NEW YORK, June 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fox Corp. (NASDAQ: FOX, FOXA), Provident Bancorp, Inc. (NASDAQ: PVBC), UP Fintech Holding Limited (NASDAQ: TIGR), and G-III Apparel Group, Ltd. (NASDAQ: GIII). 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.
Fox Corp. (NASDAQ: FOX, FOXA)
In the wake of the 2020 U.S. Presidential Election, Dominion Voting Systems sued Fox for defamation. Dominion’s lawsuit alleges that Fox defamed Dominion’s business by endorsing, repeating or broadcasting a series of “verifiably false yet devastating lies about Dominion.” Dominion claims that various statements that were made on FOX News, including that Dominion committed election fraud by rigging the 2020 election, that Dominion’s software and algorithms manipulated vote counts in the 2020 election, that Dominion was founded for the purpose of rigging elections, and that Dominion paid kickbacks to government officials who used its machines, were defamatory and false. Dominion and fox eventually agreed to settle the case for $787 million.
Beginning in February 2023, specific details emerged of internal discussions at Fox in the wake of the 2020 election, revealing that Fox’s senior leaders understood that claims to the effect that Dominion and other entities had rigged the 2020 election were false. As a consequence, Fox faces significant potential legal liability.
As a result of ongoing revelations about Fox’s legal exposure in the Dominion lawsuit, Fox’s Class A stock has declined from a closing price of $37.03 on February 17, 2023 to a closing price of $32.52 on March 15, 2023, a 12% decline. Fox’s Class B stock has declined from a closing price of $34.22 on February 17, 2023 to a closing price of $29.83 on March 15, 2023, a 12% decline.
For more information on the Fox investigation go to: https://bespc.com/cases/FOX
Provident Bancorp, Inc. (NASDAQ: PVBC)
On November 15, 2022, Provident filed a Form NT 10-Q Notification of inability to timely file Form 10-Q for the quarter ended September 30, 2022. The Form NT 10-Q stated the delay was due to "estimates that [Provident] will report net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021."
On this news, Provident's stock price fell $2.20, or 21%, to close at $7.90 on November 16, 2022, on unusually high trading volume.
For more information on the Provident investigation go to: https://bespc.com/cases/PVBC
UP Fintech Holding Limited (NASDAQ: TIGR)
On December 30, 2022, the China Securities Regulatory Commission issued a statement that UP Fintech had for years operated cross-border securities trading businesses without the commission's approval. Specifically, the China Securities Regulatory Commission stated that "[UP Fintech's] act has constituted illegal operation of securities business according to the Securities Law and related regulations[.]"
On this news, UP Fintech's share price fell sharply on December 30, 2022.
For more information on the UP Fintech investigation go to: https://bespc.com/cases/TIGR
G-III Apparel Group, Ltd. (NASDAQ: GIII)
On November 30, 2022, the Company announced third quarter fiscal 2023 results, which revealed that quarterly earnings per share missed analyst estimates. The Company also announced it was updating its guidance for fiscal year 2023, citing higher inventory levels causing “logistical challenges.” Following this announcement, the Company’s stock price dropped.
For more information on the G-III investigation go to: https://bespc.com/cases/GIII
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.