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NEW YORK, June 03, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been filed on behalf of shareholders of Twitter, Inc. (: TWTR), LMP Automotive Holdings, Inc. (LMPX) and Spero Therapeutics, Inc. (SPRO). Shareholders have until the deadlines below to ask the court to serve as lead plaintiff. Additional information on each case can be found at the link provided.

Twitter, Inc. (: TWTR)

Course period: March 24, 2022 – April 1, 2022

Lead applicant deadline: June 13, 2022

Elon Musk, the founder of Tesla and Space-X, and according to Forbes, the richest person in the world, began acquiring shares of Twitter from January 2022. By March 14, 2022, Musk had acquired more than 5% of property. stake in Twitter, requiring it to file Schedule 13 with the United States Securities and Exchange Commission (“SEC”) within 10 days, March 24, 2022.

Musk failed to file a Schedule 13 with the SEC within the required time frame and instead continued to accumulate Twitter shares, eventually acquiring a 9.1% stake in the company before finally filing a Schedule 13 on April 4. 2022. By the time Musk filed the required Schedule 13, disclosing his stake in Twitter, the company’s stock fell from a closing price of $39.31 per share on April 1, 2022 to 49, $97 per share on April 4, 2022, an increase of approximately 27%.

Investors who sold shares of Twitter Stock between March 24, 2022 and before the effective disclosure on April 4, 2022, missed the resulting share price increase as the market reacted to Musk’s buying . By failing to disclose his stake in a timely manner, Musk was able to acquire shares of Twitter cheaply during the Class Period.

For more information on the Twitter class action, please visit: https://bespc.com/cases/TWTR

LMP Automotive Holdings, Inc. (LMPX)

Course period: June 29, 2021 – May 19, 2022

Lead Applicant Deadline: July 26, 2022

On November 16, 2021, after market close, LMP filed a notice of inability to timely file its quarterly report for the third quarter of 2021. It also identified several material weaknesses in its internal control over financial reporting, in particular that “[t]The Company has not maintained a formalized set of accounting policies” and “[t]The company did not maintain effective controls over the review and approval of journal entries, account reconciliations, review of accounts and material information, and adequate documentation of assumptions, estimates and judgments of the direction.

On this news, the Company’s share price fell $0.74, or 5.5%, to close at $12.66 per share on November 17, 2021.

Then, on March 31, 2022, LMP revealed that it could not timely file its annual report for the financial year 2021 “mainly [as] as a result of its ongoing assessment of (i) the correct identification and elimination of intercompany transactions, (ii) estimates of chargeback reserves for financial and insurance products, and (iii) various related financial reporting issues to the activities of the Company, including with respect to the presentation, characterization and amounts of these elements during the preceding fiscal quarters.

On this news, the Company’s share price fell $0.19, or 3.8%, to close at $4.81 per share on April 1, 2022.

Then, on May 17, 2022, after market close, LMP disclosed that it could not timely file its first quarter 2021 quarterly report due to the previously announced ongoing valuation. LMP further disclosed that due to errors in the company’s quarterly reports in fiscal 2021, these reports “will likely need to be restated”. The company also disclosed that these errors could impact “certain previously disclosed material weaknesses in the reporter’s controls over financial reporting.”

On this news, the Company’s stock price fell $0.07 per share, or 1.5%, to close at $4.60 per share on May 18, 2022.

Then, on May 19, 2022, after market close, LMP disclosed that it would restate the financial statements for the quarterly periods of fiscal 2021 “primarily due to the following errors: (i) incorrect identification and elimination intra-group transactions, (ii) incorrect estimates of recharge reserves for financial and insurance products, and (iii) certain financial statement classification errors affecting various financial statement headings of the balance sheet and income statement during the relevant periods. These results reduced total revenue to $15 million for the third quarter of 2021, up to $8 million for the second quarter of 2021, and up to $1 million for the first quarter of 2021. , the company said that “material weaknesses exist in the company’s internal control over financial reporting and that the company’s disclosure controls and procedures were not effective. »

On this news, the Company’s stock price fell $0.20 per share, or 4.4%, to close at $4.26 per share on May 20, 2022.

The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the defendants failed to disclose to investors: (1) that the company engaged in the improper identification and elimination of intercompany transactions; (2) that the Company used incorrect estimates for chargeback reserves for financial and insurance products; (3) that the Company had misclassified certain items in its financial statements, which had an impact on the legends of the financial statements of the balance sheet and the income statement; (4) that there were material weaknesses in LMP’s internal control over financial reporting; (5) that as a result of the foregoing, the Company has overstated its revenues; (6) that as a result of the foregoing, the Company would restate certain of its previously published financial statements and results; and (7) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.

For more information on the LMP class action, go to: https://bespc.com/cases/LMPX

Spero Therapeutics, Inc. (SPRO)

Course period: October 28, 2021 – May 2, 2022

Lead Applicant Deadline: July 25, 2022

Spero, a clinical-stage biopharmaceutical company, is focused on identifying, developing and commercializing treatments for multidrug-resistant bacterial infections and rare diseases in the United States. The Company’s product candidates include Tebipenem Pivoxil Hydrobromide (HBr), an oral carbapenem antibiotic for treating complicated urinary tract infections, including pyelonephritis in adults.

On October 28, 2021, Spero announced that it had submitted a New Drug Application (“NDA”) to the United States Food and Drug Administration (“FDA”) for Tebipenem HBr for the treatment of complicated urinary tract infections , including pyelonephritis (the “Tebipenem HBr NDA”).

The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and prospects. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (i) the data submitted in support of the Tebipenem HBr NDA was insufficient to obtain FDA approval; (ii) as a result, it was unlikely that the FDA would approve the NDA Tebipenem HBr in its current form; (iii) the foregoing would require significant downsizing and restructuring of Spero’s business; and (iv) as a result, the Company’s public statements were materially false and misleading at all material times.

On March 31, 2022, Spero issued a press release announcing the Company’s fourth quarter and full year 2021 financial results. In the press release, Spero revealed that “[t]The U.S. Food and Drug Administration (FDA) has informed Spero that, in its ongoing review of Spero’s New Drug Application (NDA) for tebipenem HBr, it has identified deficiencies that prevent discussion labeling and post-market requirements/commitments at this stage. time.”

On this news, Spero’s stock price fell $1.59 per share, or 18.27%, to close at $7.11 per share on April 1, 2022.

Then, on May 3, 2022, Spero issued a press release announcing “it will immediately postpone current tebipenem HBr marketing activities based on feedback from a recent end-of-cycle meeting with the Food and Drug Administration ( U.S. FDA) regarding Spero’s New Drug Application (NDA) for tebipenem HBr[,]” and that, “[a]Although the review is still ongoing and the FDA has not yet made a final decision regarding approval, the discussion suggested that the data set may be insufficient to support approval in this cycle. of examination. Specifically, the FDA informed the Company, in the relevant part, that the separate FDA analysis of the relevant study population had “reduced[d] the number of evaluable patients in the primary analysis population compared to those resulting from the pre-specified micro-ITT population of the trial, as indicated in the statistical analysis plan and [a]Accordingly, the FDA considers that the pre-specified non-inferiority margin of -12.5% ​​was not met. Additionally, the press release stated that “[i]As part of this development, Spero announced that it was undertaking a workforce reduction of approximately 75% and a restructuring of its operations to reduce operating costs and reallocate resources.

On this news, Spero’s stock price fell $3.24 per share, or 63.65%, to close at $1.85 per share on May 3, 2022.

For more information on the Spero class action, please visit: https://bespc.com/cases/SPRO

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 information about the company, 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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