GlobeNewswire Inc | Sep 16, 2020 07:00PM EDT

September 16, 2020

NEW YORK, Sept. 16, 2020 (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 HDFC Bank Limited (NYSE: HDB), Fennec Pharmaceuticals, Inc. (NASDAQ: FENC), Portland General Electric Company (PGE) (NYSE: POR), and Coty, Inc. (NYSE: COTY). 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.

HDFC Bank Limited (NYSE: HDB)

Class Period: July 31, 2019 to July 10, 2020

Lead Plaintiff Deadline: November 2, 2020

HDFC Bank was founded in 1994 and is based in Mumbai, India. The Bank provides various banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai.

HDFC Bank operates in Treasury, Retail Banking, Wholesale Banking, Other Banking Business, and Unallocated segments, offering, among other services, various types of loans to millions of its retail borrowers, including personal and vehicle financing loans.

Revenues generated from HDFC Banks auto and commercial vehicle loans are reported as part of the Banks Retail Banking segment.

On July 13, 2020, The Economic Times published an article titled HDFC Bank probes lending practices at vehicle unit. That article reported that HDFC Bank had conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the units former head.

On this news, HDFC Banks American Depositary Share (ADS) price fell $1.37 per share, or 2.83%, to close at $47.02 per share on July 13, 2020

The complaint, filed on September 3, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Banks business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, the Bank maintained improper lending practices in its vehicle-financing operations; (iii) accordingly, earnings generated from the Banks vehicle-financing operations were unsustainable; (iv) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Banks financial condition and reputation; and (v) as a result, the Banks public statements were materially false and misleading at all relevant times.

For more information on the HDFC Bank class action go to: https://bespc.com/HDB

Fennec Pharmaceuticals, Inc. (NASDAQ: FENC)

Class Period: February 11, 2020 to August 10, 2020

Lead Plaintiff Deadline: November 2, 2020

Fennec is a biopharmaceutical company that purportedly focuses on the development of PEDMARK, a sodium thiosulfate anhydrous injection, for the prevention of platinum-induced ototoxicity in pediatric cancer patients.

On August 11, 2020, Fennec disclosed that it had received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding the Companys New Drug Application for PEDMARK. According to the CRL, after recent completion of a pre-approval inspection of the manufacturing facility of [Fennecs] drug product manufacturer, the FDA identified deficiencies resulting in a Form 483, which is a list of conditions or practices that are required to be resolved prior to the approval of PEDMARK.

On this news, the Companys share price fell $3.51, or 34%, to close at $6.66 per share on August 11, 2020.

The complaint, filed on September 3, 2020, 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 Companys business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the manufacturing facilities for PEDMARK, the Companys sole product candidate, did not comply with current good manufacturing practices; (2) that, as a result, regulatory approval for PEDMARK was reasonably likely to be delayed; and (3) that, as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Fennec class action go to: https://bespc.com/FENC

Portland General Electric Company (PGE) (NYSE: POR)

Class Period: April 24, 2020 to August 24, 2020

Lead Plaintiff Deadline: November 2, 2020

PGE is an electric utility that engages in the generation, transmission, distribution, and retail sale of electricity in the state of Oregon. The Company also participates in wholesale markets by purchasing and selling electricity and natural gas to meet the needs of its retail customers.

On August 24, 2020, PGE announced that it had incurred losses of $127 million as of August 24, 2020. PGE further stated that PGE personnel entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company. In addition, PGE announced that it had formed a Special Committee to review the energy trading that led to the losses and the Companys procedures and controls related to the trading.

On this news, the Companys share price fell $3.51, or nearly 8%, to close at $38.45 per share on August 24, 2020.

The complaint, filed on September 3, 2020, 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 Companys business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that PGE lacked effective internal controls over its energy trading practices; (2) that PGE personnel had entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; (3) that, as a result, the Company was reasonably likely to incur significant losses; and (4) that, as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Portland General Electric class action, go to: https://bespc.com/POR

Coty, Inc. (NYSE: COTY)

Class Period: October 3, 2016 to May 28, 2020

Lead Plaintiff Deadline: November 3, 2020

Coty is one of the worlds largest beauty companies. The Company operates three divisions: Coty Consumer Beauty (Consumer Beauty) which focuses on color cosmetics, retail hair coloring and styling products, body care and mass fragrances sold primarily in the mass retail channels; Coty Luxury (Coty Luxury) which focuses on prestige fragrances and skincare brands; and Coty Professional Beauty (Coty Professional) which focuses on servicing nail salon owners and professionals in both hair and nail.

On the first day of the Class Period, October 3, 2016, Coty issued a press release announcing the completion of its blockbuster merger with The Proctor & Gamble Companys fine fragrance, color cosmetics, salon professional and hair color and certain styling businesses (P&G Specialty Beauty Business) for $12.5 billion to scale up its beauty business. In the press release, defendant Becht, Chairman of Cotys Board of Directors, confirmed that we now have a much improved team, structure and culture to make the vision of this merger a reality.

On July 1, 2019, Coty announced the write down of about $3 billion in value of brands acquired from P&G as part of a four-year restructuring plan, confirming that the P&G Specialty Beauty Business had been overvalued.

On this news, Cotys stock price dropped $1.94, or over 14%, from an opening price of $13.53 per share on July 1, 2019 to a closing price of $11.59 per share.

On November 18, 2019, Coty announced another beauty brand acquisition a 51% majority stake in Kylie Cosmetics for $600 million in order to build and further develop Kylies existing beauty business, which realized an estimated $177M net revenues for the trailing twelve months (TTM). Kylie Jenner was described as the youngest-ever self-made billionaire on the cover of Forbes Self-Made Billionaire issue in August 2018.

But then, on May 29, 2020, Forbes reported that Kylie Jenner has been inflating the size and success of her business. For years. revealing that defendants had overvalued yet another acquisition. On this news, Cotys stock price fell $0.56, or over 13%, from a close of $4.19 on May 28, 2020 to a close of $3.63 per share on May 29, 2020.

The complaint, filed on September 4, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts about Cotys business, operations, and prospects. Specifically, defendants misrepresented and/or failed to disclose: (1) that despite being no stranger to beauty brand acquisitions, Coty did not have adequate processes and procedures in place to assess and properly value the P&G Specialty Beauty Business and Kylie Cosmetics acquisitions; (2) that as a result, Coty had overpaid for the P&G Specialty Beauty Business and Kylie Cosmetics; (3) that Coty did not have adequate infrastructure to smoothly integrate and support the beauty brands that it acquired from P&G, including an adequate supply chain; (4) that, as a result of its inadequate infrastructure, Coty was not successfully integrating the beauty brands it acquired from P&G and not delivering synergies from the acquisition; (5) and that, as a result of the foregoing, Cotys financial statements and defendants statements about Cotys business, operations, and prospects, were materially false and/or misleading at all relevant times.

For more information on the Coty class action go to: https://bespc.com/COTY

About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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. Melissa Fortunato, Esq.Marion Passmore, Esq.(212) 355-4648investigations@bespc.comwww.bespc.com