BOSTON, June 23, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, reminds investors that it is investigating the following companies and certain of their officers for potential violations of the federal securities laws: Commercial Vehicle Group, Inc. (NASDAQ: CVGI); Townsquare Media, Inc. (NYSE: TSQ); and Tactile Systems Technology, Inc. (NASDAQ: TCMD). Further details about the investigations are described below.
CVGI Shareholders – Click Here: https://shareholder.law/cvgi
TSQ Shareholders – Click Here: https://shareholder.law/tsq/
TCMD Shareholders – Click Here: https://shareholder.law/tcmd
Commercial Vehicle Group, Inc. (NASDAQ: CVGI)
CVGI, through its subsidiaries, is a supplier of electrical wire harnesses, seating systems, and a full range of other cab related products for global commercial vehicle markets. On March 16, 2020, after the market closed, CVGI issued a press release announcing its fourth quarter and full year 2017 financial results. The Company disclosed that certain financial statements for fiscal 2018 and 2019 periods should no longer be relied upon due to misstatements. CVGI’s Audit Committee had determined that, among other things, for the nine months ended September 30, 2019, cost of revenues were understated by $4.6 million, net income was overstated by $3.5 million, and diluted earnings per share was overstated by $0.11. On this news, CVGI’s share price fell over 38% over the next two trading days, to close at just $1.56 per share on March 18, 2020.
Townsquare Media, Inc. (NYSE: TSQ)
On June 9, 2020, Townsquare announced that it would report an impairment charge of approximately $39.4 million for its licenses and an impairment charge of approximately $69.0 million for its goodwill. Townsquare further announced that certain financial statements for fiscal years 2017, 2018, and 2019 should no longer be relied upon and would be restated due to an error “in the projected cash flows that were utilized in [its] valuation model.” On this announcement, Townsquare shares fell $1.20, or approximately 19%, to close at just $5.28 per share on June 9, 2020.
Tactile Systems Technology, Inc. (NASDAQ: TCMD)
On June 8, 2020, OSS Research published a report entitled “Strong Sell on Tactile Systems: Bloated Stock Needs Compression Therapy,” regarding Tactile Systems. In this report, OSS Research asserted, among other things, that “the likely true source of Tactile’s growth” is “a kickback arrangement . . . resulting in rampant over-prescribing” and that “Medicare has launched an audit, and data reveals Tactile has been found non-compliant on 71% of its claims.” The OSS Research report further noted that “[s]ince 2017, Tactile has seen multiple key departures” among its executive leadership. On this news, TCMD’s stock price fell $5.28 per share, or approximately 10%, to close at just $47.26 per share on June 8, 2020.
If you purchased or acquired shares of CVGI, TSQ, or TCMD and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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