NEW YORK, July 04, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Novartis AG (NYSE: NVS), Unity Software, Inc. (NYSE: U), Gap, Inc. (NYSE: GPS), and Cassava Sciences, Inc. (NASDAQ: SAVA). 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.
Novartis AG (NYSE: NVS)
On May 5, 2022, Novartis “announced a temporary, voluntary suspension of production at its radioligand therapy production sites in Ivrea, Italy and Millburn, New Jersey.” The production halt was to “address potential quality issues identified in its manufacturing process.”
On this news, Novartis’ stock fell $2.06, or 2.3%, to close at $86.21 on May 5, 2022, thereby injuring investors.
Then, on May 31, 2022 STAT News published an article entitled “Documents show problems at Novartis facility where cancer drug production was halted.” The article reported that the U.S. Food and Drug Administration had cited deficiencies at the Company’s New Jersey facility following an inspection in late 2021, including a “concern that Novartis failed to notify customers about batches of Lutathera… that were distributed despite failing to meet quality specifications.”
On this news, Novartis’ stock fell sharply during intraday trading on May 31, 2022, thereby injuring investors further.
For more information on the Novartis investigation go to: https://bespc.com/cases/NVS
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
Gap, Inc. (NYSE: GPS)
On May 20, 2022, during trading hours, The Wall Street Journal published an article entitled “Old Navy Made Clothing Sizes for Everyone. It Backfired. The clothing brand’s push for inclusivity left it with a shortage of middle sizes. ‘It’s super-frustrating.’” The article stated that “Old Navy set out to make clothes shopping more inclusive for women of all body types. It ended up with too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up.” Further, the article stated that “Gap warned that sales for the spring quarter would fall short of expectations in part due to troubles at Old Navy[,]” but that “[t]he extended sizes were the culprit, according to current and former employees.” Finally, the article stated that “Old Navy’s stumbles don’t bode well for Gap Inc. In 2021, Old Navy accounted for 54% of the company’s sales and roughly 80% of profits[.]”
On this news, Gap Inc.’s stock fell $0.60 per share, or 5.5%, to close at $10.33 on May 23, 2022, the next full trading day.
For more information on the Gap investigation go to: https://bespc.com/cases/GPS
Cassava Sciences, Inc. (NASDAQ: SAVA)
On April 18, 2022, The New York Times published an article entitled “Scientists Question Data Behind an Experimental Alzheimer’s Drug.” The article addressed Cassava’s experimental Alzheimer’s drug, simufilam, and reported that one of Cassava’s advisers, Dr. H.Y. Wang, had five papers he authored retracted from the scientific journal PLoS One after an in-depth investigation revealed “serious concerns about the integrity and the reliability of the results.”
On this news, Cassava’s stock price fell sharply during intraday trading on April 19, 2022.
For more information on the Cassava investigation go to: https://bespc.com/cases/SAVA
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.