JELD-WEN Holding

Shuman, Glenn & Stecker Investigates JELD-WEN Holding, Inc.                             

DENVER, CO, November 11, 2020 – Shuman, Glenn & Stecker announces that it is investigating potential claims against certain officers and directors of JELD-WEN Holding, Inc. (“JELD-WEN” or the “Company”) (NYSE: JELD). JELD-WEN manufactures doors and windows.

The Firm’s investigation relates to allegations raised in antitrust litigation against JELD-WEN, as well as a securities class action against JELD-WEN and certain of its senior officers, in the U.S. District Court for the Eastern District of Virginia.  These lawsuits arise from allegations that JELD-WEN participated in a collusive price-fixing scheme with one of its major competitors.

Following a trial in the antitrust litigation, on February 15, 2018 a jury found JELD-WEN liable for violating federal antitrust laws.  Next, on October 5, 2018, the federal judge presiding over the antitrust litigation issued detailed factual findings about JELD-WEN’s anticompetitive behavior and ordered JELD-WEN to divest a manufacturing facility. Then, on October 15, 2018, after previously downplaying its exposure in the antitrust litigation, JELD-WEN disclosed that it would take a $76.5 million charge related to an expected judgment in the case and the sudden resignation of its Chief Financial Officer. JELD-WEN’s stock price dropped by 19% the next day.

Meanwhile, the securities class action lawsuit alleges between January 26, 2017 and October 15, 2018, JELD-WEN and certain of its senior officers falsely stated publicly that JELD-WEN’s products compete against those of other manufacturers based on price, and falsely described the market in which JELD-WEN sells its products as “highly competitive.” The lawsuit also claims JELD-WEN falsely attributed its strong margins and anticipated margin growth to legitimate business factors such as “strategic pricing decisions” and an increased emphasis on “pricing optimization.”  On October 26, 2020, the federal judge presiding over the securities class action denied the defendants’ motion to dismiss the claims, paving the way for the case to proceed towards trial.

If you currently own JELD-WEN common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.


Ryder System, Inc.

DENVER, CO, October 20, 2020 – Shuman, Glenn & Stecker announces it is investigating potential shareholder claims against certain officers and directors of Ryder System, Inc. (“Ryder” or the “Company”) (NYSE: R).  Ryder is a global provider of transportation solutions.

The Firm’s investigation concerns allegations raised in a securities class action lawsuit filed against Ryder and certain of its senior officers on May 20, 2020 in the U.S. District Court for the Southern District of Florida. The lawsuit relates to Ryder’s truck-leasing model, in which Ryder assigns “residual values” to trucks for depreciation purposes and then sells those vehicles at the end of their useful lives. This lawsuit alleges that for years, the defendants artificially inflated these residual values in order to understate depreciation expense, overstate profits, increase incentive compensation, and make insider stock sales. It is further alleged that the defendants made misleading public statements concerning Ryder’s financial performance and the value of its core assets.

On July 30, 2019, Ryder reduced its 2019 earnings forecast due to weaker valuations of its tractors. On this news, Ryder’s stock price fell 10%, from $59.32 per share to $53.38 per share.  On October 29, 2019, Ryder reduced its residual value estimates by $844 million. On this news, Ryder’s stock price fell over 12%, from $55.12 per share to $48.44 per share.  As J.P. Morgan reported, Ryder’s “big bath” on residual values “confirms Ryder was over-earning by a significant amount in prior years…”

On February 13, 2020, Ryder reported that due to significant reductions to its fleet’s residual value, it incurred $357 million in depreciation expense for 2019, plus a loss of $59 million on used vehicle sales. Ryder also announced that for 2020 it expected to incur another $25 million in depreciation expense on its fleet, plus a $20 million estimated loss on used vehicle sales. Ryder’s stock price fell 23%, from $50.19 per share to $38.45 per share following this disclosure.  If you currently own Ryder common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com


Nutanix, Inc.

DENVER, CO, September 17, 2020 – Shuman, Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Nutanix, Inc. (“Nutanix” or the “Company”) (NASDAQ: NTNX). Nutanix is a software company that provides products, services, and cloud-based infrastructure.

