NEW YORK, March 22, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fox Corporation (NASDAQ: FOX, FOXA), FTX Tokens (CCC: FTT), RH (NYSE: RH), and Charles River Laboratories International, Inc. (NYSE: CRL). 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.
Fox Corporation (NASDAQ: FOX, FOXA)
In November and December of 2020, Fox News broadcasted reports stating that the U.S. election was rigged. Fox News specifically called out Smartmatic and Dominion Voting Systems, voting technology and software companies, for their alleged involvement in rigging the election. Both companies have sued Fox for defamation and other claims based on defendants' actions. The judges in both cases have upheld the lawsuits by overruling defendants' motions to dismiss, finding that Smartmatic and Dominion sufficiently pleaded facts to support their claims of defamation.
In ruling in favor of Dominion, Delaware Superior Court Judge Eric M. Davis found Dominion had shown that the Murdochs, Fox's most senior executives, may have been on notice that the conspiracy theory that rigged voting machines tilted the vote was false but let Fox News broadcast it anyway. Dominion cited in its suit a report that Rupert Murdoch spoke with Trump a few days after the election “and informed him that he had lost,” the judge noted.
“These allegations support a reasonable inference that Rupert and Lachlan Murdoch either knew Dominion had not manipulated the election or at least recklessly disregarded the truth when they allegedly caused Fox News to propagate its claims about Dominion,” said Davis.
These lawsuits, which seek billions of dollars, punitive damages and other relief, can deplete Fox's assets, harm Fox's reputation, and prove detrimental to Fox shareholders.
For more information on the Fox investigation go to: https://bespc.com/cases/FOX
FTX Tokens (CCC: FTT)
On November 2, 2022, Coindesk published an article entitled “Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet” which revealed alleged issues with Alameda Research and FTX’s close relationship and Alameda Research’s large FTT holdings.
Then, November 6, 2022, Binance’s Chief Executive Officer, Changpeng Zhao announced on Twitter that Binance would liquidate its FTT holdings “[d]ue to recent revelations that have come to light[.]”
On November 8, 2022, The Wall Street Journal published an article entitled “Binance’s Deal for Rival FTX Marks Power Shift Amid Crypto Turmoil” which discussed Binance’s non-binding agreement to purchase FTX amid FTX’s “sudden liquidity crunch”.
Then, on November 9, 2022, The Wall Street Journal published an article entitled “Binance Walks Away From Deal to Rescue FTX” which discussed the deal falling through which left FTX with “a shortfall of up to $8 billion, according to people familiar with the matter.”
On November 10, 2022, The Wall Street Journal published an article entitled “SEC, DOJ Investigating Crypto Platform FTX” which discussed the newly known investigations.
On the above news, the price of FTT has fallen sharply on unusually heavy trading volume.
For more information on the FTX investigation go to: https://bespc.com/cases/FTT
RH (NYSE: RH)
On February 6, 2023, RH announced that it expects 2022 revenue growth at the lower end of the prior range of (3.5%) to (4.5%). RH also disclosed that its annual report for the fiscal year ended January 29, 2022 and quarterly report for the fiscal quarter ended October 29, 2022 contained errors in the calculation of net income per share, and that the Company's financial statements for each of the quarterly periods ended April 30, July 30, and October 29, 2022 should no longer be relied upon.
On this news, the Company's stock price fell $25.19 per share or 7.33% percent, to close at $318.43 per share on February 6, 2023.
For more information on the RH investigation go to: https://bespc.com/cases/RH
Charles River Laboratories International, Inc. (NYSE: CRL)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Charles River disclosed on February 22, 2023, that it had received a DOJ subpoena regarding an investigation of its allegedly illegal transport of primates for research purposes. The Company admitted it would voluntarily stop importing primates from Cambodia. The Company also warned that the investigations and its suspension of imports would negatively impact its business.
On this news, shares of Charles River fell by as much as 15% in intraday trading on the same day.
For more information on the Charles River investigation go to: https://bespc.com/cases/CRL
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.