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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Bragar Eagel & Squire, P.C. Is Investigating F45, Twist, DLocal, and Provident and Encourages Investors to Contact the Firm

NEW YORK, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against F45 Training Holdings, Inc. (NYSE: FXLV), Twist Bioscience Corp (NASDAQ: TWST), DLocal Ltd (NASDAQ: DLO), and Provident Bancorp, Inc. (NASDAQ: PVBC). 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.

F45 Training Holdings, Inc. (NYSE: FXLV)

On or around July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares of stock priced at $16.00 per share. 

Then, on July 26, 2022, F45 issued a press release entitled “F45 Training Announces Strategic Update”.  In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty.  The press release further disclosed the departure of the Company’s Chief Executive Officer Adam J. Gilchrist and announced that the Company is “reducing global workforce by approximately 110 employees.” 

On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.

For more information on the F45 investigation go to: https://bespc.com/cases/FXLV

Twist Bioscience Corp (NASDAQ: TWST)

Before the market opened on November 15, 2022, Scorpion Capital published a negative report on Twist entitled "A Cash-Burning Inferno That Is Not a Going Concern, Operating a Ponzi-Like Scheme That Will End In Bankruptcy. Just Another 'Synthetic Biology' Swindle, This Time With An Absurd 'Silicon DNA Chip' And Financials So Phony It May Be Criminal. Target Price: $0." The report alleges Twist is "A ticking time bomb that we believe is resorting to a Worldcom-esque accounting fraud" and "Multiple competitors internally refer to Twist's price dumping and customer subsidy scheme as a "Ponzi".

In early morning trading on November 15, 2022, Twist's stock price is down $11.42 per share to $26.59, or a drop of 30.0%.

For more information on the Twist investigation go to: https://bespc.com/cases/TWST

DLocal Ltd (NASDAQ: DLO)

On November 16, 2022, Muddy Waters Capital LLC (“Muddy Waters”) published a research report concluding that DLocal “is likely a fraud.” Muddy Waters alleges that DLocal has repeated disclosures about its Total Processing Volume and accounts receivable “that flatly contradict one another” and that there is “a contradictory discrepancy between two key subsidiaries’ accounts payable and accounts receivable.” Muddy Waters also alleges that DLocal engaged in multiple misrepresentations to disguise the timing and the source of funding for an insider option exercise.

On this news, DLocal’s share price fell $10.76, or more than 50%, to close at $10.46 per share on November 16, 2022, thereby injuring investors.

For more information on the Twist investigation go to: https://bespc.com/cases/DLO

Provident Bancorp, Inc. (NASDAQ: PVBC)

On November 15, 2022, after the market closed, Provident announced in two filings with the U.S. Securities and Exchange Commission that it was delaying the issuance of its financial statements and quarterly report on Form 10-Q for the quarter ended September 30, 2022. Additionally, Provident said "it currently estimates that it will report a net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021" and that "[t]he Company is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate."

On this news, Provident's stock price fell $2.20 per share, or 21.78%, to close at $7.90 per share on November 16, 2022.

For more information on the Provident investigation go to: https://bespc.com/cases/PVBC

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.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


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