SAN FRANCISCO, CA / ACCESSWIRE / December 15, 2023 / Girard Sharp, LLP and Malmfeldt Law Group P.C., national investment, securities, and class action firms, announce an investigation on behalf of investors who purchased or otherwise acquired Mondee securities.
Mondee is an online travel agency (OTA) that went public in July 2022 through a reverse merger with ITHAX Acquisition Corp, a special purpose acquisition company. Mondee's OTA platforms include Trippro, Tripplanet, Rockettrip, and Unpub.
On November 30, 2023, Night Market Research, an equity research firm, released a report, "Mondee: Bad Trip Choking on High Interest Debt, 100% Downside," stating that the Company faces the "probability of near-term common equity wipeout with rising default risk on growing debt balance." The report also states that Mondee "lacked lender permission for the $30m [share] buyback program announced on September 21." Additionally, Mondee's "platforms suffer from bugs and security issues," according to the report.
Mondee's stock closed at $3.12 on December 4, 2023, down over 76% from its September 9, 2022 closing price of $13.07.
If you purchased or otherwise acquired Mondee securities and would like to discuss your potential claim, please email [email protected] or call (866) 981-4800 for a free consultation.
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Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We serve on the Plaintiffs' executive committee in the recent spoofing litigation against JPMorgan Chase that settled for $60 million, a favorable resolution that the district court preliminarily approved in December 2021. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country's largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.
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SOURCE: Girard Sharp LLP