NEW YORK, April 17, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fox Corporation (NASDAQ: FOX, FOXA), Charles River Laboratories International, Inc. (NYSE: CRL), Provident Bancorp, Inc. (NASDAQ: PVBC), and Sarepta Therapeutics, Inc. (NASDAQ: SRPT). 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.
Fox Corporation (NASDAQ: FOX, FOXA)
In November and December of 2020, Fox News broadcasted reports stating that the U.S. election was rigged. Fox News specifically called out Smartmatic and Dominion Voting Systems, voting technology and software companies, for their alleged involvement in rigging the election. Both companies have sued Fox for defamation and other claims based on defendants' actions. The judges in both cases have upheld the lawsuits by overruling defendants' motions to dismiss, finding that Smartmatic and Dominion sufficiently pleaded facts to support their claims of defamation.
In ruling in favor of Dominion, Delaware Superior Court Judge Eric M. Davis found Dominion had shown that the Murdochs, Fox's most senior executives, may have been on notice that the conspiracy theory that rigged voting machines tilted the vote was false but let Fox News broadcast it anyway. Dominion cited in its suit a report that Rupert Murdoch spoke with Trump a few days after the election “and informed him that he had lost,” the judge noted.
“These allegations support a reasonable inference that Rupert and Lachlan Murdoch either knew Dominion had not manipulated the election or at least recklessly disregarded the truth when they allegedly caused Fox News to propagate its claims about Dominion,” said Davis.
These lawsuits, which seek billions of dollars, punitive damages and other relief, can deplete Fox's assets, harm Fox's reputation, and prove detrimental to Fox shareholders.
For more information on the Fox investigation go to: https://bespc.com/cases/FOX
Charles River Laboratories International, Inc. (NYSE: CRL)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Charles River disclosed on February 22, 2023, that it had received a DOJ subpoena regarding an investigation of its allegedly illegal transport of primates for research purposes. The Company admitted it would voluntarily stop importing primates from Cambodia. The Company also warned that the investigations and its suspension of imports would negatively impact its business.
On this news, shares of Charles River fell by as much as 15% in intraday trading on the same day.
For more information on the Charles River investigation go to: https://bespc.com/cases/CRL
Provident Bancorp, Inc. (NASDAQ: PVBC)
On November 15, 2022, after the market closed, Provident announced in two filings with the U.S. Securities and Exchange Commission that it was delaying the issuance of its financial statements and quarterly report on Form 10-Q for the quarter ended September 30, 2022. Additionally, Provident said "it currently estimates that it will report a net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021" and that "[t]he Company is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate."
On this news, Provident's stock price fell $2.20 per share, or 21.78%, to close at $7.90 per share on November 16, 2022.
For more information on the Provident investigation go to: https://bespc.com/cases/PVBC
Sarepta Therapeutics, Inc. (NASDAQ: SRPT)
On March 16, 2023, Sarepta issued a press release announcing that “at its late cycle meeting for the SRP-9001 (delandistrogene moxeparvovec) biologics license application (BLA), the U.S. Food and Drug Administration’s Office of Therapeutics (OTP) has determined that an advisory committee meeting will be held for SRP-9001 in advance of the May 29, 2023 regulatory action date.” Sarepta’s Chief Executive Officer stated in the press release that “[w]hile we are disappointed that we must communicate a change in decision after our prior statement on the topic, we are not disappointed with the decision to hold an advisory committee. We had been preparing for an advisory committee meeting from the filing of the BLA in the fall of 2022.”
On this news, Sarepta’s stock price fell $26.98 per share, or 18.03%, to close at $122.69 per share on March 17, 2023.
For more information on the Sarepta investigation go to: https://bespc.com/cases/SRPT
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.