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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Bragar Eagel & Squire, P.C. Is Investigating Oak Street Health, Hollysys Automation, and Cronos Group and Encourages Investors to Contact the Firm

January 7, 2022 GMT

NEW YORK, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Oak Street Health, Inc. (NYSE: OSH), Hollysys Automation Technologies Ltd. (NASDAQ: HOLI), and Cronos Group, Inc. (NASDAQ: CRON). 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.

Oak Street Health, Inc. (NYSE: OSH)

In Oak Street’s Q3 update on Monday, November 8, 2021, the Company revealed that the U.S. Department of Justice (DOJ) is investigating whether it may have violated the False Claims Act and said the DOJ has requested documents and information related to Oak Street providing free transportation to federal healthcare beneficiaries and related to its relationships with third-party marketing agents.

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On this news, Oak Street’s stock price fell $9.75 per share, or 20%, to close at $37.14 on November 9, 2021, thereby injuring investors.

For more information on the Oak Street Health investigation go to: https://bespc.com/cases/OSH

Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)

On November 2, 2021, Hollysys filed a notice with the U.S. Securities and Exchange Commission stating that the Company could not timely file its annual report for the period ended June 30, 2021 because of a “delay in collecting supporting documents and information.” Hollysys also disclosed that it had replaced Ernst & Young Hua Ming LLP as its independent auditor.

On this news, Hollysys’s stock price fell $5.69 per share, or 29%, to close at $13.70 per share on November 3, 2021.

For more information on the Hollysys Automation investigation go to: https://bespc.com/cases/HOLI

Cronos Group, Inc. (NASDAQ: CRON)

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On November 9, 2021, Cronos filed a Form 8-K with the U.S. Securities and Exchange Commission, stating that “[o]n November 8, 2021, Cronos Group Inc. . . . determined that it will be required to restate its previously issued unaudited interim financial statements for the three and six months ended June 30, 2021 previously filed on Form 10-Q on August 6, 2021” and advising that “[t]he Company’s financial statements for this period should therefore no longer be relied upon.” Cronos further stated that “[t]he Company concluded that it should have recorded an impairment charge of not less than $220 million on goodwill and indefinite-lived intangible assets in its U.S. reporting unit for the three and six months ended June 30, 2021. The Company will restate its unaudited interim financial statements for the three and six months ended June 30, 2021, accordingly.” According to Cronos, the Company “is also evaluating whether to record an additional impairment in the three and nine months ended September 30, 2021.”

On this news, Cronos’s stock price fell $1.01 per share, or 15.05%, to close at $5.70 per share on November 9, 2021.

For more information on the Cronos Group investigation go to: https://bespc.com/cases/CRON

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.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com