NEW YORK, Oct. 02, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against UiPath, Inc. PATH, Schmitt Industries, Inc. SMIT, Polished.com, Inc. POL, and Sotera Health Company SHC. 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.
UiPath, Inc. PATH
On September 6, 2022, UiPath reported second quarter earnings including a reduction in its forecast for the year. The Company blamed the disappointing news on foreign currency concerns and macroeconomic uncertainty.
Based on this news, UiPath’s stock price fell $2.27 per share, or 14%, to close at $13.84 per share on September 7, 2022.
For more information on the UiPath investigation go to: https://bespc.com/cases/PATH
Schmitt Industries, Inc. SMIT
On September 20, 2022, after the market closed, Schmitt announced that its previous financial statements “should no longer be relied upon” and would require restating, estimating that “the errors were cumulatively material, resulting in an understatement of $330,203 in expenses for the first three quarters of the fiscal year.”
On this news, Schmitt stock fell $0.68, or 17.9%, to close at $3.12 per share on September 21, 2022, hurting investors.
For more information on the Schmitt investigation go to: https://bespc.com/cases/SMIT
Polished.com, Inc. POL
In July 2020, Polished (then known as 1847 Goedeker Inc.) conducted its initial public offering (“IPO”), selling shares priced at $9.00 per share.
Then, on August 15, 2022, after market hours, Polished announced on Form 12b-25 filed with the SEC its inability to timely file its Form 10-Q for its second quarter of its fiscal year 2022 ended June 30, 2022 due to its Board’s Audit Committee recently beginning “an independent investigation regarding certain allegations made by certain former employees related to the Company’s business operations.” Further, the Company announced that “[t]he investigation is ongoing, and the Audit Committee continues to work diligently with independent counsel and consultants to complete the investigation” and that “[t]he Company cannot predict the duration of the investigation, eventual scope, its outcome, or its impact on the Company’s financial results.”
On this news, Polished’s share price fell sharply during after-hours trading on August 15, 2022 and pre-market trading on August 16, 2022.
For more information on the Polished investigation go to: https://bespc.com/cases/POL
Sotera Health Company SHC
On September 19, 2022, news outlets reported that a jury found Sotera’s Sterigenics business unit liable for a role in causing a woman’s breast cancer and awarded the plaintiff $363 million. The lawsuit specifically alleged that carcinogenic emissions from a Sterigenics plant near the plaintiff’s home caused cancer.
On this news, Sotera’s stock price fell $4.90 per share, or 33.27%, to close at $9.83 per share on September 19, 2022.
For more information on the Sotera investigation go to: https://bespc.com/cases/SHC
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.
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