NEW YORK, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Waldencast Plc (NASDAQ: WALD), Arbor Realty Trust, Inc. (NYSE: ABR), and Brooge Energy Limited (NASDAQ: BROG). 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.
Waldencast Plc (NASDAQ: WALD)
On April 25, 2023, Waldencast announced that it will be unable to file its 2022 annual report on time and will be postponing its fiscal year 2022 and fourth quarter earnings call due to an ongoing review of the Company’s year-end 2022 financial statements. Specifically, the Company is conducting an analysis regarding certain accounting issues in connection with the sale of certain Obagi products for the Vietnam market.
On this news, the price of Waldencast shares declined by $0.57 per share, or approximately 6.20%, from $9.20 per share to close at $8.63 on April 25, 2023.
For more information on the Waldencast investigation go to: https://bespc.com/cases/WALD
Arbor Realty Trust, Inc. (NYSE: ABR)
On November 16, 2023, Viceroy Research released a report entitled "Arbor Realty Trust - Slumlord Millionaires." In this report, Viceroy stated that it "[i]nvestors in bridge financing underwriters and their portfolios of loans appear to be [. . .] unprepared for the enormous wave of maturities which cannot be refinanced and are substantially all underwater. This is a bizarre deer in headlights situation we didn't ever expect to find." Further, Viceroy announced that it was "short Arbor Realty Trust" and that "[i]n this industry plagued with delusion and bad decisions, Arbor stands out as the worst of the worst. Viceroy's dive into Arbor's collateralized loan obligation facilities suggest its entire loan book is distressed and underlying collateral is vastly overstated."
On this news, the price of Arbor stock went down by $1.60 per share, or 11.56%, to close at $12.24 on November 16, 2023.
For more information on the Arbor investigation go to: https://bespc.com/cases/ABR
Brooge Energy Limited (NASDAQ: BROG)
On December 22, 2023, the United States Securities and Exchange Commission (“SEC”) announced fraud charges against Brooge, the Company’s former Chief Executive Officer (“CEO”), Nicolaas Lammert Paardenkooper, and its former Chief Strategy Officer and Interim CEO, Lina Saheb. According to the SEC order, before and after going public through a special purpose acquisition transaction, Brooge misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities. Further, the order found that Brooge created false invoices to support inflating revenues from its oil facilities in Fujairah, United Arab Emirates by over $70 million over three years, and that Paardenkooper and Saheb knew, or were reckless in not knowing, of the fraud. The SEC order also found that Brooge provided these false invoices to its auditors to conceal the inflated revenue. In addition, according to the order, Brooge agreed during the SEC’s investigation not to issue the $500 million in securities.
On this news, the Company’s stock price fell sharply during intraday trading on December 22, 2023.
For more information on the Brooge investigation go to: https://bespc.com/cases/BROG
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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
