NEW YORK, June 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Techtronic Industries Company Limited (OTC Pink: TTNDY), Boxed, Inc. (NYSE: BOXD), Coinbase Global, Inc. (NASDAQ: COIN), and Harmony Biosciences Holdings, Inc. (NASDAQ: HRMY). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Techtronic Industries Company Limited (OTC Pink: TTNDY)
Hong Kong power tool maker Techtronics has gained U.S.-based investors' attention by reporting improved gross profit margin every half-year, sequentially, for ten years straight - a feat no other public company with over $1 billion revenue in the entire world can claim.
Techtronics' earnings recently came into question on Feb. 22, 2023, when Jehoshaphat Research published a report alleging that the company has been "inflating its profits dramatically for over a decade with manipulative accounting."
Specifically, Jehoshaphat Research accuses the company of deceptively managing costs "[b]y stuffing billions of dollars' worth of routine expenses into various asset accounts, year after year;" an accounting trick referred to as "snowballing."
Jehoshaphat Research observes that every year, TTI disposes of large amounts of tangible assets, such as Property, Plant & Equipment, at near-total losses on sale - signifying the company is capitalizing routine business expenses into assets.
The report also accused the company of ignoring its own accounting policy on bad debt provisions to delay expenses.
On this news, Techtronics' share price declined sharply.
For more information on the Techtronic investigation go to: https://bespc.com/cases/TTNDY
Boxed, Inc. (NYSE: BOXD)
On March 14, 2023, The Wall Street Journal published an article entitled “Household Retailer Boxed is Negotiating With Lenders for Bankruptcy Sale.” The article reported that Boxed might file for bankruptcy, as the Company continues to explore a possible sale of its business. The article noted that Boxed is considering this drastic action less than two years after going public through a merger with a special-purpose acquisition company (“SPAC”) and is also trying to establish a new commercial banking relationship after transferring the majority of its cash out of its accounts at Silicon Valley Bank.
On this news, Boxed’s stock price fell $0.21 per share, or 48.25%, to close at $0.2199 per share on March 15, 2023.
For more information on the Boxed investigation go to: https://bespc.com/cases/BOXD
Coinbase Global, Inc. (NASDAQ: COIN)
On March 22, 2023, Coinbase said in a regulatory filing that it received a Wells notice from the Securities and Exchange Commission ("SEC") stating that SEC staff had made a "preliminary determination" to recommend an enforcement action against the largest U.S. crypto exchange for violations of federal securities laws.
On this news, shares of Coinbase common stock dropped $6.85 per share, or over 8%, to close at $77.14 per share on March 22, 2023.
For more information on the Coinbase investigation go to: https://bespc.com/cases/COIN
Harmony Biosciences Holdings, Inc. (NASDAQ: HRMY)
On March 28, 2023, Scorpion Capital ("Scorpion") published a short report on Harmony, which Scorpion described as "[o]ne of the most thoroughly corrupt healthcare schemes in recent years, deserving of criminal and political scrutiny". Scorpion described "Harmony's drug Wakix (pitolisant) [as] a repeat of the Seldane (terfenadine) saga, another histamine antagonist that the FDA pulled from the market and which is the poster child for cardiac toxicity via fatal QT prolongation/arrhythmia." Scorpion asserted that it "obtained dozens of serious adverse event reports from the FDA via Freedom of Information Act requests filed over several months, and they paint a devastating picture of the drug's risk to even young, otherwise healthy patients, including a recent sudden cardiac death, 2 weeks after starting Wakix on the day it was titrated to the highest dose."
On this news, Harmony's stock price fell sharply during intraday trading on March 28, 2023.
For more information on the Harmony investigation go to: https://bespc.com/cases/HRMY
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.