleging that "TriplePoint is encumbered by high fees, weak management, and a weaker loan book saddled by portfolio company bankruptcies and upside-down startups," and asserting that "the Bear Cave believes TriplePoint's equity may be severely impaired, if it has any value at all."
On this news, TriplePoint's stock price fell $1.19 per share, or 9.98%, over the following two trading sessions, to close at $10.73 per share on May 3, 2023.
For more information on the TriplePoint class action go to: https://bespc.com/cases/TPVG
NovoCure Limited (NASDAQ: NVCR)
Class Period: January 5, 2023 – June 5, 2023
Lead Plaintiff Deadline: August 18, 2023
On June 6, 2023, NovoCure issued a press release announcing "positive results" from the Phase 3 LUNAR clinical trial evaluating the use of its Tumor Treating Fields ("TTFields") therapy together with standard therapies for the treatment of non-small cell lung cancer. Despite reporting that patients receiving TTFields combined with standard therapies achieved median overall survival ("OS") of 13.2 months, compared to 9.9 months for patients treated only with standard therapies, analysts noted that the therapy was tested in patients who worsened following chemotherapy, which is no longer the standard of care in lung cancer, and that most patients first receive immune checkpoint inhibitors ("ICIs"). Although the Company stated that there was a "profound OS benefit" with a subgroup of patients who received ICIs, only a few patients (66) were treated with ICIs.
On this news, NovoCure's ordinary share price fell $35.51 per share, or 43.04%, to close at $47.00 per share on June 6, 2023.
The complaint asserts that the defendants engaged in false and/or deceptive statements and/or omitted important information, claiming the following: (1) The Company concealed the true nature of the LUNAR study data, which involved a relatively small percentage of participants who were receiving standard of care therapy; (2) Consequently, the reliability of the data in demonstrating clinical efficacy was significantly compromised; (3) The disclosure of this information had a reasonable likelihood of negatively affecting the Company’s regulatory prospects and overall operations; (4) as a result, the Company’s public statements made during the relevant times were materially false and misleading.
The allegations suggest that the defendants misrepresented the LUNAR study data and its impact, leading to potential negative consequences for the Company’s regulatory prospects and operations.
For more information on the NovoCure class action go to: https://bespc.com/cases/NVCR
UP Fintech Holding Limited (NASDAQ: TIGR)
Class Period: April 29, 2020 – May 16, 2023
Lead Plaintiff Deadline: August 21, 2023
On October 28, 2021, The Wall Street Journal published an article stating that “[a] senior official at China’s central bank said cross-border online brokerages operating in mainland China were acting illegally,” and specified that UP Fintech has “thrived partly by enabling customers in mainland China to buy and sell U.S. and Hong Kong-listed stocks.” On this news, UP Fintech’s stock price fell $1.51, or 17.1%, to close at $7.34 per ADS on October 28, 2021, thereby injuring investors.
Then, on December 17, 2021, after market hours, Reuters reported that “Chinese officials are planning to ban online brokerages such as [. . .] UP Fintech . . . from offering offshore trading services to mainland clients, the latest development in a broad regulatory crackdown that has roiled a wide range of sectors over the past year.” On this news, UP Fintech’s stock price fell $0.13, or 2.6%, to close at $4.82 per ADS on December 17, 2021.
Then, on December 30, 2022, The Wall Street Journal reported that the China Securities Regulatory Commission (“CSRC”) had issued a statement disclosing that UP Fintech “violated its domestic laws by allowing customers on the mainland to make cross-border trades,” and that the Company’s “act of offering offshore securities-trading services to clients in mainland China doesn’t comply with the country’s laws and regulations.” According to the article, the CSRC “had discussions with . . . Up Fintech’s senior executives in late 2021 and told them to comply with such laws.” On this news, UP Fintech’s stock price fell $1.36, or 28.5%, to close at $3.41 per ADS on December 30, 2022.
Then, on May 16, 2023, Reuters published an article stating that UP Fintech would be removing its app in mainland China. On this news, UP Fintech’s stock price fell $0.21, or 7.4%, to close at $2.64 per ADS on May 16, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that 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 that: (1) UP Fintech’s business was, quite simply, illegal as it related to operations in China as a result of its failure to obtain the proper licenses; (2) it did not fully disclose to investors that it was engaging in unlawful activity and instead characterized the applicable Chinese laws as ambiguous; (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
For more information on the UP Fintech class action go to: https://bespc.com/cases/TIGR
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
