SAN FRANCISCO, May 04, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Aterian, Inc. (NASDAQ:ATER) f/k/a Mohawk Group Holdings (MWK) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Aterian, Inc. (NASDAQ:ATER) Investigation:
The investigation focuses on Aterian’s statements concerning the capabilities and marketability of its purported end-to-end cloud-based platform, Artificial Intelligence Marketplace Ecommerce Engine (AIMEE).
In past quarters, Aterian has touted AIMEE’s functionality, claiming it allows users to leverage machine learning, natural language processing and data analytics. Aterian has stated that AIMEE in turn allows users to streamline the management of products at scale across the world’s largest online marketplaces, including Amazon, Shopify and Walmart.
But on May 4, 2021, analyst Culper Research published a scathing report entitled “Aterian (ATER): Bought from Felons & Fraudsters, Sold to You.” Among other things, Culper accuses the company of having ties to convicted criminals, overhyping its AIMEE platform, and using “garbage acquisitions” to conceal its “ill-conceived core business.”
Culper reports that at least 5 former employees and a former customer expressed doubt about AIMEE’s legitimacy. Culper then concludes “Aterian isn’t an artificial intelligence company; it’s a reseller of cheap Chinese goods” and notes that from 2019 to 2020 Aterian’s PaaS revenues were down from $1.7 million to just $1.3 million, while AIMEE’s Amazon and Microsoft store listings have zero reviews of the platform.
This news drove the price of Aterian shares crashing sharply lower on May 4, 2021.
“We’re focused on investors’ losses and whether Aterian may have misled investors about the AIMEE platform,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Aterian investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Aterian should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ATER@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895