Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Aurinia and Playstudios and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
Apr 22, 2022, 9:00 PM ET
NEW YORK, April 22, 2022 (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 Aurinia Pharmaceuticals, Inc. (NASDAQ: AUPH) and Playstudios, Inc. (NASDAQ: MYPS). 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.
Aurinia Pharmaceuticals, Inc. (NASDAQ: AUPH)
Class Period: May 7, 2021 – February 25, 2022
Lead Plaintiff Deadline: June 14, 2022
Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with unmet medical need in Japan and the People’s Republic of China (“China”). The Company’s only product is LUPKYNIS, which it offers for the treatment of adult patients with active lupus nephritis.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Aurinia was experiencing declining revenues; (ii) Aurinia’s 2022 sales outlook for LUPKYNIS would fall well short of expectations; (iii) accordingly, the Company had significantly overstated LUPKYNIS’s commercial prospects; (iv) as a result, the Company had overstated its financial position and/or prospects for 2022; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 28, 2022, Aurinia issued a press release announcing its financial results for the quarter and full year ended December 31, 2021. Among other items, Aurinia reported a year-over-year revenue decline and announced a lower-than-expected sales outlook for 2022.
On this news, Aurinia’s common share price fell $3.94 per share, or 24.26%, to close at $12.30 per share on February 28, 2022.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
For more information on the Aurinia class action go to: https://bespc.com/cases/AUPH
Playstudios, Inc. (NASDAQ: MYPS)
Class Period: June 22, 2021 – March 1, 2022
Lead Plaintiff Deadline: June 6, 2022
Playstudios repeatedly communicated to the market that its game Kingdom Boss was “on track” for a 2021 release throughout that year. The Company represented that it would enjoy significant revenue and profits from this launch, including representations near the SPAC merger between the Company and Acies Acquisition Corp. The Company then announced on February 26, 2022, that Kingdom Boss had been indefinitely “suspended.”
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Playstudios was having significant problems with its flagship game, Kingdom Boss; (ii) Playstudios would not be releasing Kingdom Boss as expected; and (iii) Playstudios had not revised its financial projections to account for the problems it had encountered with Kingdom Boss. As a result of defendants' wrongful conduct, Class members paid artificially inflated prices for their Playstudios securities and suffered substantial losses and damages.
For more information on the Playstudios class action go to: https://bespc.com/cases/MYPS
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.