Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Talis Biomedical, Oak Street Health, Instadose, and Bright Health and Encourages Investors to Contact the Firm

Monday, 24. January 2022 03:00

NEW YORK, Jan. 23, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Talis Biomedical Corporation (NASDAQ: TLIS), Oak Street Health, Inc. (OSH), Instadose Pharma Corp. (OTCMKTS: INSD), and Bright Health Group, Inc. (NYSE: BHG). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Talis Biomedical Corporation (NASDAQ: TLIS)

Class Period: February 12, 2021 IPO

Lead Plaintiff Deadline: March 8, 2022

The complaint filed in this class action alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test; (2) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) that, as a result, the Company’s commercialization timeline would be significantly delayed; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

By the commencement of this action, Talis stock has traded as low as $3.81 per share, a more than 76% decline from the $16 per share IPO price.

For more information on the Talis class action go to: https://bespc.com/cases/TLIS

Oak Street Health, Inc. (NYSE: OSH)

Class Period: August 6, 2020 – November 8, 2021

Lead Plaintiff Deadline: March 11, 2022

On November 8, 2021, Oak Street disclosed that on November 1, 2021 the Company received a civil investigative demand (“CID”) from the United States Department of Justice (“DOJ”). According to the CID, the DOJ was investigating whether the Company violated the False Claims Act. The CID also requests documents and information related to the Oak Street’s relationships with “third-party marketing agents” and Oak Street’s “provision of free transportation to federal health care beneficiaries.”

On this news, the Company’s share price fell $9.75, or more than 20%, to close at $37.14 per share on November 9, 2021, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Oak Street maintained relationships with third-party marketing agents likely to provoke law enforcement scrutiny; (2) that Oak Street was providing free transportation to federal health care beneficiaries in a manner that would provoke law enforcement scrutiny; (3) that these activities may be violations of the False Claims Act; (4) that, as such, Oak Street was at heightened risk of investigation by the DOJ and/or other federal law enforcement agencies; (5) that, as a result, Oak Street was subject to adverse impacts related to defense and settlement costs and diversion of management resources; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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

Instadose Pharma Corp. (OTCMKTS: INSD)

Class Period: December 8, 2020 – November 24, 2021

Lead Plaintiff Deadline: February 28, 2022

On November 23, 2021, the U.S. Securities and Exchange Commission (“SEC”) announced a temporary suspension in the trading of Instadose securities due to concerns regarding the adequacy and accuracy of information about the Company in the marketplace. The SEC specifically noted stock price and volume increases of Instadose stock unsupported by the Company’s assets and financial information, trading that may be associated with individuals related to a control person at the Company, and operations at the Company’s Canadian affiliate. On this news, the Company’s share price declined by $3.69 per share, or approximately 13%, from $28.30 per share to close at $24.61 per share on November 23, 2021, which was immediately before trading was halted.
 
On December 9, 2021, when the Company’s securities resumed trading, the stock price opened and closed at $2.00 per share.

For more information on the Instadose class action go to: https://bespc.com/cases/INSD

Bright Health Group, Inc. (NYSE: BHG)

Class Period: June 24, 2021 IPO; June 24, 2021 – November 10, 2021

Lead Plaintiff Deadline: March 7, 2022

In June 2021, Bright Health completed its initial public offering (“IPO”), selling approximately 51 million shares of common stock for $18.00 per share.

On November 11, 2021, Bright Health reported its third quarter financial results, revealing earnings per share (“EPS”) of -$0.48 as calculated under U.S. generally accepted accounting principles (“GAAP”), missing consensus estimates by $0.31. The Company also reported a sharp rise in the Company’s medical cost ratio (“MCR”), advising investors that its MCR “for the third quarter of 2021 was 103.0%, including a 540 basis point unfavorable impact from COVID-19 related costs and a 900 basis point unfavorable impact primarily from a cumulative reduction in premium revenue due to an inability to capture risk adjustment on newly added lives.”
 
On this news, Bright Health’s stock fell $2.36, or 32%, to close at $4.94 per share on November 11, 2021, thereby injuring investors.

For more information on the Bright Health class action go to: https://bespc.com/cases/BHG

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


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