NEW YORK, July 20, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Novartis AG (NYSE: NVS), Ebix, Inc. (NASDAQ: EBIX), Intuit, Inc. (NASDAQ: INTU), and Argo Group International Holdings, Ltd. (NYSE: ARGO). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Novartis AG (NYSE: NVS)
On May 5, 2022, Novartis “announced a temporary, voluntary suspension of production at its radioligand therapy production sites in Ivrea, Italy and Millburn, New Jersey.” The production halt was to “address potential quality issues identified in its manufacturing process.”
On this news, Novartis’ stock fell $2.06, or 2.3%, to close at $86.21 on May 5, 2022, thereby injuring investors.
Then, on May 31, 2022 STAT News published an article entitled “Documents show problems at Novartis facility where cancer drug production was halted.” The article reported that the U.S. Food and Drug Administration had cited deficiencies at the Company’s New Jersey facility following an inspection in late 2021, including a “concern that Novartis failed to notify customers about batches of Lutathera… that were distributed despite failing to meet quality specifications.”
On this news, Novartis’ stock fell sharply during intraday trading on May 31, 2022, thereby injuring investors further.
For more information on the Novartis investigation go to:
https://bespc.com/cases/NVS
Ebix, Inc. (NASDAQ: EBIX)
On June 16, 2022, Hindenburg issued a short report on Ebix titled, “Ebix: This House of ‘Cards’ Seems To Have a Glaring Fake Revenue Problem”. Hindenburg stated that in February 2021, “Ebix auditor RSM resigned because the company refused to provide evidence regarding ‘unusual transactions related to the Company’s gift card business in India.’ The auditor was unable to obtain evidence to allow it to evaluate the business purposes behind the transactions. Hindenburg’s review of Indian corporate records shows that these ‘unusual transactions’ have increased since RSM’s departure.”
On this news, Ebix stock fell $8.81, or 37.6%, to close at $14.59 on June 16, 2022.
For more information on the Ebix investigation go to:
https://bespc.com/cases/EBIX
Intuit, Inc. (NASDAQ: INTU)
On March 29, 2022, the FTC filed a lawsuit against Inuit claiming that the company has deceived millions of Americans into paying for tax service preparation software that should be free. On May 4, 2022, Intuit agreed to pay $141 million to settle similar allegations regarding Turbo Tax.
On this new, Intuit’s stock fell $22.14, or 5.1%, to close at $409.86 on May 5, 2022.
For more information on the Intuit investigation go to:
https://bespc.com/cases/INTU
Argo Group International Holdings, Ltd. (NYSE: ARGO)
On February 8, 2022, Argo announced that its results for the fourth quarter of 2021 will be negatively affected by adverse prior year reserve development and non-operating charges. Specifically, the Company expects net adverse prior year reserve development to be $130 million to $140 million for the quarter, the largest of which increases were related to construction defect claims within Argo’s U.S. operations and reserve increases in the run-off segment. In addition, Argo disclosed an expected goodwill and intangible assets charge of $40 million to $45 million for the quarter, related to Argo’s syndicate 1200 business unit.
On this news, Argo’s stock price fell sharply during intraday trading on February 9, 2022.
For more information on the Argo Group investigation go to:
https://bespc.com/cases/ARGO
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
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com
