Matters we are actively investigating right now.

A securities class action has been filed against Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) (NASDAQ: AARD), a clinical-stage biopharmaceutical company, on behalf of investors who purchased or acquired the Company's securities between February 13, 2025 and May 14, 2026, and/or pursuant to the Company's February 2025 initial public offering, in which Aardvark raised approximately $87,613,440 in net proceeds on 5,888,000 shares sold at $16.00 per share.

The complaint alleges that the offering documents and defendants made false and/or misleading statements and/or failed to disclose that ARD-101, Aardvark's lead drug candidate for hyperphagia in Prader-Willi Syndrome, was significantly less safe than represented. Offering materials described ARD-101 as “approximately 99% restricted to the gut with minimal systemic exposure” and stated it had “resulted in no serious adverse events (SAEs),” while management represented the Phase 3 HERO trial was aligned with the FDA on a design believed sufficient to support a new drug application, with topline data expected in early 2026.

On February 27, 2026, Aardvark announced a voluntary pause of the Phase 3 HERO trial, citing “reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study,” and said it no longer anticipated topline data in the third quarter of 2026. On this news, the stock fell $7.02 per share, or 56.2%. Then, on May 14, 2026, Aardvark announced the FDA had placed a full clinical hold on the ARD-101 investigational new drug application, covering both the HERO trial and its open-label extension. On this news, the stock fell a further $2.16 per share, or 32.1%, to close at $4.57 on May 15, 2026 — a 71.4% decline from the $16.00 IPO price.

A class action lawsuit was filed on behalf of purchasers of AEVEX Corp. (NYSE: AVEX) Class A common stock during the period from April 17, 2026 to June 4, 2026 (the "Class Period").

AEVEX is a military technology contractor that designs and manufactures unmanned aerial and surface vehicles, and provides AI-enabled intelligence, surveillance, and reconnaissance services. Madison Dearborn Partners, LLC ("Madison"), a private equity firm, acquired a majority stake in AEVEX in 2020 and owned 100% of AEVEX's common stock by the time of its April 2026 IPO. In the IPO offering documents, Madison represented it would not sell any Class A common stock and would be subject to a 180-day lock-up running until October 13, 2026.

The complaint alleges that, in the offering documents and throughout the Class Period, defendants made materially false and misleading statements, and failed to disclose that a pre-arranged plan existed between Madison and certain defendants to conduct a secondary public offering shortly after the IPO, despite the representation of a 180-day lock-up.

Just over a month after the IPO, on June 1, 2026, defendants filed a registration statement announcing AEVEX's intention to sell eight million additional shares of Class A common stock via a secondary public offering. On or about June 3, 2026, the offering documents revealed that certain defendants had agreed to waive the lock-up restrictions, allowing the sale of more than two million shares from Madison's holdings. The remaining shares were newly issued, with AEVEX using the proceeds to repurchase an equivalent number of Madison's other AEVEX holdings — meaning the entire $207.9 million in proceeds went to Madison while AEVEX itself received nothing from the offering.

On this news, AEVEX's Class A common stock fell approximately 16% on June 2, 2026, and continued falling, dropping a further 7% on June 5, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Alibaba Group Holding Limited (“Alibaba” or the “Company”) (NYSE: BABA) securities between June 26, 2025 and June 24, 2026, inclusive (the “Class Period”).

The complaint alleges that defendants made materially false and misleading statements and omissions regarding Alibaba's business operations, growth prospects, and financial stability, which caused Alibaba securities to trade at artificially inflated prices during the Class Period.

After the close on June 8, 2026, the U.S. Department of Defense released an updated list of Chinese military companies that included Alibaba, based on its alleged affiliation with the Chinese Ministry of Industry and Information Technology. On this news, Alibaba's American Depositary Shares (“ADSs”) fell approximately 3.9% over two trading days, to close at $115.38 on June 10, 2026.

Then, shortly before the close on June 24, 2026, Bloomberg reported that Anthropic had accused operators linked to Alibaba's Qwen AI lab of a large-scale effort to illicitly access Anthropic's Claude AI models using thousands of fraudulent accounts — reportedly around 28.8 million exchanges through roughly 25,000 fraudulent accounts between April and June 2026 — targeting capabilities including software engineering and agentic reasoning, in a manner the complaint alleges undermined Anthropic's decision to keep its products out of China. On this news, Alibaba's ADS price fell $2.80, or 2.7%, to close at $99.80 on June 24, 2026, and fell a further $4.73, or 4.7%, to close at $95.07 on June 25, 2026 — a decline of roughly 45% from the Class Period high.

A securities class action has been filed against AppLovin Corporation (“AppLovin” or the “Company”) (NASDAQ: APP) on behalf of investors who purchased or otherwise acquired the Company's securities between February 12, 2026 and August 5, 2026, inclusive (the “Class Period”). AppLovin is an advertising-technology company that uses artificial intelligence models to match advertisers with prospective customers across mobile applications.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that the Company was experiencing significant delays in developing a new generative-AI video-creation tool for AppLovin Ads, and that these delays were stalling improvements to the performance of AppLovin's core AI advertising models, such that defendants' positive statements regarding the Company's business, technology, and growth prospects were materially misleading and/or lacked a reasonable basis.

On July 13, 2026, Bank of America Securities issued an analyst note observing that AppLovin's e-commerce advertiser footprint had expanded more slowly in June 2026, with no clear uptick in growth since AppLovin Ads opened to all e-commerce advertisers on June 22, 2026, and lowered its revenue estimates for the Company. On this news, the price of AppLovin stock fell $64.13 per share, or approximately 12.6%, from a close of $506.80 on July 10, 2026 to a close of $442.85 on July 13, 2026.

