NEW YORK, May 03, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Stanley Black & Decker, Inc. (NYSE: SWK), TAL Education Group (NYSE: TAL), and Marathon Digital Holdings, Inc. (NASDAQ: MARA). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Stanley Black & Decker, Inc. (NYSE: SWK)
Class Period: October 28, 2021 - July 28, 2022
Lead Plaintiff Deadline: May 23, 2023
The filed complaint alleges that defendants made false statements and/or concealed that: (i) rising interest rates, inflation, and trends in returning to work away from home were in fact quickly eroding then-heightened demand for Stanley's tools and outdoor products; (ii) the heightened, extraordinary demand Stanley had enjoyed as a result of the COVID-19 pandemic in 2021 into 2022 was returning to 2019 pre-pandemic levels; (iii) Stanley's operations were already showing signs of slowing demand; (iv) as a result of reorganization, share repurchasing, and dividend growth, Stanley lacked the cash to react with agility to changes in demand; and (v) as a result of Stanley's inability to react to a sharp decline in demand, the Company's results and metrics, particularly sales volume, were severely negatively impacted. As a result of the foregoing, Stanley's public statements were materially false and misleading at all relevant times.
For more information on the Stanley class action go to: https://bespc.com/cases/SWK
TAL Education Group (NYSE: TAL)
Class Period: June 14, 2022 - March 14, 2023
Lead Plaintiff Deadline: May 30, 2023
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company was still providing K9 Academic AST Services; and (2) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
For more information on the TAL class action go to: https://bespc.com/cases/TAL
Marathon Digital Holdings, Inc. (NASDAQ: MARA)
Class Period: May 10, 2021 - February 28, 2023
Lead Plaintiff Deadline: May 30, 2023
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company overstated the efficacy of its disclosure controls and procedures and internal control over financial reporting; (ii) as a result, the Company’s revenues and cost of revenue were materially misstated during the Class Period; (iii) the foregoing, once revealed, was reasonably likely to have a material negative impact on the Company’s financial condition; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 28, 2023, Marathon issued a press release “announc[ing] . . . that it has cancelled its webcast and conference call for the fourth quarter and fiscal year 2022, initially scheduled for today, February 28, 2023, at 4:30 p.m. Eastern time, and will postpone the publication of its corresponding financial results.” That same day, Marathon disclosed receipt of a letter from the SEC relating to accounting errors in the Company’s previously issued financial statements. The Company advised investors that the “statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the previously issued unaudited condensed consolidated financial statements for the interim periods in 2022 and 2021 as contained in the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2021 and 2022, June 30, 2021 and 2022 and September 30, 2021 and 2022 . . . should no longer be relied upon” and will be restated.
Also on February 28, 2023, market analyst Seeking Alpha commented on Marathon’s announcement, stating that “[t]he company said its method for calculating the impairment of digital assets, chiefly bitcoin , on a daily basis using a standard cutoff time wasn't in compliance with a requirement that calls for the intraday low price to be used,” and, as such, “Marathon  now estimates that both its revenue and cost of revenue for the year ended Dec. 31, 2021 were understated. Revenue [. . .], energy, hosting and other, are expected to increase in the restated 2021 numbers.”
On this news, Marathon’s stock price fell $0.59 per share, or 8.31%, to close at $6.51 per share on March 1, 2023.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
For more information on the Marathon class action go to: https://bespc.com/cases/MARA
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.