Blockchain
Twersky Law Group Announces a Class Action Against Eargo, Inc. (“Eargo”) and Presents Investors with an Opportunity to Recover Losses, File Claims and Preserve Their Rights! If You Lost Money in Eargo Stock, Contact Us by 12/6/2021
New York, New York–(Newsfile Corp. – October 11, 2021) – Twersky Law Group, a premier shareholder protection and loss recovery law firm, is investigating claims on behalf of all investors who purchased Stock in Eargo, Inc. (NASDAQ: EAR) (“Eargo”) during the class period of February 25, 2021 and September 22, 2021. Eargo is a medical device company that focuses on manufacturing hearing aids and other devices for hearing loss. For more information about this case, your rights and the opportunities available to you to preserve those rights and obtain a recovery visit our website or call Atara Twersky, Esq. directly at 212 365-0588.
CASE ALLEGATIONS:
On September 22, 2021 after the stock market closed, Eargo revealed that “it is the target of a criminal investigation by the U.S. Department of Justice related to insurance reimbursement claims the Company has submitted on behalf of customers covered by federal employee health plans.” Further, the Department of Justice is the “principal contact related to the subject matter of the [ongoing] audit” of Eargo by an insurance company that is Eargo’s largest third-party payor. As a result of this, Eargo withdrew its full year financial guidance. When this information was released, Eargo’s share price fell $14.81 per share, or 68.34%, to close at $6.86 per share on September 23, 2021. This drop in value has hurt investors in the stock.
The Complaint against Eargo alleges that during the Class Period Eargo made materially false and/or misleading statements and failed to disclose material adverse facts about its business, operations, and prospects. Specifically, the complaint alleges that defendant Eargo failed to disclose the following to investors: (1) that Eargo had improperly sought reimbursements from certain third-party payors; (2) that the foregoing was reasonably likely to lead to regulatory scrutiny; (3) that as a result of the foregoing and because the reimbursements at issue involved the Company’s largest third-party payor, Eargo’s financial results would be adversely impacted; and (4) that the statements about Eargo’s business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
CLASS PERIOD ELIGIBILITY: All investors who purchased stock in Eargo between February 25, 2021 and September 22, 2021, both dates inclusive, are eligible to participate in this lawsuit.
THERE ARE WAYS FOR YOU TO PURSUE A RECOVERY OF YOUR LOSSES AND PRESERVE YOUR RIGHTS: LEADING THE CLASS-THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 (PSLRA) allows any investor who purchased stock in Eargo during the designated Class Period to seek appiontment as the lead plaintiff in this Eargo class action lawsuit and to file claims in the pending lawsuit. A lead plaintiff will generally be an individual or entity that has experienced the greatest loss and will therefore have the greatest financial interest in the relief that is being sought by the class. This plaintiff must also be an adequate representative that will act on behalf of all other class members in the lawsuit. If you wish to serve as the lead plaintiff in this lawsuit against Eargo, you must move the Court on or before December 6, 2021.
The Twersky Law Group and Atara Twersky, Esq. possess extensive experience in prosecuting investor class actions and securities fraud cases.
Whistleblowers: Anyone with information not available publicly regarding Eargo, please contact us as you may be able to participate in the SEC Whistleblower program for which you may be entitled to receive a whistleblower reward. To read more about your potential rights and rewards as an (anonymous) Whistleblower you can read Atara Twersky’s article.
ABOUT TWERSKY LAW GROUP: Atara Twersky, Esq., Principal at Twersky Law Group has been successfully and thoughtfully representing clients across the globe in securities, antitrust and shareholder litigation. Atara treats each client and each case with attention and care to every detail. Atara is the host of the popular podcast, Pensions and Investments Podcast, where she provides her listeners and clients with timely, practice-leading and relevant information on matters affecting their investment portfolios and methods for increasing shareholder recoveries and value. For more information concerning this case or the Twersky Law Group, visit our website or contact Atara Twersky’s by phone at (212) 365-0588.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99198
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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Blockchain
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