On August 5, 2026, after the market closed, AppLovin reported second-quarter 2026 revenue of approximately $1.92 billion, below the consensus estimate of approximately $1.94 billion, which the Company attributed in part to delays in the rollout of its generative-AI video tool that hampered improvements to its AI advertising models. On this news, the price of AppLovin stock fell $82.13 per share, or approximately 19.6%, from a close of $417.80 on August 5, 2026 to a close of $335.67 on August 6, 2026.

A securities class action has been filed against Ardelyx, Inc. (“Ardelyx” or the “Company”) (NASDAQ: ARDX) on behalf of investors who purchased or otherwise acquired the Company's securities between January 13, 2025 and August 6, 2026, inclusive (the “Class Period”). Ardelyx is a biopharmaceutical company that markets IBSRELA (tenapanor), a treatment for irritable bowel syndrome with constipation, and XPHOZAH (tenapanor), a treatment for hyperphosphatemia in adults with chronic kidney disease on dialysis.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose the true state of Ardelyx's commercial performance and growth prospects for IBSRELA and XPHOZAH — in particular, increasing payer-related access and reimbursement barriers affecting patient access, along with more stringent prior authorization and step-edit requirements that slowed new-patient starts and delayed prescription fulfillment.

On August 6, 2026, Ardelyx reduced its full-year 2026 IBSRELA revenue guidance and withdrew its long-term XPHOZAH revenue guidance, attributing the change to significantly increased payer utilization-management processes that restricted patient access and slowed new-patient starts, and citing “evolving market dynamics” for the XPHOZAH withdrawal. On this news, Ardelyx's stock price fell from a $4.87 close on August 6, 2026 to $4.00 per share on August 7, 2026, a decline of approximately 18% in a single trading day.

A class action lawsuit was filed on behalf of purchasers of ARS Pharmaceuticals securities during the period from March 9, 2026 to June 24, 2026 (the "Class Period"). Eric Karas, ARS Pharmaceuticals' Chief Commercial Officer, is named as a defendant, alongside the Company and its then-CEO, facing claims under Section 10(b) and Section 20(a) of the Securities Exchange Act.

As Chief Commercial Officer, Karas held responsibility for market access and payer strategy for neffy, the company's needle-free epinephrine nasal spray, and spoke on both the March 9, 2026 and May 15, 2026 earnings calls, where commercial payer coverage was the central investor topic. On March 9, 2026, Karas told investors the company was “highly focused on CVS Caremark, Anthem and the large regional payers to ensure commercial coverage without restrictions,” citing approximately 93% overall commercial coverage. On May 15, 2026, he stated the CVS Caremark proposal was “in the final stages of the approval process” and “nearing completion.” Karas also presented a $199 retail cash-pay conversion program as a bridge for patients facing denied claims.

The complaint alleges that Karas and the other defendants failed to disclose the risk that CVS Caremark's coverage decision could be deferred until January 2027, despite having access to non-public information about the payer timeline.

On June 24, 2026, after market close, ARS announced that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle — meaning no expanded CVS Caremark coverage for the summer or back-to-school seasons. On this news, ARS Pharmaceuticals shares fell from $10.54 to $8.02 in the following trading session, a decline of $2.52 per share, or 23.9%.

A securities fraud class action lawsuit has been filed against AST SpaceMobile, Inc. (“AST” or the “Company”) (NASDAQ: ASTS) on behalf of shareholders who purchased or otherwise acquired the Company's Class A common stock between March 4, 2025 and July 15, 2026, inclusive (the “Class Period”). AST is developing a satellite-based cellular broadband network designed to connect directly to standard, unmodified mobile phones.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that AST's capital and liquidity position was less sufficient than represented, and that the Company was likely to raise additional capital through debt and share dilution sooner, and on a larger scale, than it had signaled; that the durability of AST's competitive position in the satellite direct-to-cell market — including following EchoStar's agreement to sell spectrum to SpaceX — was overstated; and that user adoption of AST's service in the United States and Japan was slower than represented. As a result, defendants' positive statements about the Company's business, operations, and prospects allegedly lacked a reasonable basis.

The alleged truth emerged gradually through a series of analyst downgrades and capital raises across the Class Period. On September 8, 2025, UBS downgraded the stock, and shares fell 9.47% to close at $36.91 the next trading day. On January 6, 2026, Scotiabank lowered its rating to a sell, citing competition from Starlink, slow adoption, and satellite launch delays, and shares fell 12.06% to close at $85.73 on January 7, 2026. AST also priced convertible-note offerings in October 2025 and February 2026 that were followed by further stock declines. Most recently, on July 15, 2026, AST announced the pricing of $1.0 billion in 1.625% convertible senior notes due 2034. On this news, AST's Class A stock fell $11.30 per share, or 17.04%, to close at $55.01 on July 16, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Beta Bionics, Inc. (“Beta Bionics” or the “Company”) (NASDAQ: BBNX) common stock between July 30, 2025 and February 24, 2026, inclusive (the “Class Period”). Beta Bionics is a commercial-stage medical device company whose sole commercialized product is the iLet Bionic Pancreas, an automated insulin delivery system for diabetes treatment.

The complaint alleges that throughout the Class Period, defendants touted the safety, efficacy, and commercial success of iLet while failing to disclose the true scope of an FDA compliance issue. In October 2025, Beta Bionics disclosed it had received an FDA Form 483, but stated the letter had nothing to do with the device's safety or efficacy — characterizing it instead as a minor difference in interpretation over which customer complaints needed to be reported to the FDA, involving only minor issues requiring no medical intervention. The complaint alleges this was false: the FDA had in fact identified that iLet was malfunctioning and dosing patients with dangerously high levels of insulin, causing hypoglycemic events, with complaints numbering in the thousands, including hundreds of life-threatening incidents requiring medical intervention — and that the Company had failed to implement meaningful corrective action.

