Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Masimo, Origin, and NAPCO and Encourages Investors to Contact the Firm
NEW YORK, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Masimo Corporation (NASDAQ: MASI), Origin Materials, Inc. (NASDAQ: ORGN), and NAPCO Security Technologies, Inc. (NASDAQ: NSSC). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Masimo Corporation (NASDAQ: MASI)
Class Period: February 28, 2023 - July 17, 2023 (Common Stock Only)
Lead Plaintiff Deadline: October 23, 2023
During the Class Period, as detailed herein, Masimo and the Defendants made materially false and misleading statements and engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of Masimo’s common stock and operated as a fraud or deceit on Class Period purchasers of Masimo’s common stock by materially misleading the investing public. Later, when Masimo and Defendants’ prior misrepresentations and fraudulent conduct became apparent to the market, the price of Masimo’s common stock materially declined, as the prior artificial inflation came out of the price over time. As a result of their purchases of Masimo’s common stock during the Class Period, Plaintiff and other members of the Class suffered economic loss, i.e., damages under federal securities laws.
Masimo’s stock price fell in response to the corrective event on July 17, 2023, as alleged supra. On July 17, 2023, Defendants disclosed information that was directly related to their prior misrepresentations and material omissions concerning Masimo’s forecasting processes and 2023 full-year financial guidance.
In particular, on July 17, 2023, Masimo reduced the lower end of full year revenue guidance for the healthcare business to $1.30 billion from $1.45 billion. The Company also announced a reduction in annual revenue guidance for the non-healthcare business to $800 million to $850 million from $965 million to $995 million.
For more information on the Masimo class action go to: https://bespc.com/cases/MASI
Origin Materials, Inc. (NASDAQ: ORGN)
Class Period: February 23, 2023 - August 9, 2023
Lead Plaintiff Deadline: October 24, 2023
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misled investors by failing to disclose that (1) Origin would not be able to meet its previously announced timeline for the construction of the Origin 2 plant; (2) demand for PX had dropped such that it would not be the production focus of Origin 2; (3) Origin could not construct Origin 2 at its previously disclosed cost; (4) Origin could not construct Origin 2 at the scale it had previously identified; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable basis.
For more information on the Origin class action go to: https://bespc.com/cases/ORGN
NAPCO Security Technologies, Inc. (NASDAQ: NSSC)
Class Period: November 7, 2022 - August 18, 2023
Lead Plaintiff Deadline: October 30, 2023
According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) NAPCO failed to address any material weaknesses with internal controls regarding COGS and inventory; (2) NAPCO downplayed the severity of material weaknesses regarding their internal controls; (3) NAPCO’s unaudited financial statements from September 30, 2022 to the present included “certain errors” such as overstating inventory and understanding net COGS, resulting in overstated gross profit, operating income and net income for each period; (4) as a result, NAPCO would need to restate its previously filed unaudited financial statements for certain periods; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the NAPCO class action go to: https://bespc.com/cases/NSSC
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.