Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
08/25/2021
Initial Lawsuit
10/21/2021
Lawsuit Progression
01/05/2022
A Hepsiburada investor filed a class action lawsuit on behalf of persons and entities that purchased or otherwise acquired Hepsiburada American depositary receipts (ADRs) pursuant and/or traceable to the registration statement and prospectus issued in connection with the company’s July 2021 initial public offering (IPO).
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 Hepsiburada suffered a sharp deceleration in operational and sales growth during second quarter 2021;
(2) that, as a result, the company initiated certain actions to fortify its competitive position, including investing in electronics and high frequency categories and discounting certain categories;
(3) that, as a result of the foregoing, Hepsiburada’s revenue and GMV had declined during second quarter 2021; and
(4) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.