A series of disclosures beginning January 8, 2026 (an unexpected miss on new iLet patient starts) and concluding February 24, 2026, revealed that the FDA's concerns extended well beyond routine complaint handling. On February 24, 2026, the FDA publicly released its warning letter, which detailed a litany of violations and the Company's failure to correct them, and directly contradicted months of public statements that the back-filed complaints involved only benign issues. Beta Bionics stock, which traded at $31.99 per share on January 8, 2026, fell to $12.89 per share by February 25, 2026 — with some reports tracking a continued decline to under $9 per share by early April 2026, a decline of roughly 72% from the Class Period high.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Capricor Therapeutics, Inc. (“Capricor” or the “Company”) (NASDAQ: CAPR) securities between December 17, 2025 and July 26, 2026, inclusive (the “Class Period”). Capricor is a biopharmaceutical company developing Deramiocel, a cell therapy for Duchenne muscular dystrophy (“DMD”).

The complaint alleges that defendants failed to disclose that: (i) Capricor had adopted changes to the pre-specified statistical analysis plan used to analyze clinical data for Deramiocel; (ii) the FDA had not agreed to those changes before Capricor resubmitted the Biologics License Application (“BLA”); (iii) as a result, there was a significant risk the FDA could conclude the clinical results did not provide substantial evidence of Deramiocel's effectiveness; and (iv) as a result, there was a substantial risk to Deramiocel's regulatory approval.

On July 27, 2026, before the market opened, the FDA published briefing documents ahead of its July 29 advisory committee meeting reviewing Deramiocel's BLA. The documents disclosed that Capricor had changed its statistical analysis plan — finalizing the revised version just one day before the clinical data was unblinded — without submitting it to the FDA for review beforehand. The FDA stated it considered analyses based on the post-study plan to be “post-hoc and exploratory,” and that the benefit-risk profile for Deramiocel appeared unfavorable given the lack of evidence supporting its effectiveness. On this news, Capricor stock fell $12.70 per share, or 64.5%, from $19.70 to close at $7.00 on July 27, 2026. On July 29, 2026, the FDA advisory committee met and voted 9-3 that available evidence did not support Deramiocel's efficacy for DMD-associated cardiomyopathy. On this news, Capricor stock fell a further $2.38 per share, or 36%, to close at $4.19 on July 30, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Celsius Holdings, Inc. (“Celsius” or the “Company”) (NASDAQ: CELH) securities between February 21, 2025 and June 3, 2026, inclusive (the “Class Period”). On April 1, 2025, Celsius acquired Alani Nutrition LLC (“Alani Nu”), a maker of highly caffeinated energy drinks marketed largely to young adults.

The complaint alleges that throughout the Class Period, defendants failed to disclose that: (i) Alani Nu products did not adequately disclose the cardiac risks associated with their consumption; (ii) by marketing Alani Nu drinks to consumers under 18, the Company was marketing to individuals particularly susceptible to those risks; (iii) this created a non-speculative risk that consumers would suffer potentially fatal adverse health events; (iv) once revealed, this was likely to significantly harm the Company's business and reputation; and (v) as a result, defendants' public statements were materially false and misleading.

On April 9, 2026, NBC News and local outlet MyRGV reported that the family of 17-year-old Texas cheerleader Larissa Rodriguez had filed a wrongful death lawsuit against two Alani Nu distributors, alleging Rodriguez died from an enlarged heart caused by drinking Alani Nu energy drinks, and that the drinks “had inadequate warnings about the serious cardiac risks.” Celsius responded that its “policy is not to market or sample to anyone under 18.” On this news, Celsius stock fell $1.52 per share, or 4.18%, to close at $34.86 on April 10, 2026. Then, on June 4, 2026, Texas Attorney General Ken Paxton announced an investigation into whether Celsius and Alani Nu violated the Texas Deceptive Trade Practices Act by misrepresenting product safety to children and teens. On this news, Celsius stock fell $2.26 per share, or 7.53%, to close at $27.75 on June 4, 2026.

A securities fraud class action lawsuit has been filed against The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) on behalf of shareholders who purchased or otherwise acquired the Company's common stock between February 20, 2026 and August 4, 2026, inclusive (the “Class Period”). Chemours is a global chemistry company whose products include Opteon-brand refrigerants sold into automotive and other aftermarket channels.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that Chemours had oversold Opteon products into the aftermarket channel in the prior fiscal year, that aftermarket demand for those products was consequently declining, and that, as a result, the Company's financial guidance and public statements about its business, operations, and prospects lacked a reasonable basis.

On August 4, 2026, Chemours reported second-quarter 2026 results, disclosing that net sales in its Thermal & Specialized Solutions segment had declined due to weaker Opteon aftermarket sales compared to elevated year-earlier demand, and that it expected continued aftermarket weakness in the third quarter because of elevated market inventory remaining from an initial channel fill in mid-2025. On this news, Chemours shares fell $3.34 per share, or approximately 18.6%, to close at $14.59 per share on August 5, 2026.

A securities fraud class action lawsuit has been filed against Doximity, Inc. (“Doximity” or the “Company”) (NYSE: DOCS) on behalf of shareholders who purchased or otherwise acquired the Company's securities between August 8, 2024 and May 13, 2026, inclusive (the “Class Period”). Doximity operates a digital platform for U.S. medical professionals offering clinical communication, telehealth, scheduling, and related tools, and generates advertising revenue from pharmaceutical and healthcare marketers through the platform, including its “Newsfeed” product.

