Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Edgio, Fulcrum, adidas, and Spirit AeroSystems and Encourages Investors to Contact the Firm

By: Bragar Eagel & Squire via GlobeNewswire

June 25, 2023 at 21:00 PM EDT

NEW YORK, June 25, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Edgio, Inc. (NASDAQ: EGIO), Fulcrum Therapeutics, Inc. (NASDAQ: FULC), adidas AG (OTC: ADDYY), and Spirit AeroSystems Holdings, Inc. (NYSE: SPR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Edgio, Inc. (NASDAQ: EGIO)

Class Period: February 11, 2021 – March 12, 2023

Lead Plaintiff Deadline: June 26, 2023

On March 13, 2023, before the market opened, Edgio issued a press release announcing that it will restate its previously issued financial statements for the years ended December 31, 2021 and 2020, as well as the quarterly reports for fiscal 2022 and 2021, because its audit committee “identified an error in the Company’s historic accounting treatment of Edgio’s Open Edge solution.” The Company anticipated the restatements would result in a “reduction to revenue of up to approximately $23.0 million for the nine-month period ended September 30, 2022, up to approximately $16.7 million for the twelve-month period ended December 31, 2021, and up to approximately $6.6 million for the twelve-month period ended December 31, 2020.” As a result, the Company stated that it would be unable to file its annual report on time.

On this news, the Company’s share price fell $0.1597, or 15.5%, to close at $0.8703 per share on March 13, 2023, thereby injuring investors.

Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the sale of Open Edge equipment should be accounted as financing leases; (2) that there were material weaknesses in the Company’s internal controls over financial reporting related to Open Edge transactions; (3) that, as a result, the Company’s revenue had been overstated in certain periods; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Edgio class action go to: https://bespc.com/cases/EGIO

Fulcrum Therapeutics, Inc. (NASDAQ: FULC)

Class Period: March 3, 2022 – March 8, 2023

Lead Plaintiff Deadline: June 27, 2023

Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the preclinical data submitted in support of FTX-6058 showed safety concerns regarding potential hematological malignancies; (ii) the foregoing safety concerns increased the likelihood that the FDA would place a clinical hold on preclinical studies of FTX-6058; (iii) accordingly, the Company had overstated FTX-6058’s clinical and/or commercial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Fulcrum class action go to: https://bespc.com/cases/FULC

adidas AG (OTC: ADDYY)

Class Period: May 3, 2018 – February 21, 2023

Lead Plaintiff Deadline: June 27, 2023

During the class period, defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company's business, operations and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) In addition to other misconduct, Kanye West made anti-Semitic comments in front of adidas staff, and even suggested naming an album after Adolf Hitler; (2) adidas was aware of his behavior, and failed to warn investors that it was aware of that behavior, and had considered ending the Partnership as a result of it; (3) adidas failed to take meaningful precautionary measures to limit negative financial exposure if the Partnership were to end as a result of West's behavior; (4) adidas overstated the risk mitigation measures it took with regard to Yeezy shoes in the event that it terminated the Partnership; (5) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

For more information on the adidas class action go to: https://bespc.com/cases/ADDYY

Spirit AeroSystems Holdings, Inc. (NYSE: SPR)

Class Period: April 8, 2020 – April 13, 2023

Lead Plaintiff Deadline: July 3, 2023

Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Spirit lacked effective production quality controls; (2) that, as a result, Spirit incorrectly installed fittings designed to join the aft fuselage to the vertical tail for some Boeing 737 Max airplanes that Spirit sent to Boeing; (3) that, as a result, Spirit would have to develop an inspection and repair procedure for the affected fuselages; (4) that the foregoing would negatively impact Spirit’s financial results; and (5) that as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Spirit AeroSystems class action go to: https://bespc.com/cases/SPR

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