NEW YORK, Nov. 06, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against against GrafTech International Ltd. (NYSE: EAF), Vintage Wine Estates, Inc. (NASDAQ: VWE), BRP Group, Inc. (NASDAQ: BRP), and FedEx Corp. (NYSE: FDX). 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.
GrafTech International Ltd. (NYSE: EAF)
On September 16, 2022, GrafTech announced that operations at its graphite electrode manufacturing facility in Monterey, Mexico, had been suspended after an inspection by the State Attorney’s Office for the Secretary of the Environment for the State of Nuevo Leon. The Company also admitted that the Mexican government had determined that its operating license within the country was no longer in effect, and could not provide an estimate for when the manufacturing plant would return to operation.
On this news, Graftech’s stock price fell $0.47 per share, or 8.8%, to close at $4.85 per share on September 19, 2022, the next trading day.
For more information on the GrafTech investigation go to: https://bespc.com/cases/EAF
Vintage Wine Estates, Inc. (NASDAQ: VWE)
Vintage Wine issued a press release on September 13, 2022, revealing that it had taken $19.1 million in non-cash inventory adjustments that it had “identified through efforts to improve and strengthen inventory management, processes and reporting.” The Company added that the adjustments included “physical inventory count adjustments of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3.0 million related to the impact of additional remediation efforts.” The Company admitted that these adjustments had fueled a larger loss in the fourth quarter of 2022.
On this news, Vintage Wine’s stock price fell $2.26 per share, or 40.6%, to close at $3.30 per share on September 14, 2022.
For more information on the Vintage Wine investigation go to: https://bespc.com/cases/VWE
BRP Group, Inc. (NASDAQ: BRP)
BRP is the subject of a report published by NINGI Research on September 13, 2022. The report alleges that “BRP has doctored its organic growth rate to beat analysts’ estimates,” and “the company misled investors by presenting inorganic revenue as organic revenue through a self-proclaimed separate agreement with an affiliate.” NINGI also alleges that, “in 2020 BRP’s proprietary ‘MGA of the Future’ technology was misappropriated by an employee and handed to a competitor, as alleged by BRP in a lawsuit,” however, “the company allegedly did not notice the misappropriation until May 2021 but did not disclose the intellectual property theft to investors to date, despite arguing in a lawsuit that the theft has and will have severe damage to BRP’s revenue and market share.”
On this news, BRP stock fell $0.42 per share, or 1.35%, to close at $30.77 per share on September 14, 2022.
For more information on the BRP investigation go to: https://bespc.com/cases/BRP
FedEx Corp. (NYSE: FDX)
FedEx released its preliminary results for the first quarter on September 15, 2022. The Company warned of a global drop-off in its delivery business and is closing storefronts and putting off hiring staff to combat the drop. The Company also warned that it will miss targets on profitability and expects business conditions to worsen.
Based on this news, shares of FedEx cratered by more than 22% in intraday trading on September 16, 2022.
For more information on the FedEx investigation go to: https://bespc.com/cases/FDX
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.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.