The complaint alleges that, throughout the Class Period, defendants overstated the extent to which Newsfeed was driving the Company's advertising revenue growth, and did not adequately disclose that Doximity was losing advertiser share to competitors offering more favorable pricing and engagement terms, and that a meaningful portion of the Company's advertising revenue continued to depend on more traditional formats, such as banner ads and email newsletters, rather than the engagement-driven growth the Company's statements suggested.

On November 6, 2025, Doximity reported second-quarter fiscal 2026 results that, despite otherwise solid performance, included management commentary expressing caution about the outlook for advertising spending; on this news, shares fell approximately 13%. On February 5, 2026, Doximity lowered its full-year fiscal 2026 revenue guidance, disclosing that sales growth had decelerated and that net income had contracted; on this news, shares fell approximately 17%. Then, on May 13, 2026, Doximity reported results that missed its already-reduced guidance and projected a further slowdown in growth; on this news, shares fell approximately 23%, from $23.39 to $18.01.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) securities between August 3, 2026 and August 17, 2026, inclusive (the “Class Period”).

The complaint alleges that defendants failed to disclose: (1) that there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties involved in Flotek's power-generation contract with the Puerto Rico Electric Power Authority (“PREPA”); (2) that, as a result, there was a risk that revenue from the PREPA contract would not be realized; and (3) that, as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 3, 2026, Flotek announced a 10-year, roughly $400 million agreement to support a 400 MW natural gas-fired power generation project for PREPA, addressing Puerto Rico's ongoing energy crisis. On August 17, 2026, at approximately 1:20 p.m. ET, Wolfpack Research published a report alleging that the PREPA contract — accounting for roughly 57% of Flotek's backlog — had been canceled, and that Flotek had stepped into the deal in place of another contractor whose name and signature had allegedly been used without authorization. On this news, Flotek's stock fell $7.17, or 20.01%, to close at $28.66 per share on August 17, 2026. The stock continued to decline over the following days as Flotek confirmed that PREPA had terminated the agreement, closing at $25.17 per share on August 19, 2026 — down roughly 30% over three trading days from a close of $35.83 on August 14, 2026.

A securities fraud class action lawsuit has been filed against Fluence Energy, Inc. (“Fluence” or the “Company”) (NASDAQ: FLNC) on behalf of shareholders who purchased or otherwise acquired the Company's common stock between November 24, 2025 and September 16, 2026, inclusive (the “Class Period”). Fluence designs and delivers battery-based energy storage products and related services.

The complaint alleges that, throughout the Class Period, defendants represented that Fluence's substantial order backlog supported the Company's fiscal year 2026 guidance, including adjusted EBITDA guidance of $40 million to $60 million and revenue guidance of $3.2 billion to $3.6 billion. The complaint alleges that converting this backlog into recognized revenue depended on new contract-manufacturing capacity, including a facility in Houston, that was not completed, not yet operational, or not capable of producing the volumes that guidance assumed, and that defendants' statements concerning the Company's ability to meet its guidance therefore lacked a reasonable basis.

On February 4, 2026, Fluence reported disappointing first-quarter fiscal 2026 results, including a wider-than-expected net loss and a decline in gross margin, even as the Company reaffirmed its full-year revenue and adjusted EBITDA guidance. On this news, Fluence shares fell sharply. Then, on August 5, 2026, Fluence reported third-quarter results and cut its full-year fiscal 2026 guidance to revenue of $2.9 billion to $3.1 billion and adjusted EBITDA of negative $30 million to positive $10 million, citing approximately $400 million of project deliveries slipping into fiscal year 2027 due to delays in ramping up its contract-manufacturing capacity.

On September 16, 2026, Fluence issued a mid-quarter guidance update, cutting its full-year revenue guidance by approximately $600 million to approximately $2.4 billion and further cutting its adjusted EBITDA guidance to a loss of approximately $200 million, attributing the revision to continued delays in ramping up its contract-manufacturing facility. On this news, Fluence shares fell $1.39 per share, or 15.36%, to close at $7.66 per share on September 17, 2026.

A securities class action has been filed against FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL) on behalf of investors who purchased or otherwise acquired the Company's securities between June 24, 2026 and September 1, 2026, inclusive (the “Class Period”). FuelCell, together with its subsidiaries, designs, develops, produces, constructs, operates, and services high-temperature fuel cells for clean electric power generation.

On June 24, 2026, FuelCell announced a capital equipment purchase agreement (“CEPA”) with Fit Energy USA LP for up to 380 MW of fuel cell power for data centers, with an initial committed 30 MW phase (“Phase 0”) that included an immediate deposit. The complaint alleges that, throughout the Class Period, defendants failed to disclose that the Company's manufacturing capacity was inadequate to generate the production rate required under the CEPA; that, as a result, FuelCell's annualized production rate for CEPA deliveries was slower than expected and the Company was incurring higher product costs and manufacturing overhead expenses; that the Company was reasonably likely to incur charges in connection with the CEPA as a result of the slower production rate; and that, as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On September 2, 2026, before the market opened, FuelCell reported fiscal third-quarter 2026 results showing a net loss of $45.3 million, which the Company attributed to a higher gross loss than the prior-year period caused by product costs and manufacturing overhead that exceeded the contractual pricing established under the CEPA. FuelCell also reported that its annualized production rate remained below the volume at which it expects its cost structure to align with market-based CEPA pricing, and recorded a $17 million charge reflecting contractual pricing provisions tied to Phase 0 inventory and firm purchase commitments. On this news, FuelCell shares fell $2.68, or 15.69%, to close at $14.40 per share on September 2, 2026, on unusually heavy trading volume.

