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HomeMy WebLinkAboutReports - 2019.03.21 - 31316PORTFOLIO MONITORING REVIEW ______________________ March 2019 Short Form Summary OAKLAND COUNTY EMPLOYEES’ RETIREMENT SYSTEM We identified the following companies which are subject to claims of fraud and/or misrepresentation during the period of February 8,2019 to March 8,2019.Information contained in this report is based upon the January 31,2019 data,which is the latest available from Northern Trust.We will continue to monitor these cases for any developments that could impact OCERS, including settlements. 2019 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation Wildhorse Resource Development Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. TESARO, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. L3 Technologies, Inc.Merger & Acquisition Case This is a merger and acquisitions case with a deal value of $201.33 per share. OCERS held 6,530 shares at the end of the Class Period at an average cost of $170.36 per share. Investment Technology Group, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Natural Health Trends Corp.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Sogou Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Nutrisystem, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. MBT Financial Corp.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Finisar Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Edge Therapeutics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Resolute Energy Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Maxar Technologies Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Avenue Therapeutics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. InfaREIT Inc No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. 2019 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation Activision Blizzard, Inc.($16,276) OCERS held 9,677 shares at the end of the Class Period at an average cost of $64.61 per share. OCERS purchased 807 of these shares during the Class Period. The average market price from the end of the Class Period through March 12, 2019 was $44.44 per share. Based on this market pricing, we estimate that OCERS will realize an approximate loss of $16,276 on this stock. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. Trinity Capital Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Loxo Oncology, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. MINDBODY Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Tyme Technologies, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Vale S.A.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. SI Financial Group Unknown at this time.Will continue to monitor as portfolio data becomes available. Lexicon Pharmaceuticals, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Western Gas Partners, LP Unknown at this time.Will continue to monitor as portfolio data becomes available. Wirecard AG Unknown at this time.Will continue to monitor as portfolio data becomes available. Immunomedics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Celgene Corporation Unknown at this time.Will continue to monitor as portfolio data becomes available. Uxin Limited Unknown at this time.Will continue to monitor as portfolio data becomes available. Synergy Pharmaceuticals Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Maiden Holdings, Ltd.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Bristow Group Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Avon Products, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Molson Coors Brewing Company Unknown at this time.Will continue to monitor as portfolio data becomes available. 2019 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation Health Insurance Innovations, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Civitas Solutions, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. UQM Technologies, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. WuXi PharmaTech Inc.: ADS No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Nation Commerce Corporation Unknown at this time.Will continue to monitor as portfolio data becomes available. Akon, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. PG&E Corporation Unknown at this time.Will continue to monitor as portfolio data becomes available. Conagra Brands, Inc.($324,058) OCERS held 27,113 shares at the end of the Class Period at an average cost of $34.10 per share. The average market price from the end of the Class Period through March 12, 2019 was $22.15 per share. Based on this market pricing, we estimate that OCERS will realize an approximate loss of $324,058 on this stock. Based on the amount of this loss, we are actively investigating whether OCERS should seek a leadership role and will provide a recommendation prior to the April 23, 2019 deadline. Amarin Corporation plc No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. The Kraft Heinz Company Unknown at this time.Will continue to monitor as portfolio data becomes available. Diplomat Pharmacy, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Vanda Pharmaceutical Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Travelport Worldwide Limited Unknown at this time.Will continue to monitor as portfolio data becomes available. CVS Health Corporation Unknown at this time.Will continue to monitor as portfolio data becomes available. AVEO Pharmaceuticals, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Maxwell Technologies, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Stamps.com, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Versum Materials, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Syneos Health, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Weight Watchers International, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Mattel, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Inogen, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. 2019 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation CenturyLink, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Spectrum Brands Legacy, Inc.($180,721) OCERS held 8,200 shares at the end of the Class Period at an average cost of $98.37 per share. The average market price from the end of the Class Period through the 90-day, look-back period was $76.33 per share. Based on this market pricing, we estimate that OCERS will realize an approximate loss of $180,721 on this stock. Based on the amount of this loss, we are actively investigating whether OCERS should seek a leadership role and will provide a recommendation prior to the May 6, 2019 deadline. CAS Medical Systems, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. U.S. Xpress Enterprises, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Conduent, Inc.($291,342) OCERS held 41,647 shares at the end of the Class Period at an average cost of $19.14 per share. The average market price from the end of the Class Period through the 90-day, look-back period was $12.14 per share. Based on this market pricing, we estimate that OCERS will realize an approximate loss of $291,342 on this stock. Based on the amount of this loss, we are actively investigating whether OCERS should seek a leadership role and will provide a recommendation prior to the May 7, 2019 deadline. Bridgepoint Education, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available.