The Firm’s investigation relates to allegations raised in a class action lawsuit filed against Nutanix and certain of its senior officers in the U.S. District Court for the Northern District of California. The class action alleges that the defendants secretly diverted funds which had been allocated for the process of identifying and cultivating potential customers (referred to as “lead generation”) to research and development (“R&D”) instead, in order to accelerate the development of the Company’s desperately needed public cloud-based products.  It is further alleged that the defendants made a series of misleading public statements which created the false impression that Nutanix was increasing its investment in its sales pipeline by hiring sufficient sales personnel and increasing lead generation activities.  In reality, Nutanix was experiencing unprecedented sales force attrition and flattened spending on lead generation, while redirecting Company funds to R&D.

On February 28, 2019, Nutanix disclosed that it had not kept pace with its sales hiring goals and suffered from poor sales execution due to insufficient staffing and sales training.  On this news, the Company’s stock price fell $16.39 per share, or more than 32%, to close at $33.70. On May 30, 2019, Nutanix announced that it missed revenue and billing targets due to continuing sales execution issues. On this news, the Company’s stock price fell $4.60 per share, or over 14%, to close at $28.07. Nutanix stock currently trades for approximately $24 per share. On September 11, 2020, the defendants’ motion to dismiss was denied in its entirety and the class action is now proceeding towards trial.

If you currently own Nutanix common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com

Shuman, Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.


The RealReal, Inc.

DENVER, CO, September 15, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of The RealReal, Inc. (“RealReal” or the “Company”) (Nasdaq: REAL). RealReal purports to operate as an online marketplace for consigned luxury goods.

The Firm’s investigation relates to RealReal’s June 27, 2019 initial public offering (“IPO”), in which it sold 17.25 million shares at $20 per share for approximately $345 million in proceeds. The IPO was issued in connection with a Prospectus which represented that RealReal takes in used luxury goods from various consignors, processes those items at its facilities, and then sells the items on its website for varying commission fees.  Critically, RealReal purports to “authenticate, write the associated copy, photograph, price, sell and handle all fulfillment and returns logistics” for the items it receives from consignors.  Replete throughout the Prospectus, RealReal’s website, and its officers’ public statements are representations that “[o]ur highly trained experts build trust in our buyer base by thoroughly inspecting the quality and condition of, and authenticating, every item we receive.”

Following the IPO, however, a series of media articles, including an extensive investigative report published by CNBC on November 5, 2019, revealed that the vast majority of items supposedly “authenticated” by RealReal were actually reviewed only by its copywriters and not by expert authenticators.  Thus, many counterfeit items were processed and sold to RealReal customers.  As the truth about RealReal’s authentication process began to leak out following the IPO, its stock price declined significantly.  RealReal stock still trades for less than the IPO price, and a federal securities class action against RealReal was filed on November 25, 2019 in the U.S. District Court for the Northern District of California. That case remains pending.

If you currently own RealReal common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.


Corcept Therapeutics

DENVER, CO, August 5, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Corcept Therapeutics, Inc. (“Corcept” or the “Company”) (Nasdaq: CORT). Corcept is a pharmaceutical company.

The Firm’s investigation relates to allegations raised in a January 25, 2019 report by the nonprofit Foundation for Financial Journalism (“FFJ”) titled “Corcept Therapeutics: The Company That Perfectly Explains the Health Care Crisis”. In its report, FFJ alleged a Company-wide “off-label” marketing scheme involving a Corcept drug called Korlym. FFJ further alleged that increasing deaths had been associated with the drug. Korlym is not approved by the FDA for general treatment of endogenous Cushing’s Syndrome, a rare disease affecting approximately 20,000 Americans. Rather, Korlym has only been FDA-approved for treatment of a tiny fraction of Cushing’s Syndrome patients who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. FFJ alleged, however, that pursuant to Corcept’s “off-label” marketing scheme, physicians were induced via honoraria and speaker payments to prescribe Korlym for general treatment of Cushing’s Syndrome. Less than a week after the FFJ report was published, on January 31, 2019, Corcept forecasted a slowdown in Korlym sales, projecting full-year 2019 revenues which were well below analysts’ expectations.  As a result, Corcept’s stock price dropped by over 10% on February 1, 2019.  A federal securities fraud class action against Corcept was subsequently filed on March 14, 2019 in the U.S. District Court for the Northern District of California. That case remains pending.