A securities fraud class action lawsuit has been filed against GoDaddy Inc. (“GoDaddy” or the “Company”) (NYSE: GDDY) on behalf of shareholders who purchased or otherwise acquired the Company's securities between September 3, 2025 and February 24, 2026, inclusive (the “Class Period”). GoDaddy is a domain registration and web hosting company that also operates a domain marketplace and a range of commerce and productivity tools for small businesses.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that the Company had introduced an undisclosed promotional price of $4.99 for one-year .com domain registrations, despite public statements that GoDaddy had “turned off” front-funnel discounting; that this pricing shift, together with a shift away from the Company's typical multi-year domain contracts — historically priced between $10 and $20 per year — toward shorter, one-year terms, reduced upfront bookings and average order size; and that, as a result, defendants' positive statements about the Company's business, operations, and bookings growth were materially misleading and/or lacked a reasonable basis.

On February 24, 2026, GoDaddy reported fourth-quarter and full-year 2025 results, disclosing that total bookings growth had decelerated to 5% in the fourth quarter, down from approximately 9% in the prior quarter, and that full-year 2025 total bookings growth came in at 7%. On this news, GoDaddy shares fell $13.18 per share, or more than 14%, from $92.30 to close at $79.12, on unusually heavy trading volume.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NASDAQ: HTZ) common stock between May 7, 2026 and June 23, 2026, inclusive (the “Class Period”).

The complaint alleges that Hertz made materially false and misleading statements and/or failed to disclose that: (i) Hertz's liquidity was deteriorating far more rapidly than represented, and its available liquidity was not sufficient to fund operations and obligations for the next twelve months without a distressed, dilutive financing; (ii) softness in the used-car market that the Company had previously characterized as “isolated to the quarter” and “transitory” had in fact recurred and was materially depressing net depreciation per unit (“DPU”) and Adjusted Corporate EBITDA; (iii) as a result, Hertz was likely to undertake a dilutive, distressed capital raise that would materially harm existing shareholders; and (iv) as a result, defendants' positive statements about Hertz's business, operations, and liquidity position were materially false and misleading and lacked a reasonable basis.

On May 7, 2026, Hertz reported first-quarter results, telling investors it had approximately $837 million in liquidity plus an additional $200 million in ABS financing completed in April, and represented that liquidity and refinancing options were sufficient for the next twelve months and beyond. On June 24, 2026, before markets opened, Hertz announced a $300 million Exchangeable Senior First-Lien Secured PIK Notes offering and a concurrent share-lending transaction involving more than 37 million shares, citing “unexpected softness in the used car market,” alongside sharply reduced second-quarter Adjusted Corporate EBITDA guidance of $50–80 million. The offering was upsized the next day to $350 million, with a potential increase to $400 million, and borrowed shares were sold at $2.70 per share. On this news, Hertz's stock fell more than 40%, closing at $3.00 per share on June 24, 2026.

The complaint contends that the size and terms of the financing — arriving weeks after Hertz had assured investors its liquidity was “sufficient... for the next twelve months and for the foreseeable future thereafter” and projected year-end liquidity “north of $1.5 billion” — reflect that the true liquidity and used-car-market picture was materially worse than what had been disclosed.

A securities class action has been filed against Honeywell Aerospace, Inc. (“Honeywell Aerospace” or the “Company”) (NASDAQ: HONA) on behalf of investors who purchased or otherwise acquired the Company's securities between June 29, 2026 and September 1, 2026, inclusive (the “Class Period”). Honeywell Aerospace is a commercial and defense aerospace systems and services company that began trading on NASDAQ as an independent, standalone company in June 2026, following its spin-off from Honeywell (now Honeywell Technologies).

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: a small percentage of the Company's suppliers had a disproportionate impact on its sales; those suppliers were experiencing supply constraints; this was reasonably likely to have a material unfavorable impact on the Company's sales and profitability; the Company was under investigation for potential violations of the False Claims Act relating to cybersecurity compliance in a U.S. Department of Defense contract; and, as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 5, 2026, after the market closed, Honeywell Aerospace reported second-quarter 2026 results showing net income down 70% year-over-year and adjusted earnings per share down 32% year-over-year, and cut its full-year 2026 guidance, including reducing expected year-over-year adjusted EBIT growth from a range of 7%–10% to flat-to-3%. On this news, the stock fell $47.17 per share, or 23.16%, to close at $156.47 on August 6, 2026, on unusually heavy trading volume.

On September 1, 2026, the U.S. Department of Justice announced that Honeywell Aerospace had agreed to pay over $2 million to settle False Claims Act allegations that it failed to comply with cybersecurity requirements in a U.S. Department of Defense contract. On this news, the stock fell $3.87 per share, or 2.45%, to close at $154.24 on September 1, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Innventure, Inc. (“Innventure” or the “Company”) (NASDAQ: INV) securities between November 17, 2025 and August 13, 2026, inclusive (the “Class Period”). Innventure is an industrial technology commercialization company operating primarily through its subsidiary Accelsius Holdings LLC (“Accelsius”), which develops direct-to-chip liquid cooling technology (“NeuCool”) for data centers and high-performance computing.

On November 17, 2025, Innventure announced that Accelsius had entered an agreement with DarkNX, described as a global digital infrastructure company, under which DarkNX would deploy NeuCool technology across a new 300MW AI data center campus in Ontario, Canada — what the Company called “the largest two-phase, direct-to-chip deployment to date.” The first phase was to include two 65MW facilities, with deployments scheduled for 2026 and 2027.

The complaint alleges that throughout the Class Period, defendants failed to disclose that: (1) Accelsius's transformative deal with DarkNX was unlikely to come to fruition, as no evidence existed that DarkNX was constructing or facilitating a large-scale AI data center; (2) as a result, Innventure's stated 2026 revenue and cash flow targets for Accelsius were overstated; and (3) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On May 28, 2026, before markets opened, Morpheus Research published a report alleging the DarkNX venture was a fabrication, stating there was “zero evidence this project exists or that DarkNX has the team or funding to even contemplate such a project,” and quoting former Accelsius employees who said they had never heard of DarkNX and that “there's no data center.” On this news, Innventure's stock fell $0.54 per share, or 8.42%, to close at $5.87 on May 28, 2026.

