Class action lawsuits have been filed against three publicly-traded companies, namely Futu Holdings Limited (FUTU), DZS, and LUNAR, by The Law Offices of Frank R. Cruz. These lawsuits have been initiated on behalf of shareholders who suffered losses on their investments. Investors are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions.
The first lawsuit is against Futu Holdings Limited. The class period for this case is April 27, 2020, to May 16, 2023. The complaint alleges that the defendants made materially false and/or misleading statements while failing to disclose important information about the company’s business, operations, and prospects. Specifically, they failed to disclose that Futu’s operations in China were illegal due to its failure to obtain the required licenses. Moreover, they falsely characterized the applicable Chinese laws as ambiguous, which exposed the company to a higher risk of regulatory enforcement. As a result, the defendants’ positive statements about the company’s business were misleading and lacked a reasonable basis.
The second lawsuit is against DZS. It is claimed that DZS’s financial statements from March 31, 2023, until the present included certain errors, which would require restating the previously filed quarterly financial statement for the period ending March 31, 2023. Additionally, the company had undisclosed issues concerning its internal controls over financial reporting. Accordingly, the defendants’ optimistic statements about DZS’s business and prospects were materially misleading.
The third lawsuit is against LUNAR. The complaint alleges that the company concealed the true nature of the results from the LUNAR study. The way the study results were described was misleading because it failed to evaluate the efficacy of the drug against a population receiving standard care treatment. Therefore, the company’s positive statements about its business, product effectiveness, and likelihood of FDA approval were misleading. The revelation of this information was expected to negatively impact the company’s financial condition.
Individuals who wish to be a part of these class actions do not need to take any immediate action. They have the option to retain their own counsel or take no action and remain an absent member of the class action. For more information about these class actions or inquiries about rights or interests related to these matters, investors can contact Frank R. Cruz from The Law Offices of Frank R. Cruz.
It is important to note that this press release may be considered Attorney Advertising in some jurisdictions, subject to the applicable law and ethical rules.
