Bragar Eagel & Squire, P.C. Is Investigating Medallion, RBB, Agrify, and Unity Software and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
Jun 13, 2022, 9:00 PM ET
NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Medallion Financial Corp. (NASDAQ: MFIN), RBB Bancorp (NASDAQ: RBB), Agrify Corporation (NASDAQ: AGFY), and Unity Software, Inc. (NYSE: U). 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.
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
Agrify Corporation (NASDAQ: AGFY)
On December 16, 2021, during trading hours, market analyst Bonitas Research published a report regarding Agrify which alleges several issues at the Company including that “[w]e believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.” Further the report alleges that “Agrify insiders lied to investors about the independence of its customer base in order to execute a dubious stock promotion for self-enrichment at the expense of minority shareholders[,]” and that “[e]vidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 are either with undisclosed Company insiders or with unlicensed unproven operators.”
On this news, Agrify’s common stock price fell sharply during intraday trading on December 16, 2021.
For more information on the Agrify investigation go to: https://bespc.com/cases/AGFY
Unity Software, Inc. (NYSE: U)
Unity is a video game software development company.
On May 10, 2022, after the market closed, Unity announced its first quarter 2022 financial results. The Company also reduced its fiscal 2022 guidance “due to challenges with monetization products.” Specifically, “a fault in [Unity’s] platform . . . resulted in reduced accuracy for [its] Audience Pinpointer tool, a revenue expensive issue given that [the] Pinpointer tool experienced significant growth post the IDFA changes.”
On this news, the price of Unity stock declined by $17.83 per share, or approximately 37%, from $48.13 per share to close at $30.30 per share on May 11, 2022.
For more information on the Unity Software investigation go to: https://bespc.com/cases/U
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.