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HomeMy WebLinkAboutReports - 2019.09.19 - 32242PORTFOLIO MONITORING REVIEW ______________________ September 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 August 2,2019 to September 6,2019.Information contained in this report is based upon the July 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 Array BioPharma Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Acer Therapeutics Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Oaktree Capital Group, LLC No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Cypress Semiconductor Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Tableau Software, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. CannTrust Holdings Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Omnicell, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Barnes & Noble, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Amplify Energy Corp.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Aerohive Networks, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Total System Services, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Netflix, Inc.Loss of $645 OCERS held 4,950 shares at the end of the Class Period at an average cost of $175.46 per share, but purchased just 19 shares during the Class Period at an average cost of $340.66 per share. The average market price was $306.69 per share from the end of the Class Period through September 9, 2019. Therefore, the PSLRA losses are estimated to be $645. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. 2019 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation Medidata Solutions, Inc.Merger Case This is a Mergers and Acquisitons case with a deal value of $92.25 per share. OCERS held 10,281 shares at an average cost of $40.60 per share at the transaction date. Sotheby's No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. El Paso Electric Company No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Anadarko Petroleum Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Raytheon Company No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Eagle Bancorp, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. C&J Energy Services, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Del Friscos's Restaurant Group, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Shutterfly, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Mallinckrodt Public Limited Company No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Oasmia Pharmaceutical AB: ADS No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. WageWorks, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. PCM, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. GTT Communications, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Just Energy Group Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Carbonite, 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 ASV Holdings, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Vical Incorporated Unknown at this time.Will continue to monitor as portfolio data becomes available. Curaleaf Holdings, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Acacia Communications, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. ABIOMED, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Keane Group, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. 2U, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Evolent Health, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. International Flavors & Fragrances Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Pluralsight, Inc.Loss of $129,033 OCERS held 8,200 shares at the end of the Class Period at an average cost of $31.93 per share. The average market price was $16.19 per share from the end of the Class Period through September 9, 2019. Therefore, the PSLRA losses are estimated to be $129,033. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. Granite Construction Incorporated Unknown at this time.Will continue to monitor as portfolio data becomes available. NetApp, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. CVS Health Corporation Loss of $20,174 OCERS held 12,808 shares at the end of the Class Period at an average cost of $75.29 per share, of which 4,661 shares were purchased during the Class Period at an average cost of $70.23 per share. The average market price was $65.90 per share from the end of the Class Period through the 90-day, look- back period following the end of the Class Period. Therefore, the PSLRA losses are estimated to be $20,174. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. SAExploration Holdings, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. MidSouth Bancorp, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Valaris plc No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Tower International, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Condor Hospitality Trust, 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 Rudolph Technologies, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Genesee & Wyoming, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Burford Capital Limited: ADS Unknown at this time.Will continue to monitor as portfolio data becomes available. Textron Inc.No PSLRA recognized losses. OCERS held 9,579 shares at the end of the Class Period at an average cost of $37.01 per share, but made no purchases during the Class Period. Therefore, there were no PSLRA losses and no action was recommended. NorthStar Realty Europe Corp.Unknown at this time.Will continue to monitor as portfolio data becomes available. Speedway Motorsports, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. AmTrust Financial Services, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Sarepta Therapeutics, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Monotype Imaging Holdings, Inc. Unknown at this time.Will continue to monitor as portfolio data becomes available. Carrizo Oil & Gas, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Canada Goose Holdings, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. LegacyTexas Financial Group, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Weatherford International plc 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. Meredith Corporation Unknown at this time.Will continue to monitor as portfolio data becomes available. Choice Bancorp, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available.