The picture worsened further on August 13, 2026, after the market closed, when Innventure reported second-quarter 2026 results disclosing a net loss of $34.9 million (up from $27.8 million in Q1) and suspended its previously communicated 2026 revenue and cash flow targets for Accelsius. In its Form 10-Q filed the same day, Innventure disclosed that “the deployment site identified in the DarkNX purchase order is no longer available” and that Accelsius had removed the DarkNX project from its internal bookings. On this news, Innventure's stock fell $1.98 per share, or 55%, to close at $1.62 on August 14, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Papa John's International, Inc. (“Papa Johns” or the “Company”) (NASDAQ: PZZA) securities between August 7, 2025 and August 5, 2026, inclusive (the “Class Period”).

The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Papa Johns' transformation efforts were taking longer than expected; (2) the Company was unable to prevent further losses in market share; (3) Papa Johns would require a significant shift in strategy, including a sharp increase in promotional spending, to address its declining competitive position; and (4) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 6, 2026, Papa Johns announced an 8.3% decrease in North American comparable sales, suspended its quarterly dividend, and sharply cut its 2026 outlook — from a previously guided 3% decline in North American comparable sales at the midpoint to a projected 6–8% annual decline. On this news, Papa Johns stock fell $5.11 per share, or about 17.18%, to close at $24.64 on August 6, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Pentair plc (NYSE: PNR) ordinary shares between March 11, 2025 and July 14, 2026, both dates inclusive (the “Class Period”).

Pentair is a global manufacturer of water solution products.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Pentair's “80/20” program had failed to improve the Company's business and instead materially impaired its longstanding commercial relationships, alienating customers — particularly within Pentair's Pool segment; (ii) Pentair was losing business and market share as a significant portion of its Pool customers turned to competitors in response to the 80/20 initiatives; (iii) the 80/20 program had caused certain remaining Pool customers to buy inventory in excess of their needs ahead of anticipated price increases, pulling forward and cannibalizing future sales; and (iv) Pentair's remaining Pool customers had received rebates at rates above historical norms.

Pentair subsequently revealed that total net sales had declined 17% in the affected quarter and that the Company was no longer on track to achieve its previously represented 2026 net sales growth of 2–4%, but instead faced a projected 4–7% decline. Pentair also disclosed that its CFO, who had held the role for only four months, was departing. On this news, Pentair's stock price fell approximately 15%.

A class action lawsuit was filed on behalf of purchasers of Planet Fitness, Inc. (NYSE: PLNT) securities during the period from November 6, 2025 to May 6, 2026 (the "Class Period").

The complaint alleges that defendants disseminated materially false and misleading statements and omissions concerning the true state of Planet Fitness' customer acquisition and marketing metrics. Planet Fitness had expressed confidence that its “We Are All Strong on This Planet” marketing campaign was resonating and had “legs to extend into 2026,” reaffirmed a planned national price increase for its Black Card premium membership to $29.99, and reaffirmed its fiscal year 2026 guidance and a new three-year growth plan — while concealing that its updated marketing had actually pivoted toward fitness-minded consumers and was alienating its core target demographic of fitness beginners and casual gym-goers, causing a significant headwind in net member joins during its peak first-quarter sign-up period that rendered its guidance and long-term targets unachievable.

On May 7, 2026, Planet Fitness announced financial results for the first quarter of 2026, revealing that its critical peak sign-up period was off to a slower-than-expected start. The company cut full-year 2026 growth guidance, reducing projected same-store growth from 4–5% to 1%, and withdrew the long-term three-year growth algorithm it had introduced six months prior, attributing the results to marketing that failed to resonate with its core customer base, alongside competitive, macroeconomic, and weather-related impacts. Planet Fitness also paused the planned national rollout of the Black Card price increase to prioritize revitalizing new membership growth. On this news, Planet Fitness shares declined by $19.95 per share, or over 31%, from $63.96 on May 6, 2026 to close at $44.01 on May 7, 2026.

A securities fraud class action lawsuit has been filed against Qfin Holdings, Inc. (“Qfin” or the “Company,” formerly known as Qifu Technology, Inc. and 360 DigiTech, Inc.) (NASDAQ: QFIN) on behalf of shareholders who purchased or otherwise acquired the Company's American depositary shares between March 18, 2026 and August 25, 2026, inclusive (the “Class Period”). Qfin is a China-based financial technology company that facilitates consumer credit origination and risk management services on behalf of financial institution partners.

The complaint alleges that, throughout the Class Period, defendants represented that Qfin's business was well-positioned to withstand evolving regulatory requirements imposed on China's consumer credit industry, describing the Company's operations and risk metrics as “resilient,” “steady,” and “stable,” and touting strategies that were purportedly already improving the Company's risk performance. The complaint alleges that these statements overstated the resiliency of Qfin's business and understated the severity of the impact that regulatory changes were having, and were likely to continue having, on the Company's results.

On August 25, 2026, Qfin announced its second-quarter and interim 2026 unaudited financial results, reporting that total net revenue had fallen 31.6% year-over-year, from approximately RMB 5.22 billion to approximately RMB 3.57 billion, and that net income had fallen 76.8% year-over-year, from approximately RMB 1.73 billion to RMB 401.4 million, due in part to an unexpected RMB 500 million tax expense resulting from a change in the tax treatment of certain entities. The Company also issued guidance projecting a 67% to 73% year-over-year decline in third-quarter non-GAAP net income, citing rising funding costs and liquidity pressure in the Chinese consumer credit market. On this news, Qfin's American depositary shares fell $2.18 per ADS, or 18.91%, to close at $9.35 per ADS on August 26, 2026.

