Builders FirstSource, Inc. (BLDR)
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
Investigation
02/28/2022
Initial Lawsuit
04/15/2022
Lawsuit Progression
06/14/2022
Investors investigation into the discrepancies between statements made by Aurinia regarding upcoming “aggressive numbers” and the release of its Q4 2021 financial results.
02/28/2022
Aurinia reports its financial results for the fourth quarter and year ended December 31, 2021, disclosing $45.6 million in revenue, align “with the previously stated annual revenue estimate in the range of $40 to $50 million for 2021.” For the fiscal year 2022, Aurinia also disclosed net revenue guidance of “$115 to $135 million from sales of LUPKYNIS“, in contrast with previous announcements.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$12.3 | $16.24 | $-3.94 | -24.26% |
A shareholder filed this federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Aurinia securities between May 7, 2021 and February 25, 2022, both dates inclusive.
According to the complaint, 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 allegedly failed to disclose to investors that:
(i) Aurinia was experiencing declining revenues;
(ii) Aurinia’s 2022 sales outlook for LUPKYNIS would fall well short of expectations;
(iii) accordingly, the company had significantly overstated LUPKYNIS’s commercial prospects;
(iv) as a result, the company had 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.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 09/24/2022.
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