NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against RobinHood Markets, Inc. (NASDAQ: HOOD), Flywire Corporation (NASDAQ:FLYW), Civitas Resources, Inc. (NYSE: CIVI), and SoundHound AI, Inc. (NASDAQ: SOUN). 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.
RobinHood Markets, Inc. (NASDAQ: HOOD)
On March 7, 2025, the Financial Industry Regulatory Authority (“FINRA”) announced that it “has ordered Robinhood Financial to pay $3.75 million to its customers, and fined Robinhood Financial and Robinhood Securities $26 million for violating numerous FINRA rules, including failing to respond to red flags of potential misconduct.” FINRA accused Robinhood of giving customers inaccurate or incomplete disclosures associated with its practice of so-called “collaring” market order by converting them to limit orders and found that the trading platform failed to create and implement “reasonable anti-money laundering programs, which caused the firms to fail to detect, investigate or report suspicious activity, including manipulative trading, suspicious money movements and instances where customers’ accounts were taken over by third-party hackers.” On this news, Robinhood’s stock price fell $8.79 per share, or 19.79%, to close at $35.63 per share on March 10, 2025.
For more information on the Robinhood investigation go to: https://bespc.com/cases/HOOD
Flywire Corporation (NASDAQ:FLYW)
On February 25, 2025, Flywire released its fourth quarter 2024 financial results. Among other items, Flywire missed consensus estimates with respect to key metrics, reported a net loss of $15.9 million, lowered its 2025 guidance, and announced a restructuring plan that includes a 10% reduction in its workforce. On this news, Flywire’s stock price fell $6.59 per share, or 37.4%, to close at $11.05 per share on February 26, 2025.
For more information on the Flywire investigation go to: https://bespc.com/cases/FLYW
Civitas Resources, Inc. (NYSE: CIVI)
On February 24, 2025, Civitas announced its financial results for the fourth quarter and full year 2024, including both revenue and non-GAAP EPS that missed consensus estimates. Civitas also announced a 10% reduction in its workforce across all levels, as well as the termination of its Chief Operating Officer Hodge Walker and Chief Transformation Officer Jerome Kelly, effective immediately.
On this news, Civitas’s stock price fell $8.95 per share, or 18.15%, to close at $40.35 per share on February 25, 2025.
For more information on the Civitas investigation go to: https://bespc.com/cases/CIVI
SoundHound AI, Inc. (NASDAQ:SOUN)
On March 4, 2025, SoundHound filed a Notification of Late Filing on Form 12b-25 with the SEC, stating that the Company would be unable to file its 10-K annual report for the fiscal year ended December 31, 2024, within the prescribed time period. The Notification of Late Filing said that “[d]ue to the complexity of accounting for [the Company’s prior acquisitions of Synq3, Inc. and Amelia Holdings, Inc.], the Company requires additional time to prepare financial statements and accompanying notes.” The Notification of Late Filing further stated that the Company “has identified material weaknesses in its internal control over financial reporting. These material weaknesses continue to exist as of December 31, 2024. The Company expects to file its Form 10-K within the fifteen-day period provided under Rule 12b-25, no later than by March 18, 2025.” Following this news, SoundHound stock dropped 5.8% on March 4, 2025.
For more information on the SoundHound investigation go to: https://bespc.com/cases/SOUN
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.
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
