American Green Inc
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Health Care : Pharmaceuticals |
Company profile

American Green, Inc. is a cannabis sector that is engaged in offering retailing, branding, and commercial cultivation with various licensed medical marijuana medical and retail dispensaries. The Company operates and leases an industrial building that has approximately 12,000 square feet of yard space in Phoenix, Arizona.

Closing Price
$0.0030
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0.00 (0.00%)
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Volume
(Light)
Volume:
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10-day average volume:
36,685,615
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STONECO LTD. (NASDAQ: STNE) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against StoneCo Ltd.

1:15 pm ET November 24, 2021 (Globe Newswire) Print

Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion no later than January 18, 2022 in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of StoneCo Ltd. ("StoneCo") (NASDAQ: STNE) between January 11, 2021 and November 16, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.

If you purchased or otherwise acquired StoneCo securities, and/or would like to discuss your legal rights and options, please visit StoneCo Ltd Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.

StoneCo is a provider of financial technology solutions. StoneCo's services allow merchants and other vendors to conduct electronic commerce across in-store, online, and mobile channels, primarily in Brazil.

According to the complaint, 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 that: (1) StoneCo was experiencing difficulties in implementing its credit product; (2) StoneCo faced significant risks via its point-of-sale vendor, PAX Global Technology Ltd.; and (3) as a result of the foregoing, the Company's financial results would be adversely impacted.

On August 30, 2021, after the market closed, StoneCo announced its second quarter 2021 financial results in a press release, reporting an 8.1% year-over-year decrease in revenue "mainly due to adjustments in credit fair value and significantly lower credit disbursements." The Company stated that it had "implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted [StoneCo's] reported results for the quarter."

As a result of these disclosures, the Company's share price fell $2.96 to close at $46.54 per share on August 31, 2021, on unusually heavy trading volume.

Then, on October 26, 2021, PAX Global Technology Ltd's Florida offices were raided by the U.S. Federal Bureau of Investigation, the Department of Homeland Security, and several other agencies as part of a federal investigation. As a Viceroy Research report on October 27, 2021 pointed out, StoneCo states that PAX "is no longer [its] sole provider of POS services, [but the Company is] still substantially dependent on it to manufacture and assemble a substantial amount of [its] POS devices." In addition, another company replaced its PAX terminals "because it did not receive satisfactory answers from PAX regarding its POS devices connecting to websites not listed in their supplied documentation."

On this news, the Company's share price fell $2.64, or 7%, to close at $33.81 per share on October 27, 2021, further injuring investors.

Finally, on November 16, 2021, StoneCo announced that it would "start retesting our original [credit] product, which is short-term loans, between the fourth quarter of '21 and the first quarter of '22." The Company could not provide specific guidance about when credit volumes would return to levels before StoneCo had halted origination of credit.

On this news, the Company's share price fell $10.96, or 34%, to close at $20.70 per share on November 17, 2021, thereby injuring investors further.

If you wish to serve as lead plaintiff, you must move the Court no later than January 18, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased or otherwise acquired StoneCo securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/stonecoltd-stne-shareholder-lawsuit-class-action-fraud-stock-461/ or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. (C) 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Joe Seidman

Bernstein Liebhard LLP

https://www.bernlieb.com

(877) 779-1414

seidman@bernlieb.com

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