Investor Alert: Wolfspeed, Driven Brands Holdings, Hasbro, and ImmunityBio: Johnson Fistel, LLP Investigates Claims on Behalf of Investors

/EIN News/ -- SAN DIEGO, March 14, 2025 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP is investigating potential violations of federal and state laws by certain officers of the following companies: Wolfspeed, Inc. (NYSE: WOLF), Driven Brands Holdings Inc. (NASDAQ: DRVN), Hasbro, Inc. (NASDAQ: HAS), and ImmunityBio, Inc. (NASDAQ: IBRX).

Wolfspeed, Inc. (NYSE: WOLF)

Johnson Fistel, LLP is investigating claims on behalf of Wolfspeed, Inc. against certain officers and directors.

If you are a long-term shareholder of Wolfspeed, continuously holding your shares, you may have standing to hold the company harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. You can click or copy and paste the link below in a browser to join this action: https://www.johnsonfistel.com/investigations/wolfspeed-inc

Recently a class action lawsuit was filed against the company alleging defendants provided the public with revenue projections that depended on Wolfspeed's Mohawk Valley fabrication facility ramping its production to meet and/or exceed demand for its 200mm wafer product. On November 6, 2024, Wolfspeed announced its financial results for the first quarter of fiscal year 2025 and unveiled guidance for the second quarter well below expectations. While defendants had repeatedly claimed that 20% utilization of the Mohawk Valley fabrication facility would result in $100 million revenue out of the facility, defendants now guided to a range 30% to 50% below that mark. The Company attributed its results and lowered guidance to "demand … ramp[ing] more slowly than we originally anticipated" as "EV customers revise their launch time lines as the market works though this transition period." Investors and analysts reacted immediately to Wolfspeed's revelation. The price of Wolfspeed's common stock declined dramatically. From a closing market price of $13.71 per share on November 6, 2024, Wolfspeed's stock price fell to $8.33 per share on November 7, 2024, a decline of about 39.24% in the span of just a single day.

Driven Brands Holdings Inc. (NASDAQ: DRVN)

Johnson Fistel, LLP is investigating claims on behalf of Driven Brands Holdings Inc. against certain of its officers and directors.

If you are a current, long-term shareholder of the company, continuously holding your shares since October 27, 2021, you may have standing to hold the company harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. You can click or copy and paste the link below in a browser to join this action: https://www.johnsonfistel.com/investigations/driven-brands-holdings-inc

Recently the Court denied the defendants’ motion to dismiss a shareholder class action complaint. The complaint alleges that the claims against Defendants arise from their misrepresentations and omissions that fall into two categories: (i) statements concerning Driven’s ability to efficiently and effectively integrate a high volume of acquired businesses, including statements related to the status of integrating its U.S. auto glass businesses; and (ii) statements concerning the performance and competitive position of Driven’s car wash business segment.

Hasbro, Inc. (NASDAQ: HAS)

Johnson Fistel, LLP is investigating claims on behalf of Hasbro against certain of its officers and directors.

If you are a current, long-term shareholder of Hasbro, continuously holding shares since February 7, 2022, you may have standing to hold the company harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. You can click or copy and paste the link below in a browser to join this action:

https://www.johnsonfistel.com/investigations/hasbro-inc-3

Recently, a class action lawsuit was filed against the company. According to the filed complaint, it is alleged that defendants made numerous materially false and misleading statements and omissions about the quality inventory that Hasbro held throughout the class period, and represented that its rising inventory levels reflected outstanding and anticipated demand, rather than excess supply that outpaced waning demand. As a result of the foregoing, Hasbro common stock traded at artificially inflated prices throughout the class period and defendants' statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

ImmunityBio, Inc. (NASDAQ: IBRX)

Johnson Fistel, LLP is investigating claims on behalf of ImmunityBio, Inc. (NASDAQ: IBRX) against certain of its officers and directors.

If you are a current, long-term shareholder of ImmunityBio, continuously holding shares since May 23, 2022, you may have standing to hold the company harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. You can click or copy and paste the link below in a browser to join this action:

https://www.johnsonfistel.com/investigations/immunitybio-inc

Previously, a class action complaint was filed against the company. The filed complaint alleges that defendants made false statements and/or concealed that: (i) ImmunityBio conducted insufficient due diligence to discover, or else did discover and ignored, Good Manufacturing Practice ("GMP") deficiencies at its third-party contract manufacturing organizations ("CMOs") for the antibody cytokine fusion protein N-803, commercially referred to as "Anktiva"; (ii) one or more of the Company's third-party CMOs for Anktiva did in fact suffer from GMP deficiencies; (iii) the foregoing deficiencies was likely to cause the FDA to reject the Anktiva Biologics License Application ("BLA") in its present form; (iv) accordingly, the Company overstated the regulatory approval prospects for the Anktiva BLA; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.

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