NEW YORK, Feb. 24, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Fluor Corporation (NYSE: FLR), Tivity Health, Inc. (NASDAQ: TVTY), Aaron’s, Inc. (NYSE: AAN) and Canaan, Inc. (NASDAQ: CAN) on behalf of investors. Our investigation concerns 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.
Fluor Corporation (NYSE: FLR)
On February 18, 2020, Fluor disclosed that it is being investigated by the Securities and Exchange Commission (SEC) and that the 10-K filing for 2019 would be delayed as a result. The Company said the SEC had requested documents and information related to projects for which the Company recorded charges in the second quarter of 2019. The Company also stated that it is reviewing prior period reporting, and it is possible it may have material errors in financial statements.
On this news, Fluor stock was down over 12% in early morning trading on February 18, 2020, to close at $14.79 per share.
For more information on our investigation into Fluor Corporation go to: https://bespc.com/flr
Tivity Health, Inc. (NASDAQ: TVTY)
On February 19, 2020, Tivity reported the fourth-quarter and fiscal year 2019 results. For the fourth quarter, the Company reported a loss of $323.1 million or $6.69 a share, which includes a non-cash impairment charge of $377.1 million in its Nutrition segment. The Company also announced the immediate departure of its CEO, as well as the resignation of the President of the Nutrition segment.
Following this news, Tivity’s share price declined by 45.49% on February 20, 2020, to close at $12.50 per share.
For more information on our investigation into Tivity go to: https://bespc.com/tvty-2
Aaron’s, Inc. (NYSE: AAN)
On February 20, 2020, Aaron’s issued a press release announcing the Company’s financial results for the quarter ended December 31, 2019. Among other results, Aaron’s reported that the Company’s Progressive Leasing (“Progressive”) segment had reached an agreement in principle with Federal Trade Commission (“FTC”) staff regarding a Civil Investigative Demand from the FTC that Progressive received in July 2018.
The Company advised investors that “[u]nder the proposed agreement, which requires final approval by FTC Commissioners and the U.S. District Court for the Northern District of Georgia, Progressive will make a payment of $175 million and enhance certain compliance-related activities, including monitoring, disclosure and reporting requirements.”
On this news, Aaron’s stock price fell $10.70 per share, or 19.06%, to close at $45.45 per share on February 20, 2020.
To learn more about our investigation into Aaron’s, go to: https://bespc.com/aan-2
Canaan, Inc. (NASDAQ: CAN)
Canaan, a company specializing in Blockchain servers and ASIC microprocessor solutions for use in bitcoin mining, completed its initial public offering in November 2019. Then, on February 20, 2020, after markets closed, an investment analyst operating under the pseudonym Marcus Aurelius published a short report entitled “Canaan Fodder” claiming, among other things, that Canaan was engaged in several undisclosed related-party transactions that lacked economic substance.
For example, the report alleges that just one month before Canaan’s IPO, a tiny Hong Kong company named Grandshores announced that it had agreed to purchase up to $150 Million worth of the company’s equipment in 2020, even though Grandshores’ entire market cap is only $50 million and it reports having only $16 million in cash on hand. Purportedly, the Chairman of Grandshores owns 9.7% of Canaan’s outstanding shares through entities he controls — yet this relationship is not mentioned anywhere in Canaan’s SEC filings.
On this news, the Canaan’s share priced dropped significantly, to close at $5.32 per share.
For more information on our investigation into Canaan go to: https://bespc.com/can
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.