NEW YORK, Aug. 15, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Intuit, Inc. INTU, Rollins, Inc. ROL, Avaya Holdings Corp. AVYA, and RBC Bearings Incorporated ROLL. 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.
Intuit, Inc. 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
Rollins, Inc. ROL
On October 28, 2020, Rollins disclosed a U.S. Securities and Exchange Commission (“SEC”) investigation into how the Company established accruals and reserves at period-end and the impact of those accruals and reserves on reported earnings for periods beginning January 1, 2015. The Company’s subsequently filed Annual Report later disclosed the results of an internal Company-initiated investigation that found a significant deficiency in the Company’s internal controls relating to the documentation and review of accounting entries for certain reserves and accruals. Then, on October 29, 2021, Rollins reported that it had initiated discussions with the SEC staff regarding a potential investigation resolution.
For more information on the Rollins investigation go to: https://bespc.com/cases/ROL
Avaya Holdings Corp. AVYA
On August 9, 2022, the Wall Street Journal published an article disclosing information to investors. The article stated that Avaya had cut its earnings forecast by more than 60% just weeks after borrowing $600 million from institutional investors through deals arranged by Goldman Sachs and JP Morgan Chase. The article also stated that the company provided no explanation for the earnings miss and the Audit Committee opened an internal investigation following the most recent quarter and a whistleblower letter.
On this news, Avaya stock fell $0.20 per share, or 23%, to close at $0.67 per share on August 10, 2022.
For more information on the Avaya investigation go to: https://bespc.com/cases/AVYA
RBC Bearings Incorporated ROLL
On August 4, 2022, in a filing with the U.S. Securities and Exchange Commission, RBC disclosed “that the previously issued consolidated financial statements as of and for the years ended April 2, 2022, April 3, 2022, and March 28, 2020 and the consolidated financial statements for the quarters therein (the “Affected Periods”) included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 26, 2022 contained an error related to the accounting of non-cash stock-based compensation granted to the Company’s CEO and COO. As a result of this error, the Audit Committee determined that the Company’s consolidated financial statements for the Affected Periods included in the 2022 Annual Report on Form 10-K should not be relied upon and should be restated by adjusting selling, general and administrative expenses to reflect non-cash stock-based compensation that should have been recognized in each of the Affected Periods.”
On this news, RBC’s stock price fell $16.68 per share, or 6.71%, to close at $231.91 per share on August 4, 2022.
For more information on the RBC investigation go to: https://bespc.com/cases/ROLL
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.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
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