NEW YORK, Jan. 08, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against BRP Group, Inc. (NASDAQ: BRP), Alico, Inc. (NASDAQ: ALCO), Treace Medical Concepts, Inc. (NASDAQ: TMCI), and Welltower Inc. (NYSE: WELL). 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.
BRP Group, Inc. (NASDAQ: BRP)
BRP is the subject of a report published by NINGI Research on September 13, 2022. The report alleges that “BRP has doctored its organic growth rate to beat analysts’ estimates,” and “the company misled investors by presenting inorganic revenue as organic revenue through a self-proclaimed separate agreement with an affiliate.” NINGI also alleges that, “in 2020 BRP’s proprietary ‘MGA of the Future’ technology was misappropriated by an employee and handed to a competitor, as alleged by BRP in a lawsuit,” however, “the company allegedly did not notice the misappropriation until May 2021 but did not disclose the intellectual property theft to investors to date, despite arguing in a lawsuit that the theft has and will have severe damage to BRP’s revenue and market share.”
On this news, BRP stock fell $0.42 per share, or 1.35%, to close at $30.77 per share on September 14, 2022.
For more information on the BRP investigation go to: https://bespc.com/cases/BRP
Alico, Inc. (NASDAQ: ALCO)
On November 15, 2022, after the market closed, Provident announced in two filings with the U.S. Securities and Exchange Commission that it was delaying the issuance of its financial statements and quarterly report on Form 10-Q for the quarter ended September 30, 2022. Additionally, Provident said "it currently estimates that it will report a net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021" and that "[t]he Company is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate."
On this news, Provident's stock price fell $2.20 per share, or 21.78%, to close at $7.90 per share on November 16, 2022.
For more information on the Alico investigation go to: https://bespc.com/cases/ALCO
Treace Medical Concepts, Inc. (NASDAQ: TMCI)
On November 15, 2022, Culper Research published a short report on Treace (the "Culper Report"). The Culper Report expressed the "view that Treace's primary innovation has not been in any sort of medical advancements, but in aggressive reimbursement practices and deceptive DTC marketing," which the Culper Report described "as problematic and self-defeating, as insurers appear to have begun placing Lapiplasty procedure reimbursements under scrutiny while customer complaints about misleading claims from Treace are mounting."
On this news, Treace's stock price fell $3.57 per share, or 14.81%, to close at $20.54 per share on November 15, 2022.
For more information on the Treace investigation go to: https://bespc.com/cases/TMCI
Welltower Inc. (NYSE: WELL)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Welltower is the subject of a report issued by Hindenburg Research on December 7, 2022. The report, titled, "Welltower: Exposing The Shell Game," claims that the Company transferred the management of underperforming facilities to an undisclosed related party. According to the report, the new partner firm Integra "seems to barely exist. The entity was registered 6 months ago, according to Delaware corporate records. Its website was registered on the same day." The report alleges that, "Integra's CEO, 29-year-old David Gefner, appears to have no background in the skilled nursing space at all. Integra has no employees on LinkedIn except for Gefner, who claims to have worked at the 6-month-old entity for 11 months."
Based on this report, shares of Welltower have dropped by more than 5% in intraday trading on the same day.
For more information on the Welltower investigation go to: https://bespc.com/cases/WELL
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.