Gillian Brassil

1 week ago | news.bloomberglaw.com | Gillian Brassil

Zenas BioPharma Inc. overstated how long it would have cash to operate in its market debut paperwork, leading share prices to fall to about half of the $17 initial public offering price since, to investors’ detriment, a proposed class action said. The biopharmaceutical company’s September filing said it believed net IPO proceeds plus existing cash would keep it afloat for at least the next 24 months, a shareholder told the US District Court for the District of Massachusetts.

1 week ago | news.bloomberglaw.com | Gillian Brassil

Mobileye Global Inc. defeated investor allegations that it concealed purchasing excess inventory to avoid supply chain shortages, later hindering the autonomous driving company’s financial results. Investors failed to allege “any material misstatement or any deceptive conduct” to carry securities fraud claims, said Judge Denise L. Cote of the US District Court for the Southern District of New York on Wednesday while ordering the case to be closed. The case is In re Mobileye Glob. Sec.

1 week ago | news.bloombergtax.com | Gillian Brassil

Mobileye Global Inc. defeated investor allegations that it concealed pushing excess inventory to avoid supply chain shortages, later hindering the autonomous driving company’s 2024 financial results. Investors failed to allege “any material misstatement or any deceptive conduct” to carry securities fraud claims, said Judge Denise L. Cote of the US District Court for the Southern District of New York on Wednesday while ordering the case to be closed.

1 week ago | news.bloombergtax.com | Gillian Brassil

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1 week ago | news.bloomberglaw.com | Gillian Brassil

Geron Corp. leadership overhyped its flagship blood cancer treatment’s commercial prospects before revealing its lack of traction flattened revenue trends, a shareholder lawsuit said. Share prices fell more than 32% on Feb. 26 after the company revealed the stagnation at the start of the first quarter alongside its fourth fiscal quarter and full-year results, a stockholder told the US District Court for the Northern District of California on Tuesday.