Bragar Eagel & Squire, P.C. Is Investigating Cassava, Hannon Armstrong, and Nio and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
Jul 20, 2022, 9:00 PM ET
NEW YORK, July 20, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Cassava Sciences, Inc. (NASDAQ: SAVA), Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI), and Nio, Inc. (NYSE: NIO). 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.
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
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI)
On July 12, 2022, market analyst Muddy Waters Research published a report titled “HASI: ‘ESG’ Is for Exaggerating, Scamming, and Grifting,” which alleged several issues with Hannon Armstrong’s financial statements, summarizing the alleged issues as “HASI misleadingly inflates GAAP earnings three ways: 1) through a loophole in the arcana of accounting for renewables subsidies, HASI books non-cash unrealizable income relating to third parties’ tax credits that will be reversed; 2) HASI produces non-cash income by manipulating the discount rate it applies to residual assets to implausibly low levels, thereby inflating its gains on securitizations; and, 3) HASI books interest income from non-cash ‘Paid in Kind’ (‘PIK’) interest payments, which are essentially IOUs from stressed borrowers.”
On this news, Hannon Armstrong’s stock price fell $6.92 per share, or 19%, to close at $29.41 per share on July 12, 2022, on unusually heavy trading volume, damaging investors.
For more information on the Hannon Armstrong investigation go to: https://bespc.com/cases/HASI
Nio, Inc. (NYSE: NIO)
On May 5, 2022, NIO provided an update on its status under the Holding Foreign Companies Accountable Act ("HFCAA") amid the increased focus on Chinese companies listed on U.S exchanges. NIO stated that it is aware that the Company has been provisionally identified by the U.S. Securities and Exchange Commission under the HFCAA and understands that it may be a result of the auditor used for its filing of the annual report on Form 20-F. NIO further stated that it has been actively exploring possible solutions to protect the interest of its stakeholders, including a secondary listing of its Class A ordinary shares on the Hong Kong Stock Exchange.
On this news, NIO's American depositary receipt ("ADR") price fell $2.75 per ADR, or 15.17%, to close at $15.38 per ADR on May 5, 2022.
For more information on the Nio investigation go to: https://bespc.com/cases/NIO
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.