If you currently own Corcept common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.


Bloom Energy

DENVER, CO, March 5, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Bloom Energy Corp. (“Bloom” or the “Company”) (NYSE: BE). Bloom designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation.

The Firm’s investigation relates to a press release issued by the Company on February 12, 2020, wherein Bloom admitted that its previously issued financial statements for 2018, as well as those for the first three quarters of 2019, should no longer be relied on. These errors include material misstatements in the company’s financial statements that were provided to shareholders during the July 25, 2018 initial public offering. Bloom admitted that as a result it: (1) overstated revenues by $165 million to $180 million; (2) expects to report an increase in operating loss in a range of $20 million to $35 million; and, (3) expects to report an increase in net loss in a range of $55 million to $75 million. This news drove the price of Bloom shares traded down more than 21% lower during aftermarket trading on Feb. 12, 2020.

If you currently own Bloom common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip Shuman toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com.


Merit Medical Systems

DENVER, CO, March 5, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Merit Medical Systems, Inc. (“Merit” or the “Company”) (Nasdaq: MMSI). Merit manufactures and markets disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy.

The Firm’s investigation relates to allegations raised in a class action lawsuit filed against Merit and certain of its senior officers and directors. The complaint alleges that the defendants made false and misleading statements and/or failed to disclose that: (a) the integrations of Cianna and Vascular Insights, including their products, sales people, and R&D facilities, had caused operational disruptions and reduced sales and were months behind schedule; (b) sales of acquired company products had slowed substantially due to pre-acquisition pipeline fill, in particular for Vascular Insights products which, as late as July 2019, had zero orders during fiscal 2019; and (c) in light of the foregoing, the Company’s reported financial guidance for fiscal 2019 and 2020 was made without a reasonable basis.

On July 25, 2019, Merit announced disappointing second quarter 2019 financial results and cut its fiscal 2019 sales and earnings per share outlook. Defendants attributed these reductions to a variety of factors, including “slower than anticipated conversion and uptake of acquired products.” On this news, the Company’s stock price declined more than 25%. On October 30, 2019, the Company announced its third quarter 2019 financial results, reporting adjusted earnings per share well below consensus estimates, and slashed fiscal 2019 revenue and earnings per share guidance by 20% and withdrew any 2020 guidance. Following these disclosures, Merit’s stock price declined more than 29%, to close at $20.66 per share on October 31, 2019. Merit’s stock had traded at more than $62 per share as recently as April 8, 2019.

If you currently own Merit common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip Shuman toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com.


Acadia Healthcare Company

DENVER, CO, February 11, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (Nasdaq: ACHC). Acadia owns and operates inpatient and outpatient healthcare facilities in the U.S., U.K. and Puerto Rico.

The Firm’s investigation relates to allegations raised in a class action lawsuit filed against Acadia and certain of its senior officers and directors. The lawsuit alleges that beginning on February 23, 2017, Acadia represented in its public filings and press releases that it was “the leading independent provider of mental health services in the U.K” and that “[f]avorable industry and legislative trends” gave the Company a “competitive strength,” which would drive future growth and profitability. The lawsuit also claims that Acadia misrepresented the extent of the Company’s actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”). With Acadia’s stock artificially inflated and based upon the above misstatements, its officers and directors allegedly sold over $143 million worth of Acadia stock through a continuous offering process and more than $1 billion in total Acadia stock. On October 24, 2017, Acadia announced its financial results for the third quarter 2017, which revealed a drastic shortfall in EBITDA for its U.K. facilities and a lowered financial guidance for 2017, including EPS. As a result, Acadia’s stock plunged 26% on October 25, 2017, on extremely high volume.

On October 11, 2018, Aurelius Value published a report and released a video documenting purported Acadiasystematic instances of patient abuse and neglect at dozens of Acadia facilities.  On November 16, 2018, Seeking Alpha published an article titled, “Acadia Healthcare: Very Scary Findings From A 14-Month Investigation,” which highlighted severe problems at certain Acadia facilities previously mentioned in the Aurelius Value report.

If you currently own Acadia common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.