Bragar Eagel & Squire, PC investigates Tecnoglass, WeWork, Embark and Affirm and … | Nation/World


NEW YORK, Feb. 11 12, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Tecnoglass, Inc. (NASDAQ: TGLS), WeWork, Inc. (NYSE: WE), Embark Technology, Inc. (NASDAQ: EMBK) and Affirm Holdings, Inc. (NASDAQ: AFRM). 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.

Tecnoglass, Inc. (NASDAQ: TGLS)

On December 9, 2021, Hindenburg Research published a report on short sellers on Tecnoglass, “Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC”. Hindenburg Research has detailed a series of alarming red flags regarding Tecnoglass. Specifically, the report stated, “Our months-long investigation included reviewing U.S. and Colombian court records, title filings, business registrations, property records, export records, and media dating back decades. We have identified serious management red flags and numerous undisclosed related party transactions that call the company’s reported financial results into question.

Following this news, the Tecnoglass share price fell by more than 40% in the early morning of December 9, 2021.

For more information on the Tecnoglass investigation, visit: https://bespc.com/cases/TGLS

WeWork, Inc. (NYSE: US)

On December 1, 2021, WeWork disclosed in a U.S. Securities and Exchange Commission filing that “[i]In connection with the preparation of the financial statements as of September 30, 2021, WeWork Inc. (the “Company”) reassessed its application of Accounting Standards Codification (“ASC”) 480-10-S99, Distinguishing Liabilities from Equity, to its accounting classification of the repurchasable Class A common stock (the “Public Stock”) issued as part of the units sold in the IPO by the Company’s predecessor, BowX Acquisition Corp. (“BowX”). The Company had previously classified part of the Public Shares as permanent equity. After further evaluation, the company has determined that the public shares include certain redemption features that are not solely within the control of the company and which, under ASC 480-10-S99, require such shares to be classified as temporary equity in their entirety. Accordingly, WeWork has indicated that certain of its previously released financial statements should not be relied upon and will be restated. In addition, WeWork disclosed that its management concluded that, in light of the classification error described above, there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain characteristics. complex public actions.

The stock fell more than 5% in extended trading after the disclosure.

For more information on the WeWork survey, visit: https://bespc.com/cases/WE

Embark Technology, Inc. (NASDAQ: EMBK)

On January 6, 2022, The Bear Cave released a short report entitled “Problems at Embark Technology (EMBK”) (the “Bear Cave Report”). The Bear Cave report alleged, among other things, “that Embark appears to lack real economic substance” and that its “current valuation appears to be based on puff rather than actual substance”, noting that “[t]The company holds no patents, only has a dozen test trucks, and may be more barking than biting.

On this news, Embark’s stock price fell $1.37 per share, or 16.75%, to close at $6.81 per share on January 6, 2022.

For more information on the Embark survey, visit: https://bespc.com/cases/EMBK

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

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.

Contact details:

Bragar Eagel & Squire, CP

Brandon Walker, Esq.

Alexandra B. Raymond, Esq.

(212) 355-4648

[email protected]

www.bespc.com

Copyright 2022 GlobeNewswire, Inc.

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