NEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Infinity Pharmaceuticals, Inc. (NASDAQ: INFI), Hub Cyber Security Ltd. (f/k/a Hub Cyber Security (Israel) Ltd.) (NASDAQ: HUBC; HUBCZ; HUBCW), and Shift4 Payments, Inc. (NYSE: FOUR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI)
Class Period: January 5, 2022 - July 24, 2023
Lead Plaintiff Deadline: October 16, 2023
For over a year, Defendants pushed the false narrative that Infinity’s flagship product, eganelisib, was proceeding apace in its clinical studies as a treatment for breast cancer. Specifically, Infinity touted two clinical studies: (1) MARIO-4, a randomized, double-blind Phase 3 study; and (2) MARIO-P, a platform study to evaluate additional combinations and indications where eganelisib might increase the effectiveness of available therapies.
Results were initially so promising that partners were being sought (and prospective partners were interested) to bring eganelisib to the next stage. Then, overnight, the promise vanished. A merger was announced with another pharmaceutical company, and breast cancer treatment wasn’t mentioned. It was as if neither MARIO-4 nor MARIO-P existed. The new entity would now focus on head and neck cancer. The stock market reaction was predictable. Investors fled in droves on staggering volume. The value of both proposed companies to the merger was half of cash on hand.
On July 24, 2023, Infinity announced that the merger had been terminated, because shareholders of the merging company voted against it. The next day, on July 25, 2023, Infinity announced a “Value Preservation and Maximization Plan”, whereby it was, among other things, terminating 78% of its workforce.
For more information on the Infinity class action go to: https://bespc.com/cases/INFI
Hub Cyber Security Ltd. (NASDAQ: HUBC; HUBCZ; HUBCW)
Class Period: (a) Legacy HUB stockholders who acquired the Company’s common stock through Legacy HUB’s merger (the “Merger”) with Mount Rainier Acquisition Corp. (“Mount Rainier”); (b) Mount Rainier investors who acquired the Company’s securities pursuant and/or traceable to the Offering Documents (as defined below) issued in connection with the Merger; and/or (c) persons and entities that purchased or otherwise acquired Mount Rainier or U.S.-listed HUB securities between March 23, 2022 and June 13, 2023
Lead Plaintiff Deadline: October 16, 2023
According to the Complaint, the Company made false and misleading statements to the market. Legacy HUB's prospectus and other materials related to the Merger concealed material facts from investors. Shareholders were encouraged to vote in favor of the Merger and to exchange their shares in Legacy HUB for shares in the Company based on this defective prospectus and other public statements. Based on these facts, the Company's public statements and materials were false and materially misleading throughout the merger period. When the market learned the truth about HUB, investors suffered damages.
For more information on the HUB class action go to: https://bespc.com/cases/HUBC
Shift4 Payments, Inc. (NYSE: FOUR)
Class Period: November 10, 2021 - April 18, 2023
Lead Plaintiff Deadline: October 17, 2023
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Shift4 had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, Shift4 failed to properly account for customer acquisition costs, thereby artificially inflating its net cash provided by operating activities; (iii) accordingly, Shift4 would likely be forced to restate one or more of its previously issued financial statements; (iv) Shift4 employed accounting maneuvers in connection with, among other things, its mass strategic buyout program and sponsor bank merchant settlement account, that were designed to present an inaccurate picture of, inter alia, the Company’s performance, its underlying business quality, and its earnings power; (v) all the foregoing, once revealed, was likely to negatively impact Shift4’s reputation and business; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Shift4 class action go to: https://bespc.com/cases/FOUR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.