INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That Securities Class Action Lawsuits Have Been Filed on Behalf of Investors in InnovAge Holding Corp. (INNV), Lightning eMotors, Inc. (ZEV), and TMC the metals company Inc. (TMC) and Encourages Invest
Additional information about each case can be found at the links provided below.
NEW YORK, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that securities class action lawsuits have been filed on behalf of investors in securities of InnovAge Holding Corp., Lightning eMotors, Inc., and TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. Investors have until the deadlines below to apply to the Court to be appointed as lead plaintiff in the lawsuits. Additional information about each case can be found at the links provided below.
InnovAge Holding Corp. (“InnovAge” or the “Company”) (NASDAQ: INNV)
Class Period: March 2, 2021 to October 14, 2021
Pending Court: U.S. District Court for the District of Colorado
Lead Plaintiff Deadline: December 13, 2021
The lawsuit alleges throughout the Class Period, Defendants failed to disclose to investors: (1) that certain of InnovAge’s facilities failed to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists; (2) that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services (“CMS”); (3) that, as a result, there is a significant risk that CMS would suspend new enrollments pending an audit of the Company’s services; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For additional information on the InnovAge lawsuit please visit this website.
Lightning eMotors, Inc. (“Lightning eMotors” or the “Company”) (NYSE: ZEV)
Class Period: December 10, 2020 to August 16, 2021
Pending Court: U.S. District Court for the District of Colorado
Lead Plaintiff Deadline: December 14, 2021
The lawsuit alleges throughout the Class Period, Defendants made materially false and misleading statements and failed to disclose known adverse facts about Lightning eMotors’ business, operations and prospects, including that the Company: (i) was suffering from severe supply chain constraints and cost overruns; (ii) was experiencing delays in vehicle deliveries and more tepid customer demand than represented to investors; (iii) did not possess “firm” purchase orders and/or an ability to deliver on such orders sufficient to generate $63 million in revenue in 2021; (iv) considered purchase orders to be “firm” even if they were non-binding, did not constitute a legal obligation to purchase, and could be canceled or delayed by customers without penalty; (v) did not possess “high visibility” into 2021 revenues, let alone its business and operations in subsequent years; (vi) was suffering from ballooning costs and worsening gross margin trends; and (vii) issued 2021 guidance that was not achievable and lacked any reasonable basis in fact.
For additional information on the Lightning eMotors lawsuits please visit this website.
TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. (“TMC” or the “Company”) (NASDAQ: TMC)
Class Period: March 4, 2021 to October 5, 2021
Pending Court: U.S. District Court for the Eastern District of New York
Lead Plaintiff Deadline: December 27, 2021
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) the Company had significantly overpaid to acquire Tonga Offshore Mining Limited (“TOML”) to undisclosed insiders; (2) the Company had artificially inflated its Nauru Ocean Resources Inc. (“NORI”) exploration expenditures to give investors a false scale of its operations; (3) the Company’s purported 100% interest in NORI was questionable given prior disclosures to the International Seabed Authority (“ISA” or the “Authority”) that NORI was wholly owned by two Nauruan foundations and that all future income from NORI would be used in Nauru; (4) Defendants had significantly downplayed the environmental risks of deep-sea mining polymetallic nodules and failed to adequately warn investors of the regulatory risks faced by the Company’s environmentally risky exploitation plans; (5) the Company’s private investment in public equity (“PIPE”) financing was not fully committed and, therefore, the Company would not have the cash necessary for large sale commercial production; (6) as a result of the foregoing, the Company’s valuation was significantly less than Defendants disclosed to investors; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
For additional information on the TMC lawsuits please visit this website.
About Kirby McInerney LLP:
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
(212) 371-6600
[email protected]
www.kmllp.com
