Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
02/07/2022
Initial Lawsuit
02/25/2022
Lawsuit Progression
05/12/2022
A shareholder filed this federal securities class action on behalf of all persons or entities that purchased Cerence common stock between February 8, 2021 and February 4, 2022, 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:
(1) that the global semiconductor shortage had a materially negative impact on demand for Cerence’s software licenses;
(2) that defendants masked the impact of the semiconductor shortage on demand for the company’s software licenses by pulling forward sales; and
(3) that, as a result of the above, defendants’ statements about Cerence’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.