A securities fraud class action lawsuit has been filed against Ryde Group Ltd. (“Ryde” or the “Company”) (NYSE: RYDE) on behalf of shareholders who purchased or otherwise acquired the Company's securities between March 6, 2024 and September 11, 2024, inclusive (the “Class Period”). Ryde is a Singapore-based mobility company that operates a ride-hailing, carpooling, and on-demand delivery platform.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Ryde was the subject of a coordinated stock promotion scheme involving social media misinformation and individuals impersonating financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate coordinated selling during a period of artificial price inflation; (3) the Company's public statements and risk disclosures omitted the false rumors and unusual trading activity driving its stock price; and (4) as a result, defendants' positive statements about Ryde's business, operations, and prospects lacked a reasonable basis.

Ryde priced its initial public offering at $4.00 per share on March 6, 2024, raising gross proceeds of $12 million. In the months that followed, and particularly during the summer of 2024, the stock price rose sharply with no corresponding corporate developments, reaching an intraday high of $22.49 on September 11, 2024 — a level that corresponded to a market capitalization of roughly $900 million. Two days earlier, on September 9, 2024, Hindenburg Research founder Nathan Anderson publicly stated that Ryde's trading activity carried “all the hallmarks” of a pump-and-dump scheme. On September 11, 2024, amid public reports describing coordinated promotional activity in private chat rooms, including by individuals allegedly impersonating licensed financial advisors, Ryde's stock fell approximately 75% from its intraday high to close at $5.50 per share.

Investors who purchased or otherwise acquired The Simply Good Foods Company (NASDAQ: SMPL) common stock between October 24, 2024 and April 8, 2026 (the “Class Period”) have until October 13, 2026 to seek appointment as lead plaintiff. Simply Good Foods sells consumer packaged foods and snacking products under its various brands.

The complaint alleges that defendants failed to disclose that: (i) Simply Good Foods had lost key managerial personnel following its approximately $280 million acquisition of Only What You Need, Inc. (“OWYN”), impairing the acquisition's integration; (ii) the Company had materially increased general and administrative spending to compensate for that personnel loss, leading to a bloated organizational structure; (iii) a new pea protein supplier for OWYN formulations had created significant product quality issues affecting taste, texture, and shelf-life, leading to negative reviews, depressed sales, and lost distributor relationships; (iv) Simply Good Foods had increased discounting and promotional activity for OWYN above historical practice, eroding margins without achieving a sales turnaround; (v) the Company had cut brand support and marketing for OWYN to stem the margin erosion, further depressing sales; and (vi) as a result, the OWYN acquisition had largely failed to achieve its strategic goals.

On October 23, 2025, Simply Good Foods reported fourth-quarter fiscal 2025 results revealing an OWYN sales slowdown. On the earnings call, CEO Geoff E. Tanner disclosed that a “raw material sourcing decision for pea protein” had “resulted in taste and texture issues” as products aged. The Company also guided fiscal 2026 net sales to a range of -2% to +2%, down sharply from 9% growth in fiscal 2025. On this news, Simply Good Foods stock fell more than 17%. Then, on April 9, 2026, the Company reported second-quarter 2026 results showing OWYN sales down nearly 17% year-over-year, a $187 million impairment charge against OWYN's intangible assets, and a slashed 2026 outlook of -7% to -10%. On this news, the stock fell more than 27% over a two-day period.

A securities class action has been filed against Smartsheet Inc. (“Smartsheet” or the “Company”) (NYSE: SMAR) on behalf of investors who purchased or otherwise acquired the Company's common stock between June 1, 2024 and September 23, 2024, inclusive (the “Class Period”).

On January 24, 2024, Smartsheet received an unsolicited, non-public offer from Blackstone Inc. and Vista Equity Partners Management, LLC (together, the “Consortium”) to acquire all outstanding shares of the Company for $56.25 per share; the offer was later raised to $56.50 per share. In April 2024, Smartsheet's board approved a program to repurchase up to $150 million of its own common stock, and beginning June 1, 2024 the Company repurchased roughly 1,128,000 shares for approximately $50 million. The complaint alleges that, while the Consortium's offers remained non-public, Smartsheet continued repurchasing its own stock — at an average price of $46.45 per share during the Class Period — significantly below what the Consortium had offered, without disclosing that it had received a formal acquisition proposal or abstaining from the buybacks.

On September 24, 2024, before the market opened, Smartsheet disclosed the transaction with the Consortium. The merger closed on January 22, 2025, with the Consortium acquiring Smartsheet for $56.50 per share — well above the prices at which the Company had been repurchasing stock from investors who were unaware of the pending deal during the Class Period.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Taboola.com Ltd. (“Taboola.com” or the “Company”) (NASDAQ: TBLA) securities between May 6, 2026 and August 4, 2026, inclusive (the “Class Period”).

The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that Taboola.com was seeing an increase in low-quality publishers; that the Company would need to take an aggressive approach to exiting those publisher relationships in a way that would affect earnings; and that, as a result, the reported value of Taboola.com's publisher relationships was overstated.

