NEW YORK, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Paragon 28, Inc. (NYSE: FNA), BrightSpring Health Services, Inc. (NASDAQ: BTSG), Outset Medical, Inc (NASDAQ: OM), and NuScale Power Corp. (NYSE:SMR). 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.
Paragon 28, Inc. (NYSE: FNA)
On July 30, 2024, after the market closed, Paragon 28 filed a current report on Form 8-K with the SEC. It stated that “On July 30, 2024, the Audit Committee of the Board of Directors (the “Audit Committee”) of Paragon 28, Inc. (the “Company”), in consultation with management, concluded that the Company’s previously issued audited consolidated financial statements for the fiscal year ended December 31, 2023, contained within the Annual Report on Form 10-K for that year (and the associated audit report of the Company’s independent registered accounting firm) and the unaudited condensed consolidated financial statements contained within the Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024 should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required. Accordingly, the Company intends to restate the aforementioned financial statements by amending its Annual Report on Form 10-K for the year ended December 31, 2023 and its quarterly report on Form 10-Q for the quarter ended March 31, 2024 (the “Restated Filings”) as soon as reasonably practicable.”
On this news, the price of Paragon 28 stock fell by 13.7% on July 31, 2024.
For more information on the Paragon 28 investigation go to: https://bespc.com/cases/FNA
BrightSpring Health Services, Inc. (NASDAQ: BTSG)
On or around January 25, 2024, BrightSpring conducted its initial public offering ("IPO") of 53,333,334 shares of common stock priced at $13.00 per share. Then, on August 2, 2024, BrightSpring issued a press release announcing its financial results for the second quarter of 2024. Among other items, BrightSpring reported non-GAAP earnings per share of $0.10, missing consensus estimates by $0.03 per share.
On this news, BrightSpring's stock price fell $1.07 per share, or 8.75%, to close at $11.16 per share on August 2, 2024.
For more information on the BrightSpring investigation go to: https://bespc.com/cases/BTSG
Outset Medical, Inc. (NASDAQ: OM)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Outset released its second quarter 2024 financial results on August 7, 2024. The Company missed consensus estimates by a considerable margin and lowered its full year 2024 outlook. According to the Company, the "changes [it] needs to make are entirely in [its] control" and will involve "shifts and adjustments" to its sales team and processes. Based on this news, shares of Outset fell by 68.53% on August 8, 2024.
For more information on the Outset investigation go to: https://bespc.com/cases/OM
NuScale Power Corp. (NYSE:SMR)
On July 29, 2024, Hunterbrook Media ("Hunterbrook") reported that "[t]he U.S. Securities and Exchange Commission's Division of Enforcement is conducting an ‘active and ongoing' investigation into NuScale", citing the "SEC's July 24 response to an open records request obtained by Hunterbrook[.]" Although the SEC's response to Hunterbrook's request did not provide details regarding the subject of its investigation, Hunterbrook's report noted that "the U.S. Nuclear Regulatory Commission raised significant questions about NuScale's risk mitigation plans for one of its reactor designs" and further asserted that "after a decade and a half of research and development, NuScale has yet to commercialize any reactors." On this news, NuScale's stock price fell $1.35 per share, or 12.44%, to close at $9.50 per share on July 29, 2024.
For more information on the NuScale investigation go to: https://bespc.com/cases/SMR
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
