Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Future FinTech, AlloVir, GrafTech, and Instacart and Encourages Investors to Contact the Firm
NEW YORK, Feb. 25, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Future FinTech Group Inc. (NASDAQ: FTFT), AlloVir, Inc. (NASDAQ: ALVR), GrafTech International Ltd. (NYSE: EAF), and Maplebear, Inc. d/b/a Instacart (NASDAQ: CART). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Future FinTech Group Inc. (NASDAQ: FTFT)
Class Period: March 10, 2020 – January 11, 2024
Lead Plaintiff Deadline: March 18, 2024
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Defendant Shanchun Huang manipulated the price of Future FinTech stock; (2) Defendant Huang and Future FinTech lied to the Securities and Exchange Commission about the nature of Defendant Huang’s ownership of Future FinTech stock; (3) Future FinTech understated its legal risk; (4) Future FinTech did not disclose the unlawful measures Defendant Huang took to prop up the price of its stock; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Future FinTech class action go to: https://bespc.com/cases/FTFT
AlloVir, Inc. (NASDAQ: ALVR)
Class Period: March 22, 2022 – December 21, 2023
Lead Plaintiff Deadline: March 19, 2024
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (ii) as a result, it was likely that the Company would ultimately discontinue the posoleucel Phase 3 studies; (iii) accordingly, AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies over efficacy concerns and stated that it would explore strategic alternatives for the Company. Specifically, AlloVir said it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldn’t meet their primary endpoints.
On this news, AlloVir’s stock price fell $1.57 per share, or 67.38%, to close at $0.76 per share on December 22, 2023.
For more information on the AlloVir class action go to: https://bespc.com/cases/ALVR
GrafTech International Ltd. (NYSE: EAF)
Class Period: February 8, 2019 – August 3, 2023 (Common Stock Only)
Lead Plaintiff Deadline: March 25, 2024
The GrafTech class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) GrafTech’s manufacturing operations in Monterrey, Mexico had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter; (ii) GrafTech had signed agreements with local authorities committing itself to improving the environmental performance of its Monterrey facility, but repeatedly failed to honor these commitments; (iii) GrafTech had been repeatedly warned over an approximately 30-year period regarding its wanton disregard for the environment and health and well-being of people near its operations in Monterrey, Mexico; (iv) GrafTech’s operations in Monterrey, Mexico were not in compliance with applicable environmental laws and regulations; (v) GrafTech had failed to adequately remediate the environmental problems caused by the Monterrey facility following the 2019 administrative proceeding conducted by the Department of Sustainable Development of the State of Nuevo León; (vi) the government of Apodaca had sought intervention from the State of Nuevo León authorities to curtail and prevent the adverse environmental impacts and noncompliance with environmental laws and regulations caused by the Monterrey facility; (vii) GrafTech’s purported cost leadership was achieved in substantial part by failing to implement appropriate and effective environmental safeguards at its manufacturing facility in Monterrey, Mexico; (viii) GrafTech’s capital expenditures and/or related operational projects were woefully insufficient to adequately address the harm that GrafTech’s operations in Monterrey, Mexico had inflicted on the environment and people within the neighboring communities; (ix) as a result of the above, GrafTech was acutely exposed to undisclosed material risks that GrafTech’s manufacturing operations in Monterrey, Mexico would be severely disrupted by government action or enforcement; and (x) as a result of the above, GrafTech was acutely exposed to undisclosed material risks that its supplies of pin stock and graphite electrodes would be withdrawn and/or materially diminished, thereby materially harming GrafTech’s business, operations, reputation, and financial results.
For more information on the GrafTech class action go to: https://bespc.com/cases/EAF
Maplebear, Inc. d/b/a Instacart (NASDAQ: CART)
Class Period: pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about September 19, 2023; and/or September 19, 2023 – October 1, 2023
Lead Plaintiff Deadline: March 25, 2024
Instacart provides online grocery shopping services to households in North America. The Company sells and delivers a range of products in the food, alcohol, consumer health, pet care, and ready-made meals categories, in addition to others. The Company offers its services through a mobile application and website, while also providing software-as-a-service solutions to retailers.
On August 25, 2023, Instacart filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 18, 2023 (the “Registration Statement”).
On September 19, 2023, pursuant to the Registration Statement, Instacart’s common stock began publicly trading on the Nasdaq Global Select Market (“NASDAQ”) under the ticker symbol “CART”.
On September 20, 2023, Instacart filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”).
Pursuant to the Offering Documents, Instacart and other selling stockholders identified in the Prospectus sold 14.1 million and 7.9 million shares of the Company’s common stock to the public, respectively, at the Offering price of $30.00 per share for total proceeds of approximately $400 million and $224 million to Instacart and the selling stockholders, respectively, after applicable underwriting discounts and commissions.
The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. In addition, the complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating; (ii) Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market; (iii) accordingly, Defendants overstated the Company’s post-IPO growth, business, and financial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On September 22, 2023, Reuters published an article noting, among other things, that Instacart’s stock price was falling after “lukewarm analyst reports” indicated that the Company would struggle from heavy competition. For example, the article noted that “BTIG analyst Jake Fuller gave Instacart a ‘neutral’ rating and warned that the company faces heavy competition from DoorDash (DASH.N) and Uber Technologies (UBER.N) in the slowly expanding market of grocery delivery.”
On this news, Instacart’s stock price fell $0.65 per share, or 2.12%, to close at $30.00 per share on September 22, 2023.
Then, on October 2, 2023, investment research firm Gordon Haskett initiated coverage of Instacart with a “hold” rating, stating that it “ha[s] doubts that online grocery delivery adoption will continue to materially increase at a time when consumers are becoming increasingly cautious about spending”, while similarly citing the competitive environment in the online grocery shopping and delivery market as a headwind to the Company’s business.
On this news, Instacart’s stock price fell $2.73 per share, or 9.2%, to close at $26.96 per share on October 2, 2023.
As of the time the complaint was filed, Instacart’s common stock continues to trade below the $30.00 per share Offering price, damaging investors.
For more information on the Instacart class action go to: https://bespc.com/cases/CART
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
