Bragar Eagel & Squire, PC East
NEW YORK, Feb. 21 18, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against ReneSola Ltd. (:SOL), TaskUs, Inc. (TASK), Tecnoglass, Inc. (TGLS), and WeWork, Inc. (:US). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.
Rene Sola Ltd. (: GROUND)
The investigation focuses on ReneSola’s statements regarding its alleged plans to develop, build, operate and sell solar energy projects in Europe. Specifically, ReneSola has repeatedly touted its growing number of late-stage projects across Europe, which would soon be ready to sell the project rights to “Notice of Prosecution” or “NTP”.
But, on December 2, 2021, analyst Grizzly Research released a scathing report titled “We Believe ReneSola is a Fraudulent Company; Most of the projects never existed. According to the report: (1) “[o]Our on-the-ground due diligence, file review and communications with local municipalities in Europe indicate that SOL has grossly misrepresented its project development pipeline; ” (2) “[m]Most SOL projects are in Europe, but our research indicates that most of these projects apparently do not exist; (3) “SOL could have fabricated projects to give the appearance of a better development pipeline and future savings;” and, (4)”[w]Yet again, SOL continuously classifies projects as “advanced stage” and nearing completion, which our research shows as either non-existent or delayed for years.
On this news, ReneSola’s stock price fell $0.50 per share, or 7.62%, to close at $6.06 per share on December 2, 2021.
For more information on the ReneSola survey, visit: https://bespc.com/cases/SOL
TaskUs, Inc. (TASK)
On January 20, 2022, Spruce Point Capital Management, LLC released a short sale report on TaskUs. In the report, Spruce Point states, “After conducting a forensic financial and accounting review, Spruce Point believes that the shares of TaskUs, Inc. (TASK), a highly promoted business process outsourcing (BPO) company from digital and emerging technology companies, has a pattern of exaggerated and inflated business claims, including revenue, and conceals financial difficulties with reduced disclosures, hand-picked market data and non-standard key performance indicators . Negotiate deep discounts due to undercoverage in the BPO.
On this news, TaskUs stock fell $5.46, or 15.3%, to close at $30.13 per share on Jan. 20, 2022, hurting investors.
For more information on the TaskUs survey, visit: https://bespc.com/cases/TASK
Tecnoglass, Inc. (TGLS)
On December 9, 2021, Hindenburg Research published a report on short sellers on Tecnoglass, “Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC”. Hindenburg Research has detailed a series of alarming red flags regarding Tecnoglass. Specifically, the report stated, “Our months-long investigation included reviewing U.S. and Colombian court records, title filings, business registrations, property records, export records, and media dating back decades. We have identified serious management red flags and numerous undisclosed related party transactions that call the company’s reported financial results into question.
Following this news, the Tecnoglass share price fell by more than 40% in the early morning of December 9, 2021.
For more information on the Tecnoglass investigation, visit: https://bespc.com/cases/TGLS
WeWork, Inc. (:US)
On December 1, 2021, WeWork disclosed in a U.S. Securities and Exchange Commission filing that “[i]In connection with the preparation of the financial statements as of September 30, 2021, WeWork Inc. (the “Company”) reassessed its application of Accounting Standards Codification (“ASC”) 480-10-S99, Distinguishing Liabilities from Equity, to its accounting classification of the repurchasable Class A common stock (the “Public Stock”) issued as part of the units sold in the IPO by the Company’s predecessor, BowX Acquisition Corp. (“BowX”). The Company had previously classified part of the Public Shares as permanent equity. After further evaluation, the company has determined that the public shares include certain redemption features that are not solely within the control of the company and which, under ASC 480-10-S99, require such shares to be classified as temporary equity in their entirety. Accordingly, WeWork has indicated that certain of its previously released financial statements should not be relied upon and will be restated. In addition, WeWork disclosed that its management concluded that, in light of the classification error described above, there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain characteristics. complex public actions.
The stock fell more than 5% in extended trading after the disclosure.
For more information on the WeWork survey, visit: https://bespc.com/cases/WE
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.