NEW YORK, June 29, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Cognyte Software Ltd. (NASDAQ: CGNT), Singularity Future Technology, Inc. (NASDAQ: SGLY), Medallion Financial Corp. (NASDAQ: MFIN), and RBB Bancorp (NASDAQ: RBB). 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.
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
Singularity Future Technology, Inc. (NASDAQ: SGLY)
On May 5, 2022, Hindenburg Research (“Hindenburg”) published a report entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is a fugitive, on the Run for Allegedly Operating a Massive Ponzi Scheme.’ The Hindenburg report alleged, among other things, that ‘singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims” and “fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.” The Hindenburg report further alleged that “Singularity’s massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal” and that “[w]e see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.”
On this news, Singularity’s stock price fell $1.95 per share, or 28.89%, to close at $4.80 per share on May 5, 2022.
For more information on the Singularity Future investigation go to: https://bespc.com/cases/SGLY
Medallion Financial Corp. (NASDAQ: MFIN)
On December 29, 2021, the SEC charged Medallion and its President and Chief Operating Officer, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, the two had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”
On this news, Medallion’s stock fell up to 27% during intraday trading on December 29, 2021, thereby injuring investors.
For more information on the Medallion investigation go to: https://bespc.com/cases/MFIN
RBB Bancorp (NASDAQ: RBB)
On February 18, 2022, RBB Bancorp announced the abrupt departure of Tammy Song, the EVP and Chief Lending Officer of RBB Bancorp’s wholly owned subsidiary Royal Business Bank.
Four days later, on February 22, 2022, RBB Bancorp announced its President and CEO (Alan Thian) would take a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of the Company’s board of directors.
On this news, RBB Bancorp’s stock price declined by $2.69 per share, or approximately 10.45%, from $25.75 to $23.06 over two trading days.
For more information on the RBB Bancorp investigation go to: https://bespc.com/cases/RBB
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.