Bragar Eagel & Squire, PC investigate Super Group, Sema4, CytoDyn and Cognyte and… | New

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NEW YORK, Aug. 26, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Super Group (SGHC) Limited ( NYSE: SGHC), Sema4 Holdings Corp. (NASDAQ: SMFR, SMFRW), CytoDyn, Inc. (OTCMKTS: CYDY) and Cognyte Software Ltd. (NASDAQ: CGNT). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.

Super Group (SGHC) Limited (NYSE:SGHC)

On May 25, 2022, in a conference call to discuss the company’s first quarter 2022 results, Super Group withdrew its fiscal year 2022 revenue guidance of 1.4 billion euros and its guidance adjusted EBITDA of €345 million, stating that “[g]Given the volatility we have seen and known uncertainties, we are working on a re-forecast for 2022 and should be able to provide an update to our expectations when we release second quarter results in August.

On this news, Super Group’s common stock price fell $1.89 per share, or 23.28%, to close at $6.23 per share on May 25, 2022.

Then, on August 11, 2022, during a conference call to discuss the company’s second quarter 2022 results, Super Group provided revenue guidance for fiscal year 2022 “between 1.15 billion euros and €1.28 billion” and adjusted EBITDA guidance “between €200 million and €250 million. Super Group attributed the reduction in guidance to “continued pressures from multiple economic and regulatory headwinds, as well as some additional degree of normalization post-COVID.”

On this news, Super Group’s common stock price fell $0.69 per share, or 12.19%, to close at $4.97 per share on August 11, 2022.

For more information on the Super Group investigation, visit: https://bespc.com/cases/SGHC

Sema4 Holdings Corp. (NASDAQ: SMFR, SMFRW)

On July 22, 2021, CM Life Sciences, Inc., a special purpose acquisition company, completed its business combination with Mount Sinai Genomics, Inc., and the combined public entity was renamed Sema4.

Less than a year later, on June 14, 2022, Sema4 announced the departure of its chief financial officer.

Then, on August 15, 2022, after the market closed, Sema4 announced changes to its research and development team, including that its founder was leaving the organization and stepping down as president and head of R&D. The company also disclosed that it was eliminating about 13% of its workforce as part of a series of corporate restructurings and realignments. Additionally, Sema4 lowered its 2022 revenue forecast to $245 million to $255 million from its previous forecast of $305 million to $315 million.

On this news, Sema4 stock fell $0.80, or 33.3%, to close at $1.60 per share on Aug. 16, hurting investors.

For more information on the Sema4 survey, visit: https://bespc.com/cases/SMFR

CytoDyn, Inc. (OTCMKTS: CYDY)

On August 6, 2022, CytoDyn disclosed in a filing with the United States Securities and Exchange Commission that the company’s previously released audited consolidated financial statements for (1) the fiscal year ended May 31, 2021, which were included in the Company’s Annual Report on Form 10-K filed July 30, 2021, and (2) the Company’s previously released unaudited interim consolidated financial statements as of and for the three months ended November 30, 2020, February 28, 2021, August 31, 2021, November 30, 2021, and February 28, 2022, will be restated and, therefore, the foregoing financial statements should no longer be relied upon. CytoDyn stated that “[d]During the preparation and audit of the annual financial statements as at and for the year ended May 31, 2022, the Company concluded that a material error had been identified in the way the Company accounted for the common shares issued to settle certain convertible note obligations dating from fiscal year 2021. The Company accounted for these transactions in accordance with debt extinguishment accounting. However, although the contractual terms do not explicitly describe the transactions as induced conversions, the transactions should be accounted for as induced conversions rather than debt extinguishments and are therefore subject to induced conversion accounting.

On this news, CytoDyn’s stock price fell $0.23 per share, or 20.18%, to close at $0.91 per share on August 8, 2022.

For more information on the CytoDyn survey, visit: https://bespc.com/cases/CYDY

Cognite Software Ltd. (NASDAQ: CGNT)

On April 5, 2022, Cognyte announced its fourth quarter 2021 financial results, including revenue of $125 million, approximately $3.5 million below the midpoint of the company’s own guidance. Cognyte cited “lower conversions in its product pipeline,” as well as supply chain issues. During the related conference call, the CEO of Cognyte stated that “a longer sales cycle [resulted] in lower than expected bookings in the fourth quarter” and acknowledged that management “did not execute well”.

On this news, Cognyte’s stock fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022, hurting investors.

For more information on the Cognyte survey, visit: https://bespc.com/cases/CGNT

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.

Contact information:

Bragar Eagel & Squire, CP

Brandon Walker, Esq.

Melissa Fortunato, Esq.

(212) 355-4648

[email protected]

www.bespc.com

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