PHILADELPHIA, PA / ACCESSWIRE / December 1, 2022 / Berger Montague is currently investigating potential violations of the federal securities laws on behalf of shareholders of BRP Group, Inc. ("BRP Group") (NASDAQ:BRP).
BRP Group, Inc. markets and sells insurance products and services in the United States. The company was founded in 2011 and is headquartered in Tampa, Florida.
On September 13, 2022, market analyst NINGI Research published a report that alleged, "BRP [Group] has doctored its organic growth rate to beat analysts' estimates" and that "[BRP Group] misled investors by presenting inorganic revenue as organic revenue through a self-proclaimed separate agreement with an affiliate." The report also alleged that "in 2020 BRP [Group]'s proprietary ‘MGA of the Future' technology was misappropriated by an employee and handed to a competitor, as alleged by BRP [Group] in a lawsuit" and that "the company allegedly did not notice the misappropriation until May 2021 but did not disclose the intellectual property theft to investors to date, despite arguing in a lawsuit that the theft has and will have severe damage to BRP [Group]'s revenue and market share."
Following this news, BRP Group's stock price fell $2.39 per share, or 7%, to close at $29.98 per share on September 13, 2022.
If you are an BRP Group investor and would like to learn more about our investigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/brp-group/
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
SOURCE: Berger Montague