On August 5, 2026, before the market opened, Taboola reported second-quarter 2026 earnings, including revenue of $476.8 million — falling short of the Company's previously issued guidance of $492–505 million. Taboola also cut its full-year 2026 guidance, reducing expected revenue by $91 million at the midpoint to $1,930–1,956 million, and cutting expected gross profit by $10 million at the midpoint to $605–615 million. On an earnings call the same day, CFO Stephen Walker said revenue came in below guidance in part because the Company took “a more aggressive approach in the second quarter by exiting publisher relationships that did not meet our standards for advertiser success,” and CEO Adam Singolda said the quarter saw headwinds from the “decision to remove low-quality publishers that were not delivering value for advertisers.” On this news, Taboola's stock fell $1.45 per share, or 27.41%, to close at $3.84 on August 5, 2026 — down from a Class Period high of $5.58 on July 9, 2026.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired UWM Holdings Corporation (“UWM” or the “Company”) (NYSE: UWMC) securities between March 9, 2026 and August 5, 2026, inclusive (the “Class Period”).

UWM engages in the origination, sale, and servicing of residential mortgages. In December 2025, UWM and Two Harbors Investment Corp. signed an all-stock merger agreement valued at $1.3 billion to expand UWM's mortgage servicing rights business. In March 2026, Two Harbors terminated the agreement in favor of a competing cash offer from CrossCountry Mortgage, and agreed to pay UWM's termination fee.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) UWM had deviated from its traditional strategy of not hedging its mortgage servicing rights, taking on a major hedge position; (ii) UWM over-hedged in anticipation of the Two Harbors transaction; (iii) UWM's purported risk-balancing efforts had in fact created excess hedging risk; and (iv) as a result, defendants' positive statements about UWM's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 5, 2026, after the market closed, UWM reported second-quarter 2026 results, including a roughly $603.2 million interest rate derivatives loss that contributed to a $451.9 million net loss for the quarter, with total equity down 43.6% year-over-year. On an August 6, 2026 earnings call, CEO Mathew Ishbia disclosed: “We were over-hedged, if you think of it that way, protecting against the Two Harbors transaction... We don't traditionally hedge our MSRs [Mortgage Servicing Rights]... when you're going through and acquiring a company like Two Harbors and a massive MSR book, it created a little more risk. So we did put a hedge on to protect against that risk, and then a lot of things happened... and then obviously, the Two Harbors transaction went away. And so a confluence of events... created a hedge loss.” On this news, UWM shares fell $0.64 per share, or 34.78%, from a closing price of $1.84 on August 5, 2026, to $1.20 on August 6, 2026.

A securities class action has been filed against Wise Group plc (“Wise” or the “Company”) (NASDAQ: WSE) on behalf of investors who purchased or otherwise acquired the Company's securities between May 11, 2026 and July 23, 2026, inclusive (the “Class Period”). Wise operates a global money-transfer and multi-currency account platform. The Class Period corresponds to the period surrounding Wise's dual listing on NASDAQ, which began trading on May 11, 2026 alongside the Company's existing listing on the London Stock Exchange.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that the Company had understated the scope of deficiencies in its anti-money-laundering (“AML”) and countering-the-financing-of-terrorism (“CTF”) compliance programs, and the associated regulatory risk, and that, as a result, defendants' positive statements about the Company's business, operations, and compliance practices were materially misleading and/or lacked a reasonable basis.

On June 1, 2026, Reuters reported that Belgium's Brussels Public Prosecutor's Office had opened an investigation into Wise over suspicious transactions totaling approximately $582.5 million. On this news, the price of Wise shares declined from $12.77 to $10.72 over the following three trading sessions, a decline of $2.05 per share, or approximately 16.05%.

On July 24, 2026, the Wall Street Journal reported that the U.S. Office of the Comptroller of the Currency had denied Wise's application for a national trust bank charter, citing “longstanding deficiencies” in the Company's AML/CTF programs. On this news, the price of Wise shares fell $0.75 per share, or approximately 6.2%, to close at $11.33 per share.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Wix.com Ltd. (NASDAQ: WIX) securities between February 19, 2025 and May 12, 2026, both dates inclusive (the “Class Period”).

Wix operates a cloud-based web development platform that lets users build, customize, and manage websites. In June 2025, Wix acquired Base44, an AI-driven “vibe coding” platform designed to let users build apps and websites from plain-language descriptions, without any coding experience.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Wix had overstated the competitiveness and performance of its AI product offerings relative to competitors; (ii) Wix had understated the costs of developing and promoting those AI offerings; and (iii) as a result, defendants overstated the commercial and financial benefits of Wix's AI products.

On May 21, 2026, Wix reported first-quarter 2026 results, maintaining full-year revenue guidance of $1.97–2 billion — short of analyst expectations — and disclosing a 46% year-over-year increase in operating expenses. On this news, Wix stock fell more than 16%. On November 19, 2025, Wix reported third-quarter results disclosing that rising post-acquisition costs to support Base44 were having a material negative impact on the Company's profitability.

A securities class action has been filed on behalf of investors who purchased or otherwise acquired XTI Aerospace, Inc. (“XTI Aerospace” or the “Company”) (NASDAQ: XTIA) securities between April 15, 2026 and August 17, 2026, inclusive (the “Class Period”). XTI Aerospace is an aerospace and advanced technology company.

The complaint alleges that XTI Aerospace misled investors regarding the effectiveness of its disclosure controls and procedures. Specifically, defendants failed to disclose that: (1) senior executives had engaged in certain undisclosed activities; (2) these activities required Board review; (3) there was reason to doubt the effectiveness of the Company's disclosure controls and procedures; (4) as a result, the Company would be unable to timely file its earnings reports; and (5) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 17, 2026, after the market closed, XTI Aerospace revealed it could not timely file its Form 10-Q because, among other things, it was “in the process of completing an internal review of the Registrant's former Chief Executive Officer, who resigned on August 17, 2026, and other related corporate governance matters.” On this news, XTI Aerospace's stock fell $0.25 per share, or 15.9%, to close at $1.32 on August 18, 2026, on unusually heavy trading volume.