• Wed. Nov 30th, 2022

Bragar Eagel & Squire, PC investigates EyePoint, F45, PROG, and the establishment and… | Nation/World

ByStephanie M. Akbar

Nov 22, 2022

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NEW YORK, Nov. 21, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against EyePoint Pharmaceuticals, Inc. ( NASDAQ: EYPT), F45 Training Holdings, Inc. (NYSE: FXLV), PROG Holdings, Inc. (NYSE: PRG) and Establishment Labs Holdings Inc. (NASDAQ: ESTA). 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.

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT)

On August 30, 2022, after market hours, EyePoint disclosed that it received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts. The subpoena demanded documents covering the company’s selling practices for its postoperative inflammation treatment, DEXYCU.

On this news, EyePoint stock fell $0.21 per share, or 2%, to close at $10.00 per share on August 31, 2022.

For more information on the EyePoint survey, visit: https://bespc.com/cases/EYPT

F45 Training Holdings, Inc. (NYSE: FXLV)

On or about July 15, 2021, F45 Training completed its initial public offering (“IPO”), selling 18.75 million shares at a price of $16.00 per share.

Then, on July 26, 2022, F45 issued a press release titled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided an updated 2022 revenue forecast of between $120 million and $130 million, down significantly from the previous forecast of $255 million to $275 million, citing continued macroeconomic uncertainty. The press release further disclosed the departure of the company’s CEO, Adam J. Gilchrist, and announced that the company was “reducing its global workforce by approximately 110 employees.”

On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.

For more information on the F45 investigation, visit: https://bespc.com/cases/FXLV

PROG Holdings, Inc. (NYSE:PRG)

On August 25, 2022, the Pennsylvania Attorney General filed a lawsuit against PROG’s Progressive Leasing Unit for allegedly violating the Lease Purchase Agreement Act (“RPAA”), a law that requires businesses clearly disclose lease-purchase financing charges. According to the lawsuit, agents from the attorney general’s office visited several stores across the state that use Progressive Leasing to offer a lease-to-own arrangement to their customers. “The investigation revealed widespread non-compliance” with PRAA disclosure requirements by Progressive Leasing and its merchant partners, the attorney general’s office said in a statement.

On this news, PROG’s stock price fell $2.51 per share, or 12.14%, to close at $18.16 per share on August 26, 2022.

For more information on the PROG survey, visit: https://bespc.com/cases/PRG

Establishment Labs Holdings Inc. (NASDAQ: ESTA)

On October 19, 2022, market analyst Hindenburg Research released a report entitled “Establishment Labs: A Financially Stretched Silicone Safety Charade” which alleged, among other things, that “[d]Despite the superior safety claims, we have found that nearly all key safety studies touted by the company have conflicts of interest, many of which are undisclosed or under-disclosed. Additionally, the report alleged that “the facility claims to have successfully piloted a ‘breakthrough’ technique for placing implants through the armpit using local anesthesia (instead of general anesthesia), claiming that the technique will expand significantly its total addressable market (TAM). This type of insertion has been reported since the 1970s and has been widely available for almost 20 years. It failed to gain ground due to security risks.

The report also alleged that “[b]Beyond undisclosed security issues, we have also identified financial risks. Import/export records show that the establishment ships products to entities formerly owned by the CEO and his family, raising questions of conflict of interest.

On this news, the stock price fell 17% when the market opened on October 19, 2022.

For more information on the establishment survey, go to: https://bespc.com/cases/ESTA

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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