KeyCorp, Live Nation, Applied Digital, and Infinity Pharmaceuticals Class Action Update: Johnson Fistel Alerts Shareholders of Ongoing Legal Proceedings
SAN DIEGO, Aug. 18, 2023 (GLOBE NEWSWIRE) — Johnson Fistel, LLP, a law firm specializing in shareholder rights, has announced the initiation of class action lawsuits on behalf of investors of the following companies. Investors are encouraged to review the deadlines listed and submit their information.
KeyCorp: https://www.johnsonfistel.com/investigations/keycorp
Applied Digital Corporation: https://www.johnsonfistel.com/investigations/applied-digital
Live Nation Entertainment, Inc: https://www.johnsonfistel.com/investigations/live-nation
Infinity Pharmaceuticals, Inc: https://www.johnsonfistel.com/investigations/infinity-pharmaceuticals-inc
If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.
KeyCorp (NYSE: KEY)
Class Period: February 27, 2020 and June 9, 2023
Lead Plaintiff Deadline: October 3, 2023
According to the complaint, one of the Company’s principal sources of revenue is net interest income (“NII”), which is calculated as the difference between interest income received on earning assets (such as loans and securities) and loan-related fee income, and interest expense paid on deposits and borrowings. During the class period, defendants failed to disclose that: (i) Key downplayed concerns with its liquidity while overstating the effectiveness of its long-term liquidity strategy; (ii) Key overstated its projected NII for the second quarter (“Q2”) and full year (“FY”) of 2023, as well as related positive NII drivers, while downplaying negative NII drivers; (iii) as a result, Key was likely to negatively revise its previously issued NII guidance; (iv) all the foregoing, once revealed, was likely to negatively impact Key’s business, financial results, and reputation; and (v) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Applied Digital Corporation (NASDAQ: APLD)
Class Period: April 13, 2022 and July 26, 2023
Lead Plaintiff Deadline: October 11, 2023
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) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Live Nation Entertainment, Inc. (NYSE: LYV)
Class Period: February 23, 2022 and July 28, 2023
Lead Plaintiff Deadline: October 3, 2023
According to the complaint, during the class period, defendants failed to disclose that: (1) Live Nation engaged in anticompetitive conduct, including charging high fees and extended contracts with talent, and retaliated against venues; and (2) as a result, Live Nation was reasonably likely to incur regulatory scrutiny and face fines, penalties, and reputational harm. As a result of defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, the class members have suffered significant losses and damages.
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI)
Class Period: January 5, 2022 and July 24, 2023
Lead Plaintiff Deadline: October 16, 2023
The Complaint alleges that Defendants made materially false and misleading statements. On February 23, 2023, before the stock market opened, Infinity announced via a webcast(the “Webcast”) that it had entered into a merger agreement with MEI Pharma, Inc. (“MEI”) The proposed transaction was all stock, pursuant to which Infinity shareholders will receive shares of MEI common stock. During the Webcast, Defendant Perkins stated Infinity would “prioritize head and neck cancer.” No mention at all was made of breast cancer treatments. It was as if MARIO-4 and MARIO-P never existed, and TNBC was never a priority for eganelisib treatment. This pivot did not go unnoticed by the stock market, and the value of Infinity stock plummeted. Infinity stock had closed at $0.55 on February 22, 2023. On July 24, 2023, Infinity announced that it was terminating the merger, because MEI did not obtain stockholder approval for the merger. On July 24, 2023, Infinity announced that it was terminating the merger, because MEI did not obtain stockholder approval for the merger. When the true details entered the market, the lawsuit claims that investors suffered damages.
A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
[email protected]
