ROSEN, A TOP RANKED FIRM, Encourages AbbVie Inc. Investors With Losses Exceeding $ 100K to Secure Counsel Before Important Deadline in Securities Class Action – ABBV

Class Period: May 7, 2021 – February 25, 2022

Lead Plaintiff Deadline: June 14, 2022

Aurinia is a biopharmaceutical company that develops and commercializes therapies for treating various diseases with unmet medical need in Japan and the People’s Republic of China (“China”). The Company’s only product is LUPKYNIS, which offers it for the treatment of adult patients with active lupus nephritis.

Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and / or misleading statements and / or failed to disclose that: (i) Aurinia was protected declining revenues; (ii) Aurinia’s 2022 sales outlook for LUPKYNIS would fall well short of expectations; (iii) accordingly, the Company had substantially overstated LUPKYNIS’s commercial prospects; (iv) as a result, the Company has overstated its financial position and / or prospects for 2022; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On February 28, 2022, Aurinia issued a press release announcing its financial results for the quarter and full year ended December 31, 2021. Among other items, Aurinia reported a year-over-year revenue decline and announced a lower-than-expected sales outlook for 2022.

From this news, Aurinia’s common share price fell $ 3.94 per share, or 24.26%, to close at $ 12.30 per share on February 28, 2022.

As the result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have significant losses and damages.

For more information on the Aurinia class action go to: https://bespc.com/cases/AUPH

Stronghold Digital Mining, Inc. (NASDAQ: SDIG)

Class Period: October 22, 2021 IPO

Lead Plaintiff Deadline: June 13, 2022

In October 2021, the Company completed its IPO, selling 7,690,400 shares of Class A common stock at $ 19.00 per share.

On March 29, 2022, after the market closed, Stronghold announced its fourth and full year 2021 financial results. The Company reported a net loss of $ 0.52 per quarter, and Stronghold’s Chief Executive Officer cited “significant headwinds in our operations which have materially impacted recent financial performance.”

From this news, the Company’s stock price fell as much as $ 3.28, or 32%, to close at $ 6.97 per share on March 30, 2022. As of April 14, 2022, Stronghold stock has traded as low as $ 4.78 per share, a more than 75% decline from the $ 19 per share IPO price.

The complaint filed in this class action alleges that the Registration Statement was materially false and misleading and omitted to state: (1) that contracted suppliers, including MinerVa, were likely to miss delivery quantities and deadlines; (2) that, due to the fact that there is a supply of mining equipment in the industry, Stronghold would have experienced difficulties; (3) that, as a result of the foregoing, there was a significant risk that Stronghold could not expand its mining capacity as expected; (4) that, as a result, Stronghold would likely experience significant losses; and (5) Defendants’ statements about its business, operations, and prospects were materially false and misleading and / or lack of reasonable basis at all relevant times.

For more information on the Stronghold class action go to: https://bespc.com/cases/SDIG

Lilium NV (NASDAQ: LILM)

Class Period: March 30, 2021 – March 14, 2022

Lead Plaintiff Deadline: June 17, 2022

On March 14, 2022, Iceberg Research published a short report entitled “Lilium NV – The Losing Horse in the eVTOL [electric vertical take-off and landing aircraft] Race “(the” Iceberg Report “). The Iceberg Report asserted, among other issues, that”[m]any experts have raised serious concerns about “the viability of the Company’s Lilium Jet reaching its objective of” fly[ing] up to 155 miles[,]”Ice citing” its configuration of 36 ducted fans (recently reduced to 30) that devour power during takeoff and landing (hovering), and leaves little power for actual flight. “The Iceberg Report also noted that” Lilium promises its Jet has ready access to battery cells with an energy density of 320-330 Wh / kg[,]””[o]ne of the sources it relies on show these batteries are within reach is. . . and 34.8% Lilium-owned associated company whose CEO Sujeet Kumar was accused by General Motors of misrepresenting battery performance, while at his previous company Envia Systems. Lilium in 2015 “and” estimate[d] that Lilium has about 18 months before its cash runs dry. ”

From this news, Lilium’s stock price fell $ 1.25 per share, or 33.88%, to close at $ 2.44 per share on March 14, 2022.

According to the lawsuit, defendants throughout the Class Period made false and / or misleading statements and / or failed to disclose: (1) Lilium materially overstates the Lilium Jet’s design and capabilities; (2) Lilium materially overstates the likelihood for the Lilium Jet’s timely certification; (3) Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet; (4) the SPAC-merger would not and would not generate enough cash to commercially launch the Lilium Jet; (5) Qell Acquisition Corp. did not engage in due diligence regarding the Merger; and (6) as a result, defendants’ public statements were false and / or misleading at all relevant times. When the real details entered the market, the lawsuit claims to investors protected damages.

For more information on the Lilium class action go to: https://bespc.com/cases/LILM

Li-Cycle Holdings Corp. (NYSE: LICY)

Class Period: February 16, 2021 – March 23, 2022

Lead Plaintiff Deadline: June 20, 2022

On March 24, 2022, Blue Orca Capital published a report (the “Report”) characterizing the Company as “a fatal combination of stock promotion, laughable governance, broken business hemorrhaging cash, and highly questionable Enron-like accounting.” According to the Report, “Li-Cycle identifies revenues using the Enron-like mark-to-model accounting gimmick of which the accounting treatment is plainly vulnerable, giving Li-Cycle discretion over its framework, line. ”

According to the lawsuit, defendants throughout the Class Period made false and / or misleading statements and / or failed to disclose: Traxys North America LLC financial capital to the Company while Traxys tries to sell Li-Cycle’s product to end customers; (2) the Company engaged in highly questionable related party transactions; (3) the Company’s mark-to-model accounting is vulnerable to abuse and gave a false impression of growth; (4) a significant portion of the Company’s reported revenues that resulted from simply marking up receivables on products that had not been sold; (5) the Company’s gross margins have likely been negative since inception; (6) the Company will require an additional $ 1 billion of funding to support its planned growth (which is a larger figure than the Company raised via the merger); and (7) as a result, defendants’ public statements were false and / or misleading at all relevant times. When the real details entered the market, the lawsuit claims that investors protected damages.

From 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 class action go to: https://bespc.com/cases/LICY

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC is a recognized 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, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

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