Bragar Eagel & Squire, PC reminds investors of this class

NEW YORK, April 1, 2022 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been filed on behalf of FAT Brands, Inc. shareholders. (NASDAQ: FAT), Cano Health, Inc. (NYSE: CANO), Vertiv Holding Co. (NYSE: VRT) and Volta, Inc. (NYSE: VLTA). Shareholders must apply to the court to serve as the lead plaintiff by the deadlines set out below. See the link for more information on each case.

FAT Brands, Inc. 04.30 NASDAQ: FAT

Teaching period: December 4, 2017 – February 18, 2022

Chief Prosecutor’s Date: 17 May 2022

The class action focuses on whether the Company has made false and / or misleading statements and / or has not disclosed investor information. FAT Brands is the subject of a report published by the Los Angeles Times on February 19, 2022. According to the Times, “Federal authorities are investigating Andrew Wiederhorn, CEO of the company that owns the Fatburger and Johnny Rockets chains, and court records are investigating the conduct of one of his family members. investigations into allegations of securities and wire fraud, money laundering and tax evasion. “

Following these reports, FAT Brands shares fell $ 2.42, or 22.9%, and closed at $ 8.14 per share on February 22, 2022, harming investors.

The complaint filed in this class action alleges that during the Term, the Defendants made materially false and / or misleading statements and did not disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants did not disclose to investors: (1) The Company and Wiederhorns dealt with transactions “for no legitimate corporate purpose”; (2) The company ignored the warning signals concerning the transactions with Wiederhorns; (3) as a result, the Company is likely to face increased oversight, investigations and other potential problems; (4) some executives who are identified as critical to the Company’s success have been exposed to a high level of control risk – potentially, at least in part, as a result of the Company’s actions; (5) The promoted CEO and Chief Operating Officer (COO) have been the subject of an investigation into transactions with the company. and (6) as a result, the defendants’ public statements at all relevant times were materially false and / or misleading. When the details came to the market, the lawsuit alleged that the investors had suffered damage.

For more information on FAT class action, visit: https://bespc.com/cases/FAT

Cano Health, Inc. 04.30 NYSE: CANO

Teaching period: 18 May 2020 – 25 February 2022

Chief Prosecutor’s Date: 17 May 2022

On February 28, 2022, Cano Health, Inc., a primary care provider for the elderly and inadequate communities, announced that it would postpone the fourth quarter and full-term financial statements for 2021, which was originally scheduled for today due to the results of a recent internal audit. . The audit identified certain non-monetary adjustments related to revenue reporting that may affect when and how the Company accumulates income related to Medicare risk adjustments.

Following these reports, Cano’s Class A ordinary shares fell $ 0.32 per share, or 6.17%, to close at $ 4.87 per share on February 28, 2022.

The complaint filed in this class action alleges that during the Term, the Defendants made materially false and / or misleading statements and did not disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants did not disclose to investors: (i) Cano overestimated its due diligence and expertise efforts in acquiring the target companies; (ii) therefore, Cano exercised inadequate due diligence to ensure that the Company, after the Business Combination, was able to properly account for the timing of revenue recognition as required by ASC 606, particularly with respect to Medicare risk adjustments; (iii) as a result, the Company misstatements its capital gains, direct patient costs, receivables, after deducting unpaid costs from the service provider, liabilities and accrued expenses; (iv) accordingly, the Company has been exposed to an increased risk of not submitting one or more of its regular financial reports in a timely manner; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Cano class action lawsuit, visit: https://bespc.com/cases/CANO

Vertiv Holding Co. 04.30 NYSE: VRT

Teaching period: April 28, 2021 – February 23, 2022

General applicant’s deadline: 23 May 2022

On February 23, 2022, at 6:00 a.m., Vertiv reported unsatisfactory financial results, including earnings of $ 0.06 per share for the fourth quarter of 2021, lacking analysts’ estimates of $ 0.28 per share. The CEO of Vertiv attributed the weak results of the management to “consistently underestimated[ing] Inflation and supply chain constraints in terms of both timing and degree dictated a lukewarm price response in 2021.

Following this report, the Company’s share price decreased by $ 7.19, or 37%, and closed at $ 12.38 per share on February 23, 2022, with an unusually large volume of transactions.

The complaint filed in this class action alleges that during the Term, the Defendants made materially false and / or misleading statements and did not disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants did not inform investors: (1) that the Company had failed to respond adequately to supply chain problems and inflation by increasing its prices; (2) that as a result of rising costs, Vertiva’s revenues would be adversely affected; and (3) that, as a result of the above, the defendants’ affirmative statements about the company’s business, operations and prospects were materially misleading and / or lacked an adequate basis.

For more information on Vertiv Class Action, visit: https://bespc.com/cases/VRT

Volta, Inc. (NYSE: VLTA)

Teaching period: August 2, 2021 – March 28, 2022

General applicant’s deadline: 31 May 2022

On August 26, 2021, Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special acquisition company, completed a business combination under which the merged entity was named Volta Inc. (hereinafter referred to as the “Business Combination”).

On March 2, 2022, after the market closed, Volta revealed that the financial impact of its reassessment of its third quarter 2021 financial results was greater than previously reported, and is expected to post a net loss of $ 69.7 million in the quarter. Following this report, the Company’s share price decreased by $ 0.11 or 2.6% and closed at $ 4.01 per share on March 3, 2022 with an unusually large volume of transactions.

Then, on March 21, 2022, Volta announced that it would reschedule its financial results for the fourth quarter and for the full year 2021. Following this report, the Company’s share price fell by $ 0.38 or 8.4% and closed at March 4, 2022. .12 USD per share for an unusually large volume of trades.

Then, on March 28, 2022, Volta announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and president and from the company’s board of directors. Following this report, the Company’s share price decreased by $ 0.76 or 18% and closed at $ 3.37 per share on March 28, 2022 with an unusually large volume of transactions.

The complaint filed in this class action alleges that during the Term, the Defendants made materially false and / or misleading statements and did not disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants did not inform the investors: (1) that Volta had incorrectly accounted for the limited shares issued in connection with the Business Combination; (2) that, as a result, the Company underestimated its net loss for the third quarter of 2021; (3) that there were significant deficiencies in the Company’s internal control over financial reporting that resulted in a material error; (4) that, as a result of the above, the Company would have restated its financial statements; (5) that, as a result of the above, the founders of Legacy Volta would leave the company immediately; (6) that, as a result, the Company’s financial results will be adversely affected; and (7) that, as a result of the above, the defendants’ affirmative statements about the company’s business, operations and prospects were materially misleading and / or lacked an adequate basis.

For more information on Volta Class Action, visit: https://bespc.com/cases/VLTA

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC 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 throughout the country. For more information about the company, visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.

Contact Information:

Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
researchs@bespc.com
www.bespc.com

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