NEW YORK, June 30, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against EPAM Systems, Inc. (NYSE: EPAM), Castle Biosciences, Inc. (NASDAQ: CSTL), BeiGene, Ltd. (NASDAQ: BGNE), and Fox Corp. (NASDAQ: FOX, FOXA). 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.
EPAM Systems, Inc. (NYSE: EPAM)
On June 5, 2023, just one month after issuing guidance during its first quarter earnings call on May 5, 2023, EPAM lowered its expectations for the second quarter and the full year, claiming that the demand for IT consulting appeared to have dried up.
On this news, EPAM's stock price fell $56.40 per share, or 21.72%, to close at $203.25 per share on June 5, 2023.
For more information on the EPAM investigation go to: https://bespc.com/cases/EPAM
Castle Biosciences, Inc. (NASDAQ: CSTL)
Castle is a commercial-stage diagnostics company, focused on providing diagnostic and prognostic testing services for dermatological cancers and mental health conditions. On June 2, 2023, during the 2023 American Society of Clinical Oncology annual meeting, Castle Biosciences discussed trial results for its IDgenetix tests, which diagnoses moderate to severe depression.
On this news, the price of Castle shares declined by $11.07 per share, or approximately 48.70%, from $22.73 per share to close at $11.66 on June 5, 2023.
For more information on the Castle investigation go to: https://bespc.com/cases/CSTL
BeiGene, Ltd. (NASDAQ: BGNE)
On June 15, 2023, before the market opened, Morningstar released an article entitled “BeiGene shares drop after AbbVie unit files patent infringement lawsuit over cancer drug.” The article stated, in pertinent part, “AbbVie’s (ABBV) Pharmacyclics unit filed a patent-infringement lawsuit against the biotech company. BeiGene’s manufacture and sale of Brukinsa for treatment of chronic lymphocytic leukemia and small lymphocytic lymphoma infringe on Pharmacyclics’ patent for Imbruvica, which treats the same conditions, Pharmacyclics alleged in the complaint filed Tuesday in federal court in Delaware. Brukinsa in January received U.S. Food and Drug Administration approval for treatment of chronic lymphocytic leukemia and small lymphocytic lymphoma.”
On this news, the price of BeiGene American Depositary Shares (“ADS” or “ADSs”) declined by $7.08, or 3.4%, to close at $201.04. The next day, BeiGene ADS’ declined by as much as $5.3, or 2.65%, in intraday trading.
For more information on the BeiGene investigation go to: https://bespc.com/cases/BGNE
Fox Corp. (NASDAQ: FOX, FOXA)
In the wake of the 2020 U.S. Presidential Election, Dominion Voting Systems sued Fox for defamation. Dominion’s lawsuit alleges that Fox defamed Dominion’s business by endorsing, repeating or broadcasting a series of “verifiably false yet devastating lies about Dominion.” Dominion claims that various statements that were made on FOX News, including that Dominion committed election fraud by rigging the 2020 election, that Dominion’s software and algorithms manipulated vote counts in the 2020 election, that Dominion was founded for the purpose of rigging elections, and that Dominion paid kickbacks to government officials who used its machines, were defamatory and false. Dominion and fox eventually agreed to settle the case for $787 million.
Beginning in February 2023, specific details emerged of internal discussions at Fox in the wake of the 2020 election, revealing that Fox’s senior leaders understood that claims to the effect that Dominion and other entities had rigged the 2020 election were false. As a consequence, Fox faces significant potential legal liability.
As a result of ongoing revelations about Fox’s legal exposure in the Dominion lawsuit, Fox’s Class A stock has declined from a closing price of $37.03 on February 17, 2023 to a closing price of $32.52 on March 15, 2023, a 12% decline. Fox’s Class B stock has declined from a closing price of $34.22 on February 17, 2023 to a closing price of $29.83 on March 15, 2023, a 12% decline.
For more information on the Fox investigation go to: https://bespc.com/cases/FOX
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.