NEW YORK, 06 Feb. 10, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Corcept Therapeutics Inc. (NASDAQ: CORT), Agrify Corporation ( NASDAQ: AGFY), Affirm Holdings, Inc. (NASDAQ: AFRM) and Medallion Financial Corp. (NASDAQ: MFIN). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.
Corcept Therapeutics Inc. (NASDAQ: CORT)
On December 8, 2021, Corcept disclosed in a filing with the United States Securities and Exchange Commission that “[o]On November 15, 2021, the Company received a subpoena from the United States Attorney’s Office for the District of New Jersey (the “NJ USAO”) pursuant to Section 248 of the Portability and Accountability Act of 1996. (HIPAA) requesting information regarding the sale and promotion of Korlym, Corcept’s relationships and payments with healthcare professionals who may prescribe or recommend Korlym, and prior authorization and reimbursement of Korlym. Corcept further revealed that “[t]The NJ USAO has notified Corcept that it is investigating whether any criminal or civil violations by Corcept have occurred in connection with the matters referenced in the subpoena.
On this news, Corcept’s stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.
For more information on the Corcept survey, visit: https://bespc.com/cases/CORT
Agrify Corporation (NASDAQ:AGFY)
On December 16, 2021, during trading hours, market analyst Bonitas Research released a report regarding Agrify which alleges several issues within the company, including that “[w]We believe Agrify has created artificial demand for its product by funding undisclosed insiders of the company to act as independent customers. Further, the report alleges that “Agrify insiders lied to investors about the independence of its client base in order to execute a questionable stock promotion for personal enrichment at the expense of minority shareholders.”[,]” and that “[e]Evidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 involved either undisclosed company insiders or unlicensed and unproven operators.
At this news, Agrify’s common stock price fell sharply during the intraday of December 16, 2021.
For more information on the Agrify survey, visit: https://bespc.com/cases/AGFY
Affirm Holdings, Inc. (NASDAQ: AFRM)
On December 16, 2021, the Consumer Financial Protection Bureau (the “CFPB”) announced that it had launched an investigation into the payment service offered by Affirm known as “buy-now, pay-later” (“BPL”). The CFPB issued an order to Affirm, along with four other companies offering BNPL, seeking information about Affirm’s facilitation of excessive consumer debt, regulatory arbitrage and data collection. The CFPB has expressed concern about “debt accumulation, regulatory arbitrage and data collection” and is seeking data on product risks and benefits. In a statement to BNPL services, CFPB director Rohit Chopra said: “[t]The consumer receives the product immediately, but he also incurs the debt immediately.
On this news, Affirm’s stock price fell $11.74 per share, or approximately 10.6%, from $110.98 per share to close at $99.24 per share on December 16, 2021.
For more information on the Affirm Holdings survey, visit: https://bespc.com/cases/AFRM
Medallion Financial Corp. (NASDAQ: MFIN)
On December 29, 2021, the SEC accused Medallion and its chairman and chief operating officer, Andrew Murstein, “of unlawfully engaging in two schemes in an attempt to reverse the company’s stock price plunge. “. Specifically, the two men had “engaged in illegal advertising by paying Ichabod’s Cranium and others to post positive stories about the company on various websites, including Huffington Post, Seeking Alpha and LaRue.com.”
On this news, Medallion stock fell as much as 27% in intraday trading on December 29, 2021, hurting investors.
For more information on Medallion Financial’s survey, visit: https://bespc.com/cases/MFIN
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, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
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