NEW YORK, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against MaxLinear, Inc. (NASDAQ: MXL), Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER), SmartRent, Inc. (NYSE: SMRT), and Domino’s Pizza, Inc. (NSYE: DPZ). 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.
MaxLinear, Inc. (NASDAQ: MXL)
Following the close of the financial markets on July 24, 2024, MaxLinear publicly disclosed its earnings results for the second fiscal quarter of 2024. The company reported net revenue amounting to $92 million for the quarter, representing a significant decrease of 50% compared to the corresponding period in the prior year. MaxLinear identified several contributing factors to this substantial decline in revenue, notably attributing it, at least in part, to the prolonged depletion of excess customer inventory, which has resulted in a consequent weakening of demand for its products.
Following this news, the stock was trading down 29% during early morning trading on July 25, 2024.
For more information on the MaxLinear investigation go to: https://bespc.com/cases/MXL
Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER)
On July 1, 2024, Bridger disclosed in a filing with the U.S. Securities and Exchange Commission that "[i]n response to a comment letter from the staff of the [SEC], Company management has identified an error in the calculation of diluted EPS. The miscalculation affects the Company's previously issued audited consolidated financial statements as of and for the year ended December 31, 2023 and its previously issued unaudited interim condensed consolidated financial statements for each of the first three quarters in the year ended December 31, 2023 (collectively, the 'Affected Financials') resulting from a miscalculation of net income (loss) attributable to common stockholders - diluted (the 'numerator') used in the determination of net income (loss) per common stock - diluted ('diluted EPS') and a difference in the weighted average common stock outstanding – diluted (the 'denominator') used in the determination of the shares outstanding for diluted EPS for the three months ended March 31, 2023, the six months ended June 30, 2023, the three and nine months ended September 30, 2023, and for the year ended December 31, 2023. The error resulted in a misstatement of diluted EPS in each of the Affected Financials." Accordingly, Bridger stated that it "intends to restate the Affected Financials . . . as soon as practicable."
On this news, Bridger's stock price fell $0.24 per share, or 6.42%, to close at $3.50 per share on July 1, 2024.
For more information on the Bridger investigation go to: https://bespc.com/cases/BAER
SmartRent, Inc. (NYSE: SMRT)
On July 30, 2024, SmartRent announced a CEO transition plan under which Lucas Haldeman has stepped down from his position as Chief Executive Officer and resigned from the Board of Directors, effective July 29, 2024. Also on July 30, 2024, the company suspended their 2024 guidance.
On this news, the company's stock fell $0.47, or 19.58% to close at $1.93 on July 30, 2024.
For more information on the SmartRent investigation go to: https://bespc.com/cases/SMRT
Domino’s Pizza, Inc. (NSYE: DPZ)
On July 18, 2024, Domino's issued a press announcing its financial results for the second quarter of 2024. Among other items, Domino's disclosed that it "expects it will fall 175 to 275 stores below its 2024 goal of 925+ net stores in international primarily as a result of challenges in both openings and closures being faced by Domino's Pizza Enterprises ('DPE'), one of its master franchisees." Accordingly, "[t]he Company is temporarily suspending its guidance metric of 1,100+ global net stores until the full effect of DPE's store opens and closures on international net store growth are known."
On this news, the Company's stock price fell $64.23 per share, or 13.57%, to close at $409.04 per share on July 18, 2024.
For more information on the Domino’s investigation go to: https://bespc.com/cases/DPZ
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
