NEW YORK, Sept. 11, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), Olo, Inc. (NYSE: OLO), Cognyte Software Ltd. (NASDAQ: CGNT), and World Wrestling Entertainment, Inc. (NYSE: WWE). 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.
EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT)
On August 30, 2022, after market hours, EyePoint disclosed that it had received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts. The subpoena demanded documents covering the Company’s sales practices for its postoperative inflammation treatment, DEXYCU.
On this news, EyePoint stock fell $0.21 per share, or 2%, to close at $10.00 per share on August 31, 2022.
For more information on the EyePoint investigation go to: https://bespc.com/cases/EYPT
Olo, Inc. (NYSE: OLO)
On February 12, 2020, Olo issued a press release announcing “its partnership with Subway(R) restaurants to integrate digital orders directly into the restaurant’s point of sale for the majority of the chain’s locations.” Olo also stated that “[t]he partnership allows Subway’s network of more than 20,000 U.S. restaurants to more seamlessly handle digital orders from third-party marketplaces.”
Then, on August 11, 2022, Olo issued a press release announcing its second quarter 2022 financial results. On a conference call with investors and analysts later that day to discuss those results, Olo disclosed a change in its relationship with Subway that occurred in the second quarter. Specifically, Olo’s founder and Chief Executive Officer disclosed that the Company is in the process of losing its business from Subway, that it had lost about 2,500 Subway locations during the second quarter that began directly integrating with marketplaces, and that “[w]e expect Subway’s direct marketplace integration to continue with the balance of their locations being removed from our total active location counts in the fourth quarter of this year, or the first quarter of 2023.”
On this news, Olo’s stock price fell $4.73 per share, or 36%, to close at $8.26 per share on August 12, 2022.
For more information on the Olo investigation go to: https://bespc.com/cases/OLO
Cognyte Software Ltd. (NASDAQ: CGNT)
On April 5, 2022, Cognyte reported its fourth quarter 2021 financial results, including revenue of $125 million, which was about $3.5 million below the midpoint of the Company’s own guidance. Cognyte cited “lower conversions within its product pipeline,” along with supply chain issues. During the related conference call, Cognyte’s Chief Executive Officer stated that “a longer sales cycle [resulted] in the lower-than-expected bookings in Q4” and acknowledged that management “didn’t execute well.”
On this news, Cognyte’s stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, thereby injuring investors.
For more information on the Cognyte investigation go to: https://bespc.com/cases/CGNT
World Wrestling Entertainment, Inc. (NYSE: WWE)
WWE is the subject of a June 15, 2022, article in the Wall Street Journal titled: “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say.” According to the article, the Company’s board “is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article continues, “the board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On June 17, 2022, the Company issued a press release stating, “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.
For more information on the WWE investigation go to: https://bespc.com/cases/WWE
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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
