The Gross Law Firm Announces Class Actions on Behalf of Shareholders of NGHC, GTT and CVS
Wednesday, September 4, 2019 3:45 PM
NEW YORK, NY / ACCESSWIRE / September 4, 2019 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.
National General Holdings Corp. (NASDAQ:NGHC)
Investors Affected : August 6, 2015 - August 9, 2017
A class action has commenced on behalf of certain shareholders in National General Holdings Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) National General was perpetrating a massive forced-placed CPI scheme to fraudulently saddle its own customers with unwanted and unneeded automobile insurance policies that it had underwritten; (b) National General’s illicit conduct in foisting unwanted and unneeded automobile insurance on its customers had resulted in some of the victims being declared delinquent, suffering adverse impacts to their creditworthiness, and/or having their cars improperly repossessed; (c) National General was exposed to an extreme risk of regulatory scrutiny, legal risks, and reputational harm as a result of its participation in the forced placed CPI scheme; (d) the Company had failed to maintain effective internal controls over its financial reporting, including by failing to maintain formal documentation sufficient to reasonably ensure the accuracy of internal reporting and accounting procedures across much of its business, including with respect to insurance policy premiums; (e) the Company’s reported quarterly revenues and policy premiums were in part the product of a fraudulent forced-placed insurance scheme and were therefore artificially inflated and unsustainable; and (f) National General had in fact lost substantial business with Wells Fargo because Wells Fargo had terminated the forced-placed CPI scheme after concluding that it posed excessive reputational risk and legal exposure.
Shareholders may find more information at https://securitiesclasslaw.com/securities/national-general-holdings-corp-loss-submission-form/?id=3338&from=1
GTT Communications, Inc. (NYSE:GTT)
Investors Affected : February 26, 2018 - July 1, 2019
A class action has commenced on behalf of certain shareholders in GTT Communications, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) following GTT's acquisition of Interoute Communications Holdings S.A., there were delays in migrating Interoute’s legacy systems and processes into GTT’s client management database system; (2) Interoute had made a strategic priority shift to sell cloud services that was a higher percentage of Interoute’s sales in the two years leading up to the acquisition; (3) a material percentage of the Interoute sales representatives were not productive at selling GTT’s core cloud networking services; (4) GTT was unable to yield as many Interoute salespeople because Interoute had hired many sales people focused on cloud services and allowed underperforming sales representatives to remain at Interoute; and (5) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders may find more information at https://securitiesclasslaw.com/securities/gtt-communications-inc-loss-submission-form/?id=3338&from=1
CVS Health Corporation (NYSE:CVS)
Investors Affected : on behalf of all former Aetna Inc. shareholders who acquired CVS Health Corporation (CVS) shares in exchange for their Aetna shares in connection with CVS’s acquisition of Aetna on November 28, 2018.
A class action has commenced on behalf of certain shareholders in CVS Health Corporation. According to the filed complaint, CVS made false and/or misleading statements in connection with its acquisition of Aetna and/or failed to disclose that: (a) by the end of 2017, CVS's financial condition and expected earnings had deteriorated as a result of rising costs and poor results being experienced in the long-term care ("LTC") unit associated with the 2015 acquisition of Omnicare; (b) in 2017, deteriorating conditions and prospects in CVS 's LTC unit prompted CVS to undertake hasty acquisitions of LTC pharmacies to compensate for the declining LTC business and/or mask the expected LTC goodwill impairment ahead of the planned Acquisition; (c) although negative LTC performance factors prompted CVS and the CVS Individual Defendants to make hasty LTC pharmacy acquisitions in 2017, those same negative factors were being overlooked and ignored for purposes of undertaking, disclosing, and reporting the results of LTC goodwill impairment tests throughout 2017, in violation of GAAP; (d) the LTC goodwill being carried on CVS's books as a result of the Omnicare acquisition was being carried at inflated values that would require billions of dollars in impairment charges that would be charged against earnings; and (e) as a result of the foregoing, CVS's true business metrics and financial prospects were not as the Offering Documents represented.
Shareholders may find more information at https://securitiesclasslaw.com/securities/cvs-health-corporation-loss-submission-form/?id=3338&from=1
The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
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New York, NY, 10018
Email: [email protected]
Phone: (212) 537-9430
Fax: (833) 862-7770
SOURCE: The Gross Law Firm