
Amicus Therapeutics, Inc. (FOLD)
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Investigation
06/29/2021
Initial Lawsuit
06/29/2021
Lawsuit Progression
09/16/2021
Dismissal
11/15/2021
Investigation regarding Rekor’s statements about the impact of state legislation on its technology and uninsured vehicle enforcement diversion partnership.
05/10/2021
Rekor reports its Q1 2021 financial results showing 164% to $4.2 million as compared to $1.6 million in the first quarter of 2020 and iterating its strategy to accelerate “growth in both [its] commercial and government sectors.”
During the conference call, executives commented on the Texas bill miss:
“So look, we have a whole bunch of enthusiastic and supportive shareholders and you know everybody is trying to figure out what these legislators are doing and what the states are doing, but it’s just going to move forward the way it moves forward and sometimes it takes a turn and a twist, but I still believe we’ll get there with the state this year, and maybe even more than one, so we’ll see. I mean, the year is far from over.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$11.26 | $13.71 | $-2.45 | -17.87% |
This is a federal securities class action on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Rekor securities between April 12, 2019 and May 25, 2021, 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) Rekor’s ALPR technology and UVED-related business is outclassed by global competitors with an established, dominant market share;
(ii) it was unlikely that states would pass legislation authorizing deals similar to Rekor’s Oklahoma UVED partnership because of, inter alia, state and local privacy laws and related public concerns;
(iii) Rekor’s UVED partnership was not as profitable as Defendants had led investors to believe because of known impediments to enrollment rates and costs associated with the partnership;
(iv) accordingly, Rekor had overstated its potential revenues, profitability, and overall ALPR- and UVED-related business prospects;
(v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
09/16/2021
The court issued an order appointing the lead plaintiff and lead counsel.
On 11/15/2021, plaintiff voluntarily dismissed the complaint.
The above-captioned consolidated action is hereby dismissed with prejudice as against all defendants on behalf of Lead Plaintiff pursuant to Federal Rule of Civil Procedure 41(a)(2) and without prejudice as against all defendants with respect to any unnamed putative class members or other plaintiffs . . .
Free File
Stipulation/Order of Dismissal
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