NEW YORK, April 12, 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), and Allbirds, Inc. (NASDAQ: BIRD). 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
Allbirds, Inc. (NASDAQ: BIRD)
On March 9, 2023, after trading hours, Allbirds issued two press releases announcing “a strategic transformation plan to reignite growth in the coming years, as well as improve capital efficiency, and drive profitability” after falling short of expectations and also that the current Chief Financial Officer (CF) would step down.
On this news, the price of Allbirds’ stock fell $1.11, or 47%, to close at $1.25 per share on March 10, 2023.
For more information on the Allbirds investigation go to: https://bespc.com/cases/BIRD
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.