NEW YORK, Sept. 20, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against MaxLinear, Inc. (NASDAQ: MXL), Customers Bancorp, Inc. (NYSE: CUBI), Globus Medical, Inc. (NYSE: GMED), and Metagenomi, Inc. (NASDAQ: MGX). 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.
MaxLinear, Inc. (NASDAQ: MXL)
Following the close of the financial markets on July 24, 2024, MaxLinear publicly disclosed its earnings results for the second fiscal quarter of 2024. The company reported net revenue amounting to $92 million for the quarter, representing a significant decrease of 50% compared to the corresponding period in the prior year. MaxLinear identified several contributing factors to this substantial decline in revenue, notably attributing it, at least in part, to the prolonged depletion of excess customer inventory, which has resulted in a consequent weakening of demand for its products.
Following this news, the stock was trading down 29% during early morning trading on July 25, 2024.
For more information on the MaxLinear investigation go to: https://bespc.com/cases/MXL
Customers Bancorp, Inc. (NYSE:CUBI)
On April 12, 2024, Customers Bancorp disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its Executive Vice President and Chief Financial Officer (“CFO”), Carla Leibold, “was notified of her termination from employment with the Company on April 10, 2024, for ‘cause’ under her employment agreement for violating Company policy, which termination was effective immediately.” The Company also reported that Ms. Leibold “has disputed the Company’s characterization of her separation from the Company.” On this news, Customers Bancorp’s stock price fell $2.40 per share, or 4.9%, to close at $46.62 per share on April 15, 2024. Then, on April 25, 2024, Customers Bancorp disclosed in additional SEC filings that, contrary to its previous announcement that Ms. Leibold had been terminated for cause, the Company and Ms. Leibold had “agreed that the termination of Ms. Leibold’s employment is a separation by mutual agreement,” pursuant to which agreement Ms. Leibold was entitled to receive $2.5 million in cash. On this news, Customers Bancorp’s stock price fell $2.71 per share, or 5.47%, to close at $46.82 per share on April 26, 2024.
For more information on the Customers Bancorp investigation go to: https://bespc.com/cases/CUBI
Globus Medical, Inc. (NYSE:GMED)
On August 13, 2024, in a filing with the U.S. Securities and Exchange Commission, Globus disclosed that “[o]n July 16, 2024, Globus Medical, Inc. received a warning letter from the U.S. Food and Drug Administration (the ‘FDA’) following an inspection of our facilities in Audubon, Pennsylvania. In the warning letter, the FDA cited deficiencies in the response letters sent by the Company to the FDA following the Form 483, List of Investigational Observations, which was delivered to the Company in connection with the inspection that occurred from February 15, 2024 until March 7, 2024. The letter describes observed non-conformities in establishing and maintaining product complaint procedures, including complaint investigations, trending, risk reconciliation, and Medical Device Report (MDR) procedures including timely reporting, pertaining to the ExcelsiusGPS® robotic system.”
Following disclosure of the FDA’s warning letter, Globus’s stock price fell $5.73 per share, or 7.84%, to close at $67.32 per share on August 13, 2024.
For more information on the Globus investigation go to: https://bespc.com/cases/GMED
Metagenomi, Inc. (NASDAQ: MGX)
On February 12, 2024, Metagenomi conducted its initial public offering (“IPO”), selling approximately 6.25 million shares at $15 per share. On May 1, 2024, less than two months after the IPO, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration.”
On this news, the price of Metagenomi shares declined by $0.87, or 12.4%, from $7.04 per share on May 1, 2024 to close at $6.17 per share on May 2, 2024.
For more information on the Metagenomi investigation go to: https://bespc.com/cases/MGX
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
