NEW YORK, Nov. 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Everspin Technologies, Inc. (Everspin or the Company) (NASDAQ: MRAM).
NEW YORK, Nov. 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Everspin Technologies, Inc. (“Everspin” or the “Company”) (NASDAQ: MRAM). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Everspin and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 5, 2020, post-market, Everspin announced its financial and operating results for the third quarter of 2020. Among other results, Everspin reported GAAP EPS and revenue that fell short of expectations. The Company advised investors that “[t]hird quarter gross margin included a $1.7 million non-cash charge related to excess and obsolete inventory reserve, $0.4 million of accelerated depreciation and $0.1 million related to a prior period cost adjustment.”
On this news, Everspin’s stock price fell $1.86 per share, or 23.25%, to close at $6.14 per share on November 6, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980