PITTSBURGH, March 14, 2016 /PRNewswire/ -- The Law Office is investigating certain companies concerning possible violations of federal securities laws by the Company and/or certain of its officers and directors.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD)
On February 1, 2016, the Company filed a Form 8-K that certain financial statements needed to be restated and should no longer be relied upon. On this news, the price of Aerojet shares fell almost 4% to a close of $14.68 per share on February 2, 2016. The investigation concerns how the company accounted for contracts acquired as part of the acquisition of the Pratt & Whitney Rocketdyne division, and whether the Company complied with federal disclosure laws.
Cigna Corp. (NYSE: CI)
On January 22, 2016, the Company disclosed it had been notified by the Centers for Medicare & Medicaid Services of its intent to impose intermediate sanctions, citing deficiencies in Cigna's operations. On this news, Cigna stock fell from $140.13 on Thursday, January 21, 2016 to close at $135.85 on Monday, January 25, 2016, a two-day drop of $4.28. The investigation concerns whether the Company complied with federal standards in the health care industry, and whether the Company complied with federal disclosure laws.
comScore, Inc. (Nasdaq: SCOR)
On February 29, 2016, the Company filed a Notification of Late Filing with the Securities and Exchange Commission ("SEC"), disclosing that the Company would be unable to file its 10-K for the fiscal year ending December 31, 2015 on time. On this news, shares of comScore fell $1.15 per share, or 2.8% on March 1, 2016, on unusually heavy volume. On March 7, 2016, the Company announced it was reviewing the matter, and shares of comScore fell $13.67 per share, or 33.5% on March 7, 2016, on unusually heavy volume. The investigation concerns the adequacy of internal controls for the timely filing of disclosures with the Securities and Exchange Commission.
Hortonworks, Inc. (Nasdaq: HDP)
On November 4, 2015, the Company represented that Hortonworks had sufficient cash and cash equivalents to fund 12 months of working capital and capital expenditure needs. On January 15, 2016, the Company announced it had retained Goldman Sachs to raise $100 million in a secondary offering. Analysts expressed surprise, with one stating, "We believe it will be incumbent on HDP during its roadshow to show why this offering, announced in this way, at this time, should not be interpreted as evidence of serious difficulty." On this news, Hortonworks's stock fell $6.13, or nearly 37%, to close at $10.44 on January 19, 2016, the next trading day. The investigation concerns whether the Company complied with federal disclosure laws.
Navient Corporation (Nasdaq: NAVI)
On August 24, 2015, the Company reported that the Company's wholly-owned subsidiary Navient Solutions, Inc. ("NSI") had received notice that the Consumer Financial Protection Bureau's Office of Enforcement was considering legal action against NSI related to a previously disclosed investigation regarding assessing late fees on student loans and other related misconduct. The investigation concerns whether Company's loan servicing practices were not in compliance with applicable federal regulations, and whether the Company complied with federal disclosure laws.
Sempra Energy (NYSE: SRE)
In late October 2015, Sempra Energy's subsidiary Southern California Gas Company (SoCalGas) discovered a natural gas leak from a well near the Porter Ranch neighborhood in Los Angeles. On January 6, 2016, California Governor Jerry Brown declared a state of emergency. On this news, Sempra Energy stock fell $5.00, or 5.4%, to close at $87.00 on January 7, 2016. The investigation concerns Company's capability to expeditiously repair gas leaks at its subsidiary SoCalGas to avoid causing a public hazard, and whether the Company complied with federal disclosure laws.
Tangoe, Inc. (Nasdaq: TNGO)
On March 7, 2016, the Company disclosed it was restating its financial results for the entirety of both 2013 and 2014, as well as for the first three quarters of 2015. Tangoe has since stated that its "decision to restate these financial statements is based on the Company's conclusion that it made errors in recognizing revenue, primarily from business activities that are ancillary to the Company's core business." On this news, shares of Tangoe fell over 9%, to close at $7.05 per share on March 8, 2016. The investigation concerns whether the Company complied with federal disclosure laws.
If you are a shareholder of any of the above companies and wish learn more about any of the investigations or have any questions, please contact Alfred G. Yates Jr., Esquire at 1-800-391-5164, toll free, or at yateslaw@aol.com by e-mail.
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Contact:
Alfred G. Yates Jr., Esquire
1-800-391-5164
yateslaw@aol.com
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SOURCE Law Office of Alfred G. Yates Jr., PC
