NEW YORK, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Applied Digital Corporation (NASDAQ: APLD) and Infinity Pharmaceuticals, Inc. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Applied Digital Corporation (NASDAQ: APLD)
Class Period: April 13, 2022 - July 26, 2023
Lead Plaintiff Deadline: October 11, 2023
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Applied Digital class action go to: https://bespc.com/cases/APLD
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI)
Class Period: January 5, 2022 - July 24, 2023
Lead Plaintiff Deadline: October 16, 2023
For over a year, Defendants pushed the false narrative that Infinity’s flagship product, eganelisib, was proceeding apace in its clinical studies as a treatment for breast cancer. Specifically, Infinity touted two clinical studies: (1) MARIO-4, a randomized, double-blind Phase 3 study; and (2) MARIO-P, a platform study to evaluate additional combinations and indications where eganelisib might increase the effectiveness of available therapies.
Results were initially so promising that partners were being sought (and prospective partners were interested) to bring eganelisib to the next stage. Then, overnight, the promise vanished. A merger was announced with another pharmaceutical company, and breast cancer treatment wasn’t mentioned. It was as if neither MARIO-4 nor MARIO-P existed. The new entity would now focus on head and neck cancer. The stock market reaction was predictable. Investors fled in droves on staggering volume. The value of both proposed companies to the merger was half of cash on hand.
On July 24, 2023, Infinity announced that the merger had been terminated, because shareholders of the merging company voted against it. The next day, on July 25, 2023, Infinity announced a “Value Preservation and Maximization Plan”, whereby it was, among other things, terminating 78% of its workforce.
For more information on the Infinity class action go to: https://bespc.com/cases/INFI
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.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
