NEW YORK, May 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Hesai Group (NASDAQ: HSAI), Vertex Energy, Inc. (NASDAQ: VTNR), and Nutanix, Inc. (NASDAQ: NTNX). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Hesai Group (NASDAQ: HSAI)
Class Period: In connection with Hesai Group’s February 2023 IPO
Lead Plaintiff Deadline: June 6, 2023
According to the lawsuit, the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate; (2) Hesai Group’s gross margin was 30% for the fourth quarter—which was completed over a month before the date of the amended registration statement; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Hesai class action go to: https://bespc.com/cases/HSAI
Vertex Energy, Inc. (NASDAQ: VTNR)
Class Period: April 1, 2022 - August 8, 2022
Lead Plaintiff Deadline: June 12, 2023
Vertex Energy is an energy company focused on the production and distribution of conventional and alternative fuels. In early 2021, Vertex Energy announced that it had reached an agreement to acquire an oil refinery located in Mobile, Alabama and a key component of the acquisition was Vertex Energy’s plan to convert a portion of the refinery’s 91,000 barrel-per-day output to renewable diesel fuel, which was expected to generate higher profits than the refinery’s conventional gasoline and diesel fuel outputs.
But as the Vertex Energy class action lawsuit alleges, unbeknownst to investors, immediately prior to the closing of the Mobile acquisition, defendants had entered into, or were a party to, a series of transactions that dramatically capped the new plant’s profitability and would, in fact, lead to significant losses immediately following the acquisition. These transactions, which in some instances were required pursuant to the financing arrangements Vertex Energy had entered into, resulted in over $125 million in losses during the Class Period.
On August 9, 2022, Vertex Energy disclosed a net loss of $63.8 million during the second quarter of 2022. Vertex Energy also revealed that adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the Mobile refinery, even after adjusting for certain incurred losses, was only $63.6 million, compared to the guidance given just three months prior for EBITDA of $120-$130 million in the second quarter, a total shortfall of 50%. Vertex Energy also withdrew its financial guidance for the remainder of fiscal year 2022 and fiscal year 2023. On this news, the price of Vertex Energy common stock fell by approximately 44%, damaging investors. The stock price continued to fall in subsequent days as the market digested the news, reaching a low of just $7.05 per share on August 11, 2022, roughly 50% below the closing price on August 8, 2022.
For more information on the Vertex Energy class action go to: https://bespc.com/cases/VTNR
Nutanix, Inc. (NASDAQ: NTNX)
Class Period: September 21, 2021 - March 6, 2023
Lead Plaintiff Deadline: June 13, 2023
According to the Complaint, the Company made false and misleading statements to the market. Nutanix failed to maintain appropriate internal controls over licensed software and expense management. The Company improperly used evaluation software for active business purposes over the course of multiple years. The Company would incur significant expenses in rightfully paying for the software it used to run its business. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Nutanix, investors suffered damages.
For more information on the Nutanix class action go to: https://bespc.com/cases/NTNX
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.