Chronicle Journal: Finance

CLASS ACTION UPDATE for CSPR, ERII and WINS: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

NEW YORK, NY / ACCESSWIRE / August 12, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.

CSPR Shareholders Click Here: https://www.zlk.com/pslra-1/casper-sleep-inc-loss-submission-form?prid=8520&wire=1
ERII Shareholders Click Here: https://www.zlk.com/pslra-1/energy-recovery-inc-loss-submission-form?prid=8520&wire=1
WINS Shareholders Click Here: https://www.zlk.com/pslra-1/wins-finance-holdings-inc-loss-submission-form?prid=8520&wire=1

* ADDITIONAL INFORMATION BELOW *

Casper Sleep Inc. (NYSE:CSPR)

in or traceable to the Company's public offering conducted on or around February 7, 2020.
Lead Plaintiff Deadline: August 18, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/casper-sleep-inc-loss-submission-form?prid=8520&wire=1

According to the filed complaint, (1) Casper's profit margins were actually declining, rather than growing; (2) Casper was changing an important distribution partner, costing it 130 basis points of gross margin in the first quarter of 2020 alone; (3) Casper was holding a glut of old and outdated mattress inventory that it was selling at steeply discounted clearance prices, further impairing the Company's profitability; (4) Casper was suffering accelerating losses, further placing its ability to achieve positive cash flows and profitability out of reach; (5) Casper's core operations were not profitable, but were causing the Company to suffer over $40 million in negative cash flows during the first quarter of 2020 alone and doubling its quarterly net loss year over year; (6) as a result of the foregoing, Casper's ability to achieve profitability, implement its growth initiatives, and expand internationally had been misrepresented in the documents issued in connection with Casper's initial public offering, as the Company needed to shutter its European operations, halt all international expansion, jettison over one fifth of its global corporate workforce, and significantly curtail new store openings in order to avoid an imminent cash and liquidity crisis, let alone achieve positive operating cash flows; and (7) as a result of the foregoing, Casper's revenue growth rate was not sustainable and had not positioned the Company to achieve profitability.

Energy Recovery, Inc. (NASDAQ:ERII)

ERII Lawsuit on behalf of: investors who purchased August 2, 2017 - June 29, 2020
Lead Plaintiff Deadline: September 21, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/energy-recovery-inc-loss-submission-form?prid=8520&wire=1

According to the filed complaint, during the class period, Energy Recovery, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company had different strategic perspectives regarding commercialization of the Company's VorTeq technology than Schlumberger Technology Corp., which had exclusive rights to the use of VorTeq (ii) these differences created substantial risk of early termination of the Company's exclusive licensing agreement with Schlumberger; (iii) accordingly, the revenue guidance and expectations of future license revenue was false and lacked reasonable basis; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.

Wins Finance Holdings Inc. (NASDAQ:WINS)

WINS Lawsuit on behalf of: investors who purchased October 31, 2018 - July 6, 2020
Lead Plaintiff Deadline: September 23, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/wins-finance-holdings-inc-loss-submission-form?prid=8520&wire=1

According to the filed complaint, during the class period, Wins Finance Holdings Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the ultimate repayment of the RMB 580 million Guohong Loan was highly uncertain; (ii) nonpayment of the Guohong Loan would have a significant impact on the Company's financial and operating condition; (iii) weaknesses in Wins's internal control over its financial reporting persisted despite the Company's repeated assurances to investors that it was taking steps to remediate these weaknesses; (iv) the foregoing issues, among others, made the resignation of Wins's independent auditor foreseeably likely; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington, D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
http://www.zlk.com

SOURCE: Levi & Korsinsky, LLP



View source version on accesswire.com:
https://www.accesswire.com/601390/CLASS-ACTION-UPDATE-for-CSPR-ERII-and-WINS-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders

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