Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against PlayAGS, Cheetah Mobile, and Brookdale Senior Living and Encourages Investors to Contact the Firm
NEW YORK, July 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 PlayAGS, Inc. (AGS), Cheetah Mobile, Inc. (CMCM), and Brookdale Senior Living, Inc. (BKD). 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.
PlayAGS, Inc. (AGS)
Class Period: August 2, 2018 to August 7, 2019
Lead Plaintiff Deadline: August 24, 2020
PlayAGS is a designer and supplier of electronic gaming machines. It operates with three business segments: (i) electronic gaming machines (âEGMâ), which comprises 95% of the Companyâs revenue and provides 380 game titles on EGM cabinets; (ii) table products, including live felt table games, side bet offerings, progressives, signage, and other ancillary table game equipment; and (iii) interactive, which offers social casino games including online versions of the Companyâs game titles.
On August 7, 2019, PlayAGS reported a net loss of $7.6 million for second quarter 2019, which included a $3.5 million impairment to goodwill and $1.3 million impairment to intangible assets of the Companyâs iGaming reporting unit, due to extended regulatory timelines which delayed revenues.
On this news, the Companyâs share price fell $8.99, or nearly 52%, to close at $8.31 per share on August 8, 2019.
The complaint, filed on June 25, 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 Companyâs business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that PlayAGS was experiencing challenges in its business in Oklahoma; (2) that, as a result, the Companyâs recurring revenue would be negatively impacted; (3) that PlayAGS was experiencing challenges in its Interactive business segment, including delays in securing regulatory approvals and relevant licenses; (4) that, as a result of the foregoing, PlayAGS was reasonably likely to record a goodwill impairment; and (5) that, as a result of the foregoing, defendantsâ positive statements about the Companyâs business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on the PlayAGS class actin go to: https://bespc.com/AGS
Cheetah Mobile, Inc. (CMCM)
Class Period: March 25, 2019 to February 20, 2020
Lead Plaintiff Deadline: August 24, 2020
On February 21, 2020, Cheetah Mobile disclosed that its Google Play Store, Google AdMob, and Google AdManager accounts were disabled on February 20, 2020 âbecause some of the Companyâs apps had not been compliant with Google policies, resulting in certain invalid traffic.â
On this news, the Companyâs share price fell $0.61, or nearly 17%, to close at $2.99 per share on February 21, 2020.
The complaint, filed on June 25, 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 Companyâs business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that certain of Cheetah Mobileâs apps were not compliant with the terms of its agreements with Google; (2) that, as a result there was a reasonable likelihood that Google would terminate its advertising contracts with the Company; (3) that, as a result of the foregoing, the Companyâs ability to attract new users would be adversely impacted; (4) that, as a result, the Companyâs revenue was reasonably likely to decline; and (5) that as a result, defendantsâ statements about the Companyâs business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Cheetah Mobile class action go to: https://bespc.com/CMCM
Brookdale Senior Living, Inc. (BKD)
Class Period: August 10, 2016 to April 29, 2020
Lead Plaintiff Deadline: August 24, 2020
As of February 1, 2020, Brookdale owned 356 communities, leased 307 communities, managed seventy-seven communities on behalf of third parties, and three communities for which it has an equity interest. The Company operates independent living, assisted living and dementia-care communities and continuing care retirement centers (âCCRCsâ). Through its ancillary services programs, the Company also offers a range of outpatient therapy, home health, personalized living, and hospice services.
On April 30, 2020, Nashville Business Journal reported that a proposed class-action lawsuit had been filed against Brookdale in this Judicial District, which accused the Company of, among other things, purposeful âchronically insufficient staffingâ at its facilities to meet financial benchmarks since at least April 24, 2016. According to the lawsuit, Brookdale misled residents and their families when it promised to provide basic care and daily living services. The lawsuit also claims that the proposed class of plaintiffs âhave not received the care and services they paid for.â The lawsuit asks for damages and Brookdale to âstop the unlawful and fraudulent practices.â
On this news, Brookdaleâs stock price fell $0.56 per share, or 15.22%, over two trading sessions to close at $3.12 per share on May 1, 2020.
The complaint, filed on June 25, 2020, alleges that throughout the Class Period Defendants made materially false and misleading statements regarding the Companyâs business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Brookdaleâs financial performance was sustained by, among other things, the Companyâs purposeful understaffing of its senior living communities; (ii) the foregoing conduct subjected Brookdale to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on the Companyâs financial results and reputation; (iii) as a result, the Companyâs financial results were unsustainable; and (iv) as a result, the Companyâs public statements were materially false and misleading at all relevant times.
For more information on the Brookdale class action go to: https://bespc.com/BKD
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
investigations@bespc.com
www.bespc.com