Bragar Eagel & Squire, PC investigates RBB, Verra, Mullen and Arqit and encourages… | News
NEW YORK, May 01, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against RBB Bancorp (NASDAQ: RBB) , Verra Mobility Corp. (NASDAQ: VRRM), Mullen Automotive, Inc. (NASDAQ: MULN) and Arqit Quantum, Inc. (NASDAQ: ARQQ, ARQQW). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.
RBB Bancorp (NASDAQ: RBB)
On February 18, 2022, RBB Bancorp announced the abrupt departure of Tammy Song, Executive Vice President and Chief Loan Officer of RBB Bancorp’s wholly owned subsidiary, Royal Business Bank.
Four days later, on February 22, 2022, RBB Bancorp announced that its Chairman and Chief Executive (Alan Thian) would take a leave of absence, effective immediately, pending an internal investigation by a special board committee. of administration of the company.
On this news, RBB Bancorp’s stock price fell $2.69 per share, or about 10.45%, from $25.75 to $23.06 over two trading days.
For more information on RBB Bancorp’s investigation, visit: https://bespc.com/cases/RBB
Verra Mobility Corp. (NASDAQ: VRRM)
On February 28, 2022, Verra Mobility announced that it had filed a late filing notice with the SEC, as it will be unable to file its Form 10-K for the fiscal year ended December 31, 2021 as of the date due March 1. 2022, and the Company should not do so within the permitted extension period of 15 days.
Additionally, Verra Mobility announced that “[d]During its review process of the 2021 year-end financial statements, Verra Mobility. . . determined that the revenues of the company’s recently acquired Australian subsidiary, Redflex Holdings Limited, may not have been accounted for in accordance with generally accepted accounting principles. The Company’s Audit Committee is investigating the circumstances surrounding these issues to determine, among other things, whether a related adjustment is required for the previously issued financial statements for the second and third quarters of fiscal 2021.”
On this news, Verra Mobility stock fell 7.6% in intraday trading on February 28, 2022, hurting investors.
For more information on the Verra survey, visit: https://bespc.com/cases/VRRM
Mullen Automotive, Inc. (NASDAQ: MULN)
On April 6, 2022, Hindenburg Research (“Hindenburg”) published a report on Mullen, titled “Mullen Automotive: Yet Another Fast Talking EV Hustle,” calling the company one of the world’s worst electric vehicle (“EV”) hustle. that Hindenburg had seen. in a crowded field of suitors such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that “[d]Despite spending only about $3 million on R&D in 2021, Mullen says his solid-state battery technology is on track to be commercialized in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions to solve the problem.” The Hindenburg report also alleged that the CEO of EV Grid, Inc. (“EV Grid”), which manufactures batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding its battery test results, stating “[w]I would never have said that” and “[w]We never said that and certainly wouldn’t have said that based on the test results of this battery. The solid-state battery was refuted by a senior NextMetals executive who said it “was a non-starter” and “didn’t exist.”
On this news, Mullen’s stock price fell $0.07 per share, or 2.57%, to close at $2.65 per share on April 6, 2022.
For more information on the Mullen Inquiry, visit: https://bespc.com/cases/MULN
Arqit Quantum, Inc. (NASDAQ: ARQQ, ARQQW)
Arqit is a cybersecurity company that claims to be developing quantum encryption technology to protect against cyberattacks.
The company, headquartered in London, England, went public in September 2021 when it merged with Centricus Acquisition Corp. (NASDAQ: CENH, CENHW, CENHU), a special purpose acquisition company, or SPAC.
On April 18, 2022, a Wall Street Journal article titled “British Encryption Startup Arqit Overstates Its Prospects Former Staff and Others Say” raised important questions about the company and its prospects. The article notes that when the company went public last fall, the company’s founder and chief executive, David Williams, told investors that Arqit had an “impressive backlog” of revenue and was ready “for growth.” in large scale”. However, the article also states that “Arqit has given investors an overly optimistic view of its future earnings and the availability and feasibility of its signature encryption system, according to former employees and others familiar with it. company, and documents viewed by The Wall St. Journal.”
Following today’s news, Arqit’s stock price fell $2.57 per share, or more than 17%, to close at $12.49 per share.
For more information on the Arqit survey, visit: https://bespc.com/cases/ARQQ
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.