NEW YORK, March 08, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Thoughtworks Holding, Inc. (NASDAQ: TWKS), The Chemours Company (NYSE: CC), Methanex Corporation (NASDAQ: MEOH), and Inari Medical, Inc. (NASDAQ: NARI). 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.
Thoughtworks Holding, Inc. (NASDAQ: TWKS)
On February 12, 2024, Thoughtworks disclosed in a filing with the U.S. Securities and Exchange Commission that "[o]n February 6, 2024, the Audit Committee of the Board of Directors (the ‘Audit Committee') of Thoughtworks Holding, Inc. (the "Company"), concluded . . . that the Company's previously issued unaudited condensed consolidated financial statements as of and for the quarterly periods ended June 30, 2023 and September 30, 2023 (collectively, the ‘Non-Reliance Periods') included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the ‘SEC') for the Non-Reliance Periods, (1) should no longer be relied upon due to an inaccurate presentation of the change in cash flows ascribed to operating activities in the condensed consolidated statement of cash flows, as further described below, and (2) will require restatement."
Thoughtworks stated that "[a]s previously disclosed . . . in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and September 30, 2023, the Company made a payment of contingent consideration related to the acquisition of Connected Lab Inc. of $14.3 million. During the Non-Reliance Periods, the Company included this payment in the operating activities section of the condensed consolidated statement of cash flows. Of the $14.3 million payment, $14.0 million reflects the fair value of the contingent consideration on the acquisition date and should have been included within the financing activities section of the condensed consolidated statement of cash flows."
On this news, Thoughtworks' stock price fell $0.27 per share, or 6.12%, to close at $4.14 per share on February 13, 2024.
For more information on the Thoughtworks investigation go to: https://bespc.com/cases/TWKS
The Chemours Company (NYSE: CC)
On February 13, 2024, after the market closed, Chemours disclosed that it was postponing the release of its financial results and conference call related to its fourth quarter and full year 2023. The Company further clarified, stating that it was delaying its results because Chemours is “evaluating its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to information and communications,” and because the Company’s Audit Committee “needs additional time to complete a related internal review.”
On this news, Chemours’ stock price fell as much as 12% during intraday trading on February 14, 2024, thereby injuring investors.
For more information on the Chemours investigation go to: https://bespc.com/cases/CC
Methanex Corporation (NASDAQ: MEOH)
On February 20, 2024, Methanex issued a press release “announc[ing] . . . that commercial production of its new 1.8 million tonne methanol plant, Geismar 3 (G3), in Geismar, Louisiana has been delayed due to complications that occurred in the autothermal reformer (ATR) during the late stages of the initial start-up process.” Methanex stated that significant damage was sustained to a large number of supporting refractory bricks in the vessel which will require replacement, causing commercial production to be delayed up to the end of the third quarter of 2024.
On this news, Methanex’s stock price fell $5.08 per share, or 10.8%, to close at $41.97 per share on February 20, 2024.
For more information on the Methanex investigation go to: https://bespc.com/cases/MEOH
Inari Medical, Inc. (NASDAQ: NARI)
On February 28, 2024, after market hours, Inari Medical filed an Annual Report on Form 10-K with the SEC announcing “[i]n December 2023, we received a civil investigative demand (“CID”) from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act (the “Investigation”). The CID requests information and documents primarily relating to meals and consulting service payments provided to health care professionals (“HCPs”). We are cooperating with the Investigation. We are unable to express a view at this time regarding the likely duration, or ultimate outcome, of the Investigation or estimate the possibility of, or amount or range of, any possible financial impact. Depending on the outcome of the Investigation, there may be a material impact on our business, results of operations, or financial condition.”
On this news, Inari Medical's stock fell $12.14 per share, or 20.8%, to close at $46.12 on February 29, 2024.
For more information on the Inari Medical investigation go to: https://bespc.com/cases/NARI
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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
