NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Silicon Laboratories Inc. (NASDAQ: SLAB), Calavo Growers, Inc. (NASDAQ: CVGW), Soho House & Co Inc. (NYSE: SHCO), and Thoughtworks Holding, Inc. (NASDAQ: TWKS). 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.
Silicon Laboratories Inc. (NASDAQ: SLAB)
On January 29, 2024, Silicon Labs issued a press release "announc[ing] a one-week delay to its scheduled earnings conference call for the quarter ended on December 30, 2023." Silicon Labs stated that it "has determined that a material weakness in internal control related to the operation and documentation of certain inventory controls existed as of December 30, 2023" and that "[t]he delay in reporting allows additional time to evaluate the impact, if any, of the material weakness on the company's financial reporting as of the end of the quarterly period."
On this news, Silicon Labs' stock price fell $7.91 per share, or 6.02%, to close at $123.55 per share on January 30, 2024.
For more information on the Silicon Lab investigation go to: https://bespc.com/cases/SLAB
Calavo Growers, Inc. (NASDAQ: CVGW)
On January 31, 2024, the Company disclosed that a Special Committee of the Board of Directors determined that certain matters “related to the Company’s operations in Mexico raised potential issues under the Foreign Corrupt Practices Act (“FCPA”).”
On this news, the price of the Company’s stock dropped.
For more information on the Calavo investigation go to: https://bespc.com/cases/CVGW
Soho House & Co Inc. (NYSE: SHCO)
On February 7, 2024, GlassHouse Research issued a report with concerns regarding the Company's operations. The report goes on to say the Company is experiencing a broken business model as well as questionable accounting practices. GlassHouse states that the grievances it has with the company's accounting include artificially aiding earnings metrics and a “lack of an opinion on internal controls by its auditor and one of the worst correspondence letters we have read from the SEC suggest dismal accounting practices.”
For more information on the Soho House investigation go to: https://bespc.com/cases/SHCO
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
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
