NEW YORK, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Centuri Holdings, Inc (NYSE: CTRI), Medpace Holdings, Inc. (NASDAQ: MEDP), Customers Bancorp, Inc. (NYSE: CUBI), and Globus Medical, Inc. (NYSE: GMED). 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.
Centuri Holdings, Inc. (NYSE: CTRI)
On July 29, 2024, Centuri reported its financial results for the second quarter, revealing a Non-GAAP Earnings Per Share (EPS) of $0.20, which falls short by $0.02 in comparison to market expectations. Additionally, the company's revenue for the quarter was disclosed at $643.39 million, representing a year-over-year decline of 17.0%, and missing analyst projections by $117.03 million.
Just months earlier on April 18, 2024, Centuri conducted its initial public offering ("IPO"), and the company sold 12.4 million shares for $21. Since the IPO, the stock has plummeted and on July 29, 2024, Centuri stock closed at $15.72.
For more information on the Centuri investigation go to: https://bespc.com/cases/CTRI
Medpace Holdings, Inc. (NASDAQ: MEDP)
On July 22, 2024, after market hours, Medpace released its second quarter 2024 financial results, significantly missing expectations. In an earnings call the following day, July 23, 2024, the Company stated that “cancellations were disproportionately high in the month of June” due to “reprioritization, impaired sponsor liquidity, and acquisition of one sponsor by a large pharma with subsequent decision to move the work to an existing preferred provider.”
On this news, Medpace’s stock price fell $79.88, or 18.3%, to close at $357.30 per share on July 23, 2024, thereby injuring investors.
For more information on the Medpace investigation go to: https://bespc.com/cases/MEDP
Customers Bancorp, Inc. (NYSE: CUBI)
On April 12, 2024, Customers Bancorp disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that its Executive Vice President and Chief Financial Officer ("CFO"), Carla Leibold, "was notified of her termination from employment with the Company on April 10, 2024, for ‘cause' under her employment agreement for violating Company policy, which termination was effective immediately." The Company also reported that Ms. Leibold "has disputed the Company's characterization of her separation from the Company." On this news, Customers Bancorp's stock price fell $2.40 per share, or 4.9%, to close at $46.62 per share on April 15, 2024. Then, on April 25, 2024, Customers Bancorp disclosed in additional SEC filings that, contrary to its previous announcement that Ms. Leibold had been terminated for cause, the Company and Ms. Leibold had "agreed that the termination of Ms. Leibold's employment is a separation by mutual agreement," pursuant to which agreement Ms. Leibold was entitled to receive $2.5 million in cash. On this news, Customers Bancorp's stock price fell $2.71 per share, or 5.47%, to close at $46.82 per share on April 26, 2024.
For more information on the Customers Bancorp investigation go to: https://bespc.com/cases/CUBI
Globus Medical, Inc. (NYSE: GMED)
On August 13, 2024, in a filing with the U.S. Securities and Exchange Commission, Globus disclosed that "[o]n July 16, 2024, Globus Medical, Inc. received a warning letter from the U.S. Food and Drug Administration (the ‘FDA') following an inspection of our facilities in Audubon, Pennsylvania. In the warning letter, the FDA cited deficiencies in the response letters sent by the Company to the FDA following the Form 483, List of Investigational Observations, which was delivered to the Company in connection with the inspection that occurred from February 15, 2024 until March 7, 2024. The letter describes observed non-conformities in establishing and maintaining product complaint procedures, including complaint investigations, trending, risk reconciliation, and Medical Device Report (MDR) procedures including timely reporting, pertaining to the ExcelsiusGPS® robotic system."
Following disclosure of the FDA's warning letter, Globus's stock price fell $5.73 per share, or 7.84%, to close at $67.32 per share on August 13, 2024.
For more information on the Globus investigation go to: https://bespc.com/cases/GMED
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
