NEW YORK, Aug. 10, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against U.S. Bancorp (NYSE: USB), Fulgent Genetics, Inc. (NASDAQ: FLGT), World Wrestling Entertainment, Inc. (NYSE: WWE), and F45 Training Holdings, Inc. (NYSE: FXLV). 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.
U.S. Bancorp (NYSE: USB)
On May 4, 2021, the Company announced an investigation by the CFPB into its sales practices. Upon this news, shares of U.S. Bancorp dropped precipitously.
On July 29, 2022, U.S. Bancorp was fined by CFPB for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission.
On this news, U.S. Bancorp stock fell $0.92 per share, or 2%, to close at $47.2 per share on July 29, 2022.
For more information on the U.S. Bancorp investigation go to: https://bespc.com/cases/USB
Fulgent Genetics, Inc. (NASDAQ: FLGT)
Fulgent released its financial results for the second quarter of 2022 on August 4, 2022. As part of its release, the Company disclosed that the SEC is investigating certain Exchange Act reports for 2018 through the first quarter of 2020. This investigation comes after the DOJ issued a civil investigative demand to the Company “related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law.”
Based on this news, shares of Fulgent fell by $3.34 per share, or 5.3%, to close at $59.86 per share on August 5, 2022.
For more information on the Fulgent investigation go to: https://bespc.com/cases/FLGT
World Wrestling Entertainment, Inc. (NYSE: WWE)
WWE is the subject of a June 15, 2022, article in the Wall Street Journal titled: “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say.” According to the article, the Company’s board “is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article continues, “the board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On June 17, 2022, the Company issued a press release stating, “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.
For more information on the WWE investigation go to: https://bespc.com/cases/WWE
F45 Training Holdings, Inc. (NYSE: FXLV)
On or around July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares of stock priced at $16.00 per share.
Then, on July 26, 2022, F45 issued a press release entitled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty. The press release further disclosed the departure of the Company’s Chief Executive Officer Adam J. Gilchrist and announced that the Company is “reducing global workforce by approximately 110 employees.”
On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.
For more information on the F45 investigation go to: https://bespc.com/cases/FXLV
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.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
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