NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against WM Technology, Inc. (NASDAQ: MAPS), Napco Security Technologies, Inc. (NASDAQ: NSSC), Light & Wonder, Inc. (NASDAQ: LNW), and Laser Photonics Corporation (NASDAQ: LASE). 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.
WM Technology, Inc. (NASDAQ: MAPS)
On September 25, 2024, the U.S. Securities and Exchange Commission (the “SEC”) issued a litigation release in which it announced that it had “charged public company WM Technology, Inc. (Nasdaq: MAPS), its former CEO, Christopher Beals, and its former CFO, Arden Lee, for making negligent misrepresentations in WM Technology’s public reporting of a self-described key operating metric, the “monthly active users,” or “MAU,” for WM Technology’s online cannabis marketplace.” The same announcement noted that the SEC had “also instituted a related settled administrative proceeding against WM Technology” and that “WM Technology also agreed to pay a civil penalty of $1,500,000.”
On this news, WM Technology stock fell 1.9% on September 25, 2024.
For more information on the WM Technology investigation go to: https://bespc.com/cases/MAPS
Napco Security Technologies, Inc. (NASDAQ: NSSC)
On September 5, 2024, Fuzzy Panda Research published a report alleging Napco has engaged in accounting fraud and financial manipulation, stating: “We interviewed former employees, competitors, and industry leaders who repeatedly cast doubt on Napco’s reported financials and corroborated one another.” Following this news, the price of the Company’s stock dropped.
For more information on the Napco investigation go to: https://bespc.com/cases/NSSC
Light & Wonder, Inc. (NASDAQ: LNW)
In February 2024, Aristocrat Technologies ("Aristocrat") sued L&W in the U.S. District Court for the District of Nevada, alleging that L&W's "Dragon Train" series of slot machines bears similarities to Aristocrat's own "Dragon Link" series and questioning the role of two former Aristocrat designers in developing "Dragon Train". On September 23, 2024, the court entered an order enjoining L&W from "any continued or planned sale, leasing, or other commercialization of Dragon Train", finding a high likelihood that Aristocrat would prevail on the merits of its lawsuit. On this news, L&W's stock price fell $21.97 per share, or 19.5%, to close at $90.71 per share on September 24, 2024.
For more information on the L&W investigation go to: https://bespc.com/cases/LNW
Laser Photonics Corporation (NASDAQ: LASE)
On September 23, 2024, Laser Photonics disclosed in a filing with the U.S. Securities and Exchange Commission "that the Company's previously issued financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and the Quarterly Report on Form 10-Q for the period ended June 30, 2024, should no longer be relied upon as a result of the Company's predecessor auditor, Fruci & Associates II, PLLC (‘Fruci'), identifying an adjusting entry that Fruci had proposed and that was posted by the Company that overstated deferred revenue and needed to be corrected as discussed in further detail in Note 7 of the December 31, 2023, financial statements in the Company's Form 10-K/A that it filed on August 28, 2024, and the Form 10-Q/A filed September 12, 2024."
On this news, Laser Photonics' stock price fell $6.90 per share, or 36.7%, over the following two trading sessions, to close at $11.90 per share on September 25, 2024.
For more information on the Laser Photonics investigation go to: https://bespc.com/cases/LASE
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
