NEW YORK, April 15, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Lockheed Martin Corporation (NYSE: LMT), Natera, Inc. (NASDAQ: NTRA), Li-Cycle Holdings Corp. (NYSE: LICY), and UpHealth, Inc. (NYSE: UPH). 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.
Lockheed Martin Corporation (NYSE: LMT)
On March 16, 2022, Bloomberg reported that the U.S. Department of Defense will request 61 Lockheed F-35 fighter jets in its next budget, 33 fewer than previously planned. Bloomberg reported that the proposed reduction follows the “flawed execution of a crucial upgrade of [the F-35’s] software and hardware capabilities that’s estimated to cost $14 billion.”
On this news, Lockheed Martin’s shares declined by $27.33 per share, from $448.67 per share to close at $421.34 per share on March 16, 2022.
For more information on the Lockheed Martin investigation go to: https://bespc.com/cases/LMT
Natera, Inc. (NASDAQ: NTRA)
On January 1, 2022, an article from the New York Times called into question the accuracy of certain prenatal tests, alleging that positive results on tests are incorrect about 85 percent of the time, and that patients who receive a positive result are supposed to pursue follow-up testing, which “can cost thousands of dollars, come with a small risk of miscarriage and can’t be performed until later in pregnancy.”
On this news, Natera’s stock declined as much as 3.5% during intraday trading on January 3, 2022, thereby injuring investors.
For more information on the Natera investigation go to: https://bespc.com/cases/NTRA
Li-Cycle Holdings Corp. (NYSE: LICY)
On March 24, 2022, Blue Orca Capital published a report (the “Report”) characterizing the Company as “a near fatal combination of stock promotion, laughable governance, a broken business hemorrhaging cash, and highly questionable Enron-like accounting.” According to the Report, “Li-Cycle recognizes revenues using an Enron-like mark-to-model accounting gimmick Li-Cycle recognizes revenues months prior to the actual sales of its recycled black mass, based on its own provisional estimate of the future value of the product. This accounting treatment is plainly vulnerable to abuse, giving Li-Cycle discretion over its reported revenues. We suspect that under this framework, LiCycle marks up the value of its receivables on unsold products and runs the gains through its revenue line.”
On this news, Li-Cycle’s stock price fell $0.47 cents per share, or 5.60% to close at $7.93 per share on March 24, 2022.
For more information on the Li-Cycle investigation go to: https://bespc.com/cases/LICY
UpHealth, Inc. (NYSE: UPH)
UpHealth, formerly Gigcapital2, Inc., is a global digital health company that delivers technology, infrastructure and services to modernize care delivery and health management.
In a March 30, 2022 press release, UpHealth announced that “[o]n March 25, 2022, the Audit Committee of the Board of Directors of UpHealth, after considering the recommendations of management, concluded that the Company’s condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the three and nine month periods ended September 30, 2021 (the ‘Non-Reliance Periods’) as previously filed with the [SEC] should not be relied upon because of errors identified therein…” UpHealth also reported that “[t]he error that caused the Company to conclude that its financial statements and other financial information for the Non-Reliance Periods should not be relied upon was the result of an incorrect accounting conclusion regarding a contract with a customer, which resulted in the incorrect recognition of revenue during the Non-Reliance Period.”
On this news, the price of UpHealth shares declined by $0.63 per share, or approximately 31.8%, from $1.98 per share to close at $1.35 per share on March 30, 2022.
For more information on the UpHealth investigation go to: https://bespc.com/cases/UPH
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.