ACCESS Newswire
09 Aug 2022, 05:07 GMT+10
NEW YORK, NY / ACCESSWIRE / August 8, 2022 / Attorney Advertising Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of CytoDyn Inc. (CYDY) ('CytoDyn' or the 'Company') (OTCQB:CYDY). Investors who purchased CytoDyn securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/cydy.
The investigation concerns whether CytoDyn has violated federal securities laws.
On August 6, 2022, CytoDyn disclosed in a filing with the U.S. Securities and Exchange Commission 'that the Company's previously issued consolidated audited financial statements for (1) the fiscal year ended May 31, 2021, which were included in the Company's Annual Report on Form 10-K filed on July 30, 2021, and (2) the Company's previously issued unaudited interim consolidated financial statements as of and for the quarters ended November 30, 2020, February 28, 2021, August 31, 2021, November 30, 2021, and February 28, 2022, will be restated and, accordingly, that the foregoing financial statements should no longer be relied upon.' CytoDyn stated that '[d]uring the preparation and audit of the annual financial statements as of and for the fiscal year ended May 31, 2022, the Company concluded that a material error was identified in how the Company was accounting for common stock issued to settle certain convertible note obligations dating back to fiscal year 2021. The Company had been accounting for these transactions in accordance with debt extinguishment accounting. However, although the contractual terms did not explicitly describe the transactions as induced conversions, the transactions should be accounted for as induced conversions rather than extinguishments of debt and are therefore subject to induced conversion accounting.' On this news, CytoDyn's stock price fell $0.23 per share, or 20.18%, to close at $0.91 per share on August 8, 2022.
If you are aware of any facts relating to this investigation or purchased CytoDyn shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/cydy. You can also contact Peretz Bronstein or his Law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC
Get a daily dose of Cleveland Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cleveland Star.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
(Photo credit: Brad Mills-Imagn Images) The Colorado Rockies have yet to win a home series this season, but they still have a chance...
(Photo credit: David Richard-Imagn Images) Riley Greene, Javier Baez and Gleyber Torres will start in the All-Star Game this month,...
(Photo credit: Mady Mertens-Imagn Images) The Cincinnati Reds are becoming known for their resilience. Fresh off an impressive...
(Photo credit: Kamil Krzaczynski-Imagn Images) Chicago Cubs center fielder Pete Crow-Armstrong is having a blast batting in his team's...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Daniel Kucin Jr.-Imagn Images) Two of the top teams in MLS meet on Saturday night as Nashville SC hosts the Supporters'...