On October 29, 2021, Camber Energy was sued for violations of the federal securities laws in the Southern District of Texas on behalf of investors who purchased the Company’s securities between February 18, 2021 and October 4, 2021. The case stems from a transaction executed in February 2021 to effect the full combination of Camber and Viking Energy Group, Inc.
Recent Security Class Actions
On October 28, 2021, TMC the metals company was sued for violations of the federal securities laws in the Eastern District of New York on behalf of investors who purchased the Company’s securities between March 4, 2021 and October 5, 2021. On March 4, 2021, DeepGreen Inc. (“DeepGreen”) announced that it had entered into a business combination agreement with Sustainable Opportunities Acquisition Corporation (“SOAC”), special purpose acquisition company (“SPAC”) with a dedicated Environmental, Social, and Governance (“ESG”) focus. Upon closing of the merger, the combined company was renamed TMC the metals company Inc.
On July 27, 2021, the Company disclosed that its quarterly cash distribution had been slashed from $0.44 per common unit to $0.01 per common unit, that its revolving credit line would not be extended when it matured on January 1, 2023, and that its parent company would have very limited capacity to provide additional future support, among other things.
On October 25, 2021, Reconnaissance Energy Africa was sued for violations of the federal securities laws in the Eastern District of New York on behalf of investors who purchased the Company’s securities between February 28, 2019 and September 7, 2021.
On June 21, 2021, investors learned that the Supreme Court rejected the Company’s bid to revive its Vascepa patents in favor of the generic companies in the company’s patent litigation.
On October 6, 2021, Bristol-Myers Squibb Motors was sued for violations of the federal securities laws in the Southern District of New York on behalf of investors who received Contingent Value Rights (“CVRs”) (NYSE: BMY.RT) in exchange for their shares of Celgene Corporation (NASDAQ: CELG) pursuant to BMS’ acquisition of Celgene on November 20, 2019.
On October 05, 2021, Nano-X Imaging was sued for violations of the federal securities laws in the Eastern District of New York on behalf of investors who purchased the Company’s securities between June 17, 2021 and August 18, 2021.
On September 30, 2021, Hyzon Motors was sued for violations of the federal securities laws in the Western District of New York on behalf of investors who purchased the Company’s securities between February 9, 2021 and September 27, 2021. On July 16, 2021, the merger between the Company and Decarbonization Plus Acquisition Corporation was completed with Decarbonization changing its name to Hyzon Motors Inc., and on July 19, 2021, Hyzon common stock began trading under the ticker symbol “HYZN” and Hyzon warrants began trading under the ticker symbol “HYZNW.” Before the merger, Hyzon Motors securities traded under the ticker symbols “DCRBU” for Units, “DCRB” for common stock, and “DCRBW” for warrants.
On September 24, 2021, AppHarvest was sued for violations of the federal securities laws in the Southern District of New York on behalf of investors who purchased the Company’s securities between May 17, 2021 and August 10, 2021. On August 11, 2021, the Company announced its 2Q 2021 financial results, disclosing a $32.0 million net loss and lowered its full year sales guidance to $7M to $9M, from a prior range of $20M to $25M, due to “operational headwinds with the ramp up to full production at the company’s first CEA facility, including labor and productivity challenges related to the training and development of the new workforce and historically low market prices for tomatoes.”
On September 24, 2021, PolarityTE was sued for violations of the federal securities laws in the District of Utah on behalf of investors who purchased the Company’s securities between April 30, 2020 and August 23, 2021. On August 24, 2021, the Company disclosed that the Drug Application for its product, SkinTE, had been placed on hold by the U.S. Food and Drug Administration because certain Chemistry, Manufacturing, and Control items needed to be addressed prior to proceeding with a pivotal study.
