NEW YORK, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Ibotta, Inc. (NYSE:IBTA), Mynaric AG (NASDAQ:MYNA), iLearningEngines, Inc. (NASDAQ: AILE), and European Wax Center, Inc. (NASDAQ:EWCZ). 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.
Ibotta, Inc. (NYSE:IBTA)
On August 13, 2024, Ibotta released its second quarter 2024 financial results, revealing a net loss of $34 million, a 19% decline in direct-to-consumer redemptions, and a 7% reduction of direct-to-consumer redeemers.
On this news, Ibotta’s stock price fell $15.53, or 26.7%, to close at $42.66 per share on August 14, 2024, thereby injuring investors.
For more information on the Ibotta investigation go to: https://bespc.com/cases/IBTA
Mynaric AG (NASDAQ:MYNA)
On August 20, 2024, Mynaric issued a press release providing an update to its full-year 2024 guidance, advising that "the company now expects full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million", citing "production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components"; and that "the company now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million", citing "the lower than expected revenue and higher than expected production costs due to lower yields." In a separate press release, Mynaric "announce[d] the voluntary departure of CFO Stefan Berndt-von Bülow for personal reasons, effective last week."
On this news, Mynaric's stock price fell $2.32 per share, or 55.9%, to close at $1.83 per share on August 20, 2024.
For more information on the Mynaric investigation go to: https://bespc.com/cases/MYNA
iLearningEngines, Inc. (NASDAQ: AILE)
On August 27, 2024, Hindenburg Research issued a report on iLearningEngines highlighting a number of concerns regarding the company's operations. According to the report, in November 2023, before the IPO, the SEC inquired whether the “Technology Partner” was a related party. The company replied that it was not.
Hindenburg states further that “Technology Partner” is a UAE-based entity named Experion Technologies, identified through documents related to a debt transaction. We believe this entity is an undisclosed related party, suggesting that iLearningEngines misled the SEC. According to a 2020 web capture, the American contact for Experion was listed as the CEO of iLearningEngines. Additionally, a 2022 web capture showed the American address for Experion as the personal residence of iLearningEngines’ CEO.
Following this news, the company’s stock price dropped by 46% during pre-market trading on August 29, 2024.
For more information on the iLearningEngines investigation go to: https://bespc.com/cases/AILE
European Wax Center, Inc. (NASDAQ:EWCZ)
On August 14, 2024, European Wax issued a press release reporting its financial results for the second quarter of its fiscal year. Among other items, European Wax lowered its 2024 revenue forecast to a range of $216 million to $221 million, compared to prior guidance of $225 million to $232 million, and lowered its net income forecast to a range of $19 million to $22 million, compared to prior guidance of $22 million to $25 million.
On this news, European Wax's stock price fell sharply during intraday trading on August 14, 2024.
For more information on the European Wax investigation go to: https://bespc.com/cases/EWCZ
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
