NEW YORK, NY / ACCESSWIRE / July 30, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.
PRA Shareholders Click Here: https://www.zlk.com/pslra-1/proassurance-corporation-loss-form?prid=8287&wire=1
CEMI Shareholders Click Here: https://www.zlk.com/pslra-1/chembio-diagnostics-inc-loss-submission-form?prid=8287&wire=1
VEL Shareholders Click Here: https://www.zlk.com/pslra-1/velocity-financial-inc-loss-submission-form?prid=8287&wire=1
* ADDITIONAL INFORMATION BELOW *
ProAssurance Corporation (NYSE:PRA)
PRA Lawsuit on behalf of: investors who purchased April 26, 2019 - May 7, 2020
Lead Plaintiff Deadline: August 17, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/proassurance-corporation-loss-form?prid=8287&wire=1
According to the filed complaint, during the class period, ProAssurance Corporation made materially false and/or misleading statements and/or failed to disclose that: (i) ProAssurance lacked adequate underwriting process and risk management controls necessary to set appropriate loss reserves in its Specialty P&C segment; (ii) ProAssurance failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten; and (iii) as a result, ProAssurance was subject to materially heightened risk of financial loss and reserve charges.
Chembio Diagnostics, Inc. (NASDAQ:CEMI)
CEMI Lawsuit on behalf of: investors who purchased March 12, 2020 - June 16, 2020
Lead Plaintiff Deadline: August 17, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/chembio-diagnostics-inc-loss-submission-form?prid=8287&wire=1
According to the filed complaint, defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated Chembio's stock price and operated as a fraud or deceit by misrepresenting the efficacy of the Company's Dual Path Platform ("DPP") COVID-19 test. Defendants allegedly achieved this by making false statements about Chembio's DPP COVID-19 test, although they knew or at least recklessly disregarded that there were material performance concerns with the test. When defendants' prior misrepresentations were disclosed and became apparent to the market, the price of Chembio stock fell precipitously as the prior artificial inflation came out of Chembio's stock price.
Velocity Financial, Inc. (NYSE:VEL)
This lawsuit is on behalf of investors who purchased VEL stocks pursuant and/or traceable to the Registration Statement and Prospectus, as amended, issued in connection with Velocity's January 2020 initial public offering.
Lead Plaintiff Deadline: September 28, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/velocity-financial-inc-loss-submission-form?prid=8287&wire=1
According to the filed complaint, defendants failed to disclose that, at the time of Velocity's initial public offering (the "IPO"), the Company's non-performing loans had dramatically increased in size from the figures provided in the Registration Statement and Prospectus that Velocity had issued in connection with the IPO. Further, defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO. The failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Registration Statement and Prospectus regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.
You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington, D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
http://www.zlk.com
SOURCE: Levi & Korsinsky, LLP
View source version on accesswire.com:
https://www.accesswire.com/599693/CLASS-ACTION-UPDATE-for-PRA-CEMI-and-VEL-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders
