NEW YORK, April 02, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fox Corporation (NASDAQ: FOX, FOXA), Credit Acceptance Corporation (NASDAQ: CACC), Hayward Holdings, Inc. (NYSE: HAYW), and Consensus Cloud Solutions, Inc. (NASDAQ: CCSI). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Fox Corporation (NASDAQ: FOX, FOXA)
In November and December of 2020, Fox News broadcasted reports stating that the U.S. election was rigged. Fox News specifically called out Smartmatic and Dominion Voting Systems, voting technology and software companies, for their alleged involvement in rigging the election. Both companies have sued Fox for defamation and other claims based on defendants' actions. The judges in both cases have upheld the lawsuits by overruling defendants' motions to dismiss, finding that Smartmatic and Dominion sufficiently pleaded facts to support their claims of defamation.
In ruling in favor of Dominion, Delaware Superior Court Judge Eric M. Davis found Dominion had shown that the Murdochs, Fox's most senior executives, may have been on notice that the conspiracy theory that rigged voting machines tilted the vote was false but let Fox News broadcast it anyway. Dominion cited in its suit a report that Rupert Murdoch spoke with Trump a few days after the election “and informed him that he had lost,” the judge noted.
“These allegations support a reasonable inference that Rupert and Lachlan Murdoch either knew Dominion had not manipulated the election or at least recklessly disregarded the truth when they allegedly caused Fox News to propagate its claims about Dominion,” said Davis.
These lawsuits, which seek billions of dollars, punitive damages and other relief, can deplete Fox's assets, harm Fox's reputation, and prove detrimental to Fox shareholders.
For more information on the Fox investigation go to: https://bespc.com/cases/FOX
Credit Acceptance Corporation (NASDAQ: CACC)
On January 4, 2023, information was released regarding the U.S. Consumer Financial Protection Bureau and the New York State Office of the Attorney General filing a joint lawsuit against the company. The CFPB stated Credit Acceptance violated New York usury laws on interest-rate limits and other consumers and investor-protection laws.
New York's attorney general seeks to stop Credit Acceptance’s abusive and misleading practices, reform or rescind existing loan agreements, provide compensation to impacted New Yorkers, and secure penalties and damages due to this unacceptable and illegal behavior.
Following this news, on January 4, 2023, the company’s shares closed down 11.61%.
For more information on the Credit Acceptance investigation go to: https://bespc.com/cases/CACC
Hayward Holdings, Inc. (NYSE: HAYW)
On July 28, 2022, Hayward Holdings revealed that it was expecting its channel partners to reduce its inventory on hand by approximately 4 to 6 weeks in the second half of 2022. Hayward Holdings further disclosed that it was reducing its 2022 guidance to reflect this inventory reduction.
On this news, the price of Hayward Holdings common stock fell by approximately 18%.
For more information on the Hayward Holdings investigation go to: https://bespc.com/cases/HAYW
Consensus Cloud Solutions, Inc. (NASDAQ: CCSI)
On February 22, 2023, CCSI disclosed in a filing with the U.S. Securities and Exchange Commission that “[d]uring the preparation of its annual report on Form 10-K for the fiscal year ended December 31, 2022, the Company identified unintentional errors primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue.” Accordingly, the Company’s Audit Committee “determined that the unaudited financial statements for the three and nine month periods ended September 30, 2022 (the ‘Prior Financial Statements’) should no longer be relied upon and that a restatement of the Prior Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the ‘Q3 2022 10-Q’) is required.”
On this news, CCSI’s stock price fell $12.58 per share, or 21.14%, to close at $46.92 per share on February 23, 2023.
For more information on the CCSI investigation go to: https://bespc.com/cases/CCSI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. 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, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
