NEW YORK, April 28, 2023 (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 Trinseo PLC (NYSE: TSE), First Republic Bank (NYSE: FRC), and Edgio, Inc. (NASDAQ: EGIO). 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.
Trinseo PLC (NYSE: TSE)
Class Period: May 3, 2021 - March 27, 2023
Lead Plaintiff Deadline: June 20, 2023
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) the Company’s Bristol, Pennsylvania plant had a troubled safety record while under prior ownership and continued to be unsafe after the Company acquired it; (2) Defendants did not sufficiently disclose specific risks related to conducting operations at that plant; (3) Operating a chemical plant with an unsafe history and presently unsafe operations exposed the Company to a heightened risk of a chemical spill or other adverse event; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Trinseo class action go to: https://bespc.com/cases/TSE
First Republic Bank (NYSE: FRC)
Class Period: January 14, 2021, - March 14, 2023
Lead Plaintiff Deadline: June 23, 2023
According to the lawsuit, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants: (1) misrepresented the strength of the Company’s balance sheet and liquidity position; (2) understated the significant pressure rising interest rates posed to First Republic’s business model; (3) misrepresented the strength of the Company’s ability to deliver consistent results across different interest rate environments; (4) misrepresented the diversity of the Company’s deposit funding base; and (5) misrepresented the Company’s ability to generate NII growth and maintain stable NIM. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the First Republic class action go to: https://bespc.com/cases/FRC
Edgio, Inc. (NASDAQ: EGIO)
Class Period: February 11, 2021 - March 12, 2023
Lead Plaintiff Deadline: June 26, 2023
On March 13, 2023, before the market opened, Edgio issued a press release announcing that it will restate its previously issued financial statements for the years ended December 31, 2021 and 2020, as well as the quarterly reports for fiscal 2022 and 2021, because its audit committee “identified an error in the Company’s historic accounting treatment of Edgio’s Open Edge solution.” The Company anticipated the restatements would result in a “reduction to revenue of up to approximately $23.0 million for the nine-month period ended September 30, 2022, up to approximately $16.7 million for the twelve-month period ended December 31, 2021, and up to approximately $6.6 million for the twelve-month period ended December 31, 2020.” As a result, the Company stated that it would be unable to file its annual report on time.
On this news, the Company’s share price fell $0.1597, or 15.5%, to close at $0.8703 per share on March 13, 2023, thereby injuring investors.
Throughout the Class Period, 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 failed to disclose to investors: (1) that the sale of Open Edge equipment should be accounted as financing leases; (2) that there were material weaknesses in the Company’s internal controls over financial reporting related to Open Edge transactions; (3) that, as a result, the Company’s revenue had been overstated in certain periods; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Edgio class action go to: https://bespc.com/cases/EGIO
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
