NEW YORK, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Dril-Quip, Inc. (NYSE: DRQ), LPL Financial Holdings Inc. (NASDAQ: LPLA), Methode Electronics, Inc. (NYSE: MEI), and Metagenomi, Inc. (NASDAQ: MGX). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Dril-Quip, Inc (NYSE: DRQ)
On July 8, 2024, Dril-Quip disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it had identified “an error in the classification of certain inventory write-downs from 2021.” Specifically, the Company disclosed that it “misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan. The Company classified these charges as ‘Restructuring and other charges’; however, these charges should have been classified in ‘Cost of sales’ in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021, in accordance with ASC 420-10-S99-3. As a result, ‘Cost of sales’ was understated and ‘Restructuring and other charges’ was overstated by $67 million for the fiscal year ended December 31, 2021 (the ‘Affected Period’).” Accordingly, Dril-Quip stated that its previous statements regarding the Affected Period “should no longer be relied upon” and will be restated. Dril-Quip further noted that “the Company’s disclosure controls and procedures as of December 31, 2023 were not effective.”
On this news, the price of Dril-Quip shares declined by $1.76 per share, or approximately 9.9%, from $17.77 per share on July 8, 2024 to close at $16.01 on July 9, 2024.
For more information on the Dril-Quip investigation go to: https://bespc.com/cases/DRQ
LPL Financial Holdings Inc. (NASDAQ: LPLA)
On July 5, 2024, a federal judge granted Ameriprise Financial, Inc.’s (“Ameriprise’s”) request for a temporary restraining order against LPL after two former Ameriprise brokers joined LPL and allegedly used confidential client information to improperly solicit their former clients to switch firms.
On this news, the price of LPL Financial shares declined by $3.49 per share, from $276.01 per share on July 5, 2024 to close at $272.52 on July 8, 2024.
For more information on the LPL Financial investigation go to: https://bespc.com/cases/LPLA
Methode Electronics, Inc. (NYSE: MEI)
On July 14, 2023, Methode announced that "[o]n July 10, 2023, Joseph Khoury was placed on leave from his position as Chief Operating Officer . . . , and his powers, authority and duties as such officer of the Company were suspended." On this news, Methode's stock price fell $0.53 per share, or 1.57%, to close at $33.27 per share on July 14, 2023.
Then, on December 7, 2023, Methode announced that the Company had removed Joseph Khoury from his position as Chief Operating Officer and terminated him as an employee. On this news, Methode's stock price fell $2.27 per share, or 9.27%, to close at $22.13 per share on December 7, 2023.
For more information on the Methode investigation go to: https://bespc.com/cases/MEI
Metagenomi, Inc. (NASDAQ: MGX)
On February 12, 2024, Metagenomi conducted its initial public offering (“IPO”), selling approximately 6.25 million shares at $15 per share. On May 1, 2024, less than two months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.”
On this news, the price of Metagenomi shares declined by $0.87, or 12.4%, from $7.04 per share on May 1, 2024 to close at $6.17 per share on May 2, 2024.
For more information on the Metagenomi investigation go to: https://bespc.com/cases/MGX
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
investigations@bespc.com
www.bespc.com
