NEW YORK, April 01, 2020 (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 Tivity Health, Inc. (NASDAQ: TVTY), Tupperware Brands Corporation (NYSE: TUP), Becton, Dickinson and Company (NYSE: BDX), and Sterling Bancorp, Inc. (NASDAQ: SBT).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.
Tivity Health, Inc. (NASDAQ: TVTY)
Class Period: March 8, 2019 to February 19, 2020
Lead Plaintiff Deadline: April 27, 2020
In December 2018, Tivity announced that it would acquire Nutrisystem, Inc., a provider of weight management products and services (the “Nutrisystem Acquisition”). On March 8, 2019, Tivity announced the completion of the Nutrisystem Acquisition for approximately $1.3 billion in cash and stock.
On February 19, 2020, Tivity issued a press release announcing the Company’s financial results for the fourth quarter and year ended December 31, 2019. Tivity disclosed, inter alia, that its “Nutrition segment had a disappointing end to 2019,” which included “a non-cash impairment charge of $(377.1) million,” contributing to a net loss for the Company of $272.8 million in the fourth quarter. Tivity further announced the resignation of the Company’s Chief Executive Officer (“CEO”) Donato Tramuto, effective immediately. Discussing the Company’s financial results on an earnings call, the Company’s interim CEO, Robert Greczyn, stated that “[a]dmittedly, the nutrition business has not worked out as well as planned since the completion of the [Nutrisystem Acquisition] in March 2019.”
On this news, Tivity’s stock price fell $10.43 per share, or 45.49%, to close at $12.50 per share on February 20, 2020.
The Complaint, filed on February 25, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) following the Nutrisystem Acquisition, Tivity’s Nutrition segment faced significant operational challenges; (ii) the foregoing would foreseeably have a significant impact on Tivity’s revenues; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Tivity class action go to: https://bespc.com/TVTY-2
Tupperware Brands Corporation (NYSE: TUP)
Class Period: January 30, 2019 to February 24, 2020
Lead Plaintiff Deadline: April 27, 2020
On February 24, 2020, Tupperware issued a press release reporting preliminary fiscal 2019 financial and operational results. Therein, the Company disclosed, among other things, that it was “conducting an investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business to determine the extent to which these matters may further impact results and to assess and enhance the effectiveness of internal controls at this business.” The Company further disclosed that “total impairments for Fuller Mexico are expected to be approximately $31 million. The total pre-tax impact for 2019 is approximately $50-52 million.”
On this news, Tupperware’s share price declined $2.61 per share, or over 46%, to close at $3.11 per share on February 25, 2020.
The complaint, filed on February 25, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Tupperware lacked effective internal controls; (2) as a result, Tupperware would need to investigate Fuller Mexico’s accounting and liabilities; (3) consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) Tupperware provided overvalued earnings per share guidance; (6) Tupperware would need relief from its $650 million Credit Agreement; and (7) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Tupperware class action go to: https://bespc.com/TUP
Becton, Dickinson and Company (NYSE: BDX)
Class Period: November 5, 2019 to February 5, 2020
Lead Plaintiff Deadline: April 27, 2020
Becton purports to be a medical technology company that develops, manufactures, and sells a broad range of medical supplies, devices, laboratory equipment and diagnostic products. It has three business segments: BD Medical; BD Life Sciences, and BD Interventional. The Company’s Alaris pump is a large volume infusion pump that continuously or intermittently delivers fluids, medications, blood and blood products to adult, pediatric or neonatal patients.
On February 6, 2020, Becton lowered its fiscal 2020 guidance, announcing that it expected revenue to increase by only 1.5 to 2.5 percent, “to reflect the impact of the remediation effort and anticipated loss of sales of the Alaris infusion system.” According to the Company, the software remediation plan for the Alaris system “will require additional regulatory filings,” and existing customers would have “access to the Alaris System under medical necessity.” Becton further disclosed that it had recorded a $59 million charge in connection with a voluntary recall of certain Alaris pumps.
On this news, Becton’s share price fell $33.74, or nearly 12%, to close at $252.25 per share on February 6, 2020.
The complaint, filed on February 27, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that certain of Becton’s Alaris infusion pumps experienced software errors and alarm prioritization issues; (2) that, as a result, the Company was investing in remediation efforts to address these product issues, rather than a software upgrade to “make enhancements;” (3) that the Company was reasonably likely to face regulatory delays in connection with the software remediation; (4) that, as a result of the foregoing, Becton was reasonably likely to recall certain of its Alaris infusion pumps; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
For more information on the Becton class action go to: https://bespc.com/bdx
Sterling Bancorp, Inc. (NASDAQ: SBT)
Class Period: Securities purchased between November 14, 2017 and March 17, 2020 (the “Class Period”) and/or pursuant or traceable to the Company’s initial public offering, which commenced on or about November 17, 2017 (the “IPO” or “Offering”).
Lead Plaintiff Deadline: April 27, 2020
On December 9, 2019, the Company disclosed that it “voluntarily and temporarily suspended its Advantage Loan program in connection with an ongoing internal review of the program’s documentation.” On that same day, Sterling’s share price fell $2.16 per share, or nearly 23%, to close at $7.29 per share.
The complaint, filed on February 26, 2020, alleges that throughout the Class Period, defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, inter alia, the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
For more information on the Sterling Bancorp class action go to: https://bespc.com/SBT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
