Bragar Eagel & Squire, PC East

NEW YORK, 06 Feb. 11, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Laboratory Corporation of America Holdings (: LH), Hollysys Automation Technologies Ltd. . (HOLI) and Cronos Group, Inc. (CRON). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.

Laboratory Corporation of America (:LH)

On January 1, 2022, an article in the New York Times questioned the accuracy of certain non-invasive prenatal tests, including the one developed by Labcorp. The article alleges that positive test results are incorrect about 85% of the time. Patients who test positive are supposed to have follow-up tests, which “can cost thousands of dollars, come with a low risk of miscarriage, and can’t be done until later in the pregnancy.” The survey highlights the statistical challenge of testing from extremely rare things. But this is not sufficiently explained to the patients to whom the tests have been sold. The companies that develop these tests use terms such as “highly accurate” and “total confidence”, do not publish data on the overall performance of their tests, or only insist on data from tests that are more accurate.

On this news, Labcorp stock fell more than $16.00, or 5%, to close at $298.18 per share on January 3, 2022, hurting investors.

For more information on the Laboratory Corporation investigation, visit: https://bespc.com/cases/LH

Hollysys Automation Technologies Ltd. (HOLI)

On November 2, 2021, Hollysys filed a notice with the United States Securities and Exchange Commission stating that the Company could not timely file its annual report for the period ended June 30, 2021 due to a “delay in the collection of supporting documents and information”. Hollysys also disclosed that it replaced Ernst & Young Hua Ming LLP as independent auditor.

On this news, Hollysys stock price fell $5.69 per share, or 29%, to close at $13.70 per share on November 3, 2021.

For more information on the Hollysys Automation survey, visit: https://bespc.com/cases/HOLI

Cronos Group, Inc. (CRON)

On November 9, 2021, Cronos filed a Form 8-K with the United States Securities and Exchange Commission, stating that “[o]n November 8, 2021, Cronos Group Inc. . . . has determined that it will be required to restate its previously released unaudited interim financial statements for the three and six months ended June 30, 2021 previously filed on Form 10-Q on August 6, 2021” and advising that “[t]The Company’s financial statements for this period should therefore no longer be relied upon. Cronos further stated that “[t]he Company has concluded that it should have recognized an impairment loss of at least $220 million on goodwill and indefinite-lived intangible assets in its U.S. reporting unit for the three and six months ended June 30. June 2021. The Company will restate its unaudited interim financial statements for the three and six months ended June 30, 2021, accordingly. According to Cronos, the company is “also evaluating whether to record additional impairment during the three and nine months ended September 30, 2021.”

On this news, Cronos stock price fell $1.01 per share, or 15.05%, to close at $5.70 per share on November 9, 2021.

For more information on the Cronos Group investigation, visit: https://bespc.com/cases/CRON

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.

Contact details:

Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
[email protected]
www.bespc.com

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