Class Action Lawsuit Filed For Disclosing Misleading Information. Stocks to Watch: (NASDAQ: PRVB), (NYSE: WPG), (NYSE: SPCE), (NYSE: RLX), and (NASDAQ: ARRY)

The various law firm has alerted the shareholders of Provention Bio, Inc. (NASDAQ: PRVB), Washington Prime Group, Inc. (NYSE: WPG), RLX Technology, Inc. (NYSE: RLX), and Array Technologies, Inc. (NASDAQ: ARRY), regarding the Class Action Lawsuit filed against the companies for providing misleading information, which led to a massive loss to the shareholders.

The FDA identified shortcomings in Provention Bio, Inc.: Shareholder law firm Bragar Eagel & Squire, P.C., alerted investors of Provention Bio that lawsuit action has begun on behalf of shareholders to provide misleading information teplizumab. As per the company, FDA stated in April 2021 that they had identified certain shortcomings in the trial report submitted by Provention Bio. The FDA statements also say that the company will have to submit the additional data to get FDA approval, and all the deadline stated by the company were overstated.

Washington Prime Group, Inc. (NYSE: WPG), heading towards bankruptcy: Washington Prime Group, stated that Washington Prime Group, L.P., planned to withhold payment (interest) due on February 2021 and has a 30-day extra period for fulfilling the obligation. In case of default, it would be led to an increase in indebtedness. In March 2021, as per Bloomberg, the Washington Prime Group is planning to file for bankruptcy due to an overrun of time in fulfilling the interest payment. The lawsuit pertains to the misleading information by the company on their business operations, which led to a huge loss to the shareholders.

RLX Technology, Inc. (NYSE: RLX) painted a rosy picture: The company in January 2021 raised $1.4 billion of gross proceeds through initial public offerings. However, when filing the draft prospectus, the company painted a rosy picture regarding its financial position. It didn’t disclose the regulation risk, which was the key for the investor to evaluate their decision. Hence, the paint is filed against RLX Technology.

Array Technologies, Inc. (NASDAQ: ARRY), information on costing was missing: The plaint against the company is filed, as they showed the picture was materially different from what the reality was during the offerings. After the class period, the company stated that an increase in steel prices and freight costs will have a material impact on the company’s future performance. The absence of materialistic information during the offerings led to a huge loss to shareholders, and hence, the lawsuit action was initiated.

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