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HomeMy WebLinkAboutReports - 2020.07.16 - 33512PORTFOLIO MONITORING REVIEW ______________________ July 2020 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 June 4, 2020 to July 1,2020.Information contained in this report is based upon the May 31,2020 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. 2020 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation Comtech Telecommunications Corp.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Stemline Therapeutics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Willis Towers Watson Public Limited Company Merger / Acquisition Case This is a mergers and acquisitions case in which the complaint demands additional disclosures only and involves the exchange of shares with the acquiring company in a stock-only deal. The estimated market value of the transaction is $193.93 per share. OCERS held 5,576 shares on the date of the suit at an average cost of $145.53 per share. Taubman Centers, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Elanco Animal Health Incorporated Estimated loss of $53,601 OCERS held 33,462 shares at the end of the Class Period at an average cost of $29.21per share, including 6,740 shares purchased during the Class Period. The average market price was $21.26 per share during the period following the end of the Class Period through July 6, 2020. Based on this market price, we estimate that OCERS will recognize a PSLRA loss of $53,601 on this stock. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. Portola Pharmaceuticals, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. CytomX Therapeutics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Hamilton Beach Brands Holding Company No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Sorrento Therapeutics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Colony Capital, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Arnival Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. 2020 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation Wells Fargo & Company (N.D. CA)Estimated loss of $3,135 OCERS held 58,105 shares at the end of the Class Period at an average cost of $45.69per share, including 1,900 shares purchased during the Class Period at a cost of $28.33 per share. The average market price was $26.68 per share during the period following the end of the Class Period through July 6, 2020. Based on this market price, we estimate that OCERS will recognize a PSLRA loss of $3,135 on this stock. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. Quigen N.V.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. KLX Energy Services Holdings, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Hebron Technology Co., Ltd.Unknown at this time.Will continue to monitor as portfolio data becomes available. Kandi Technologies Group, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Forescout Technologies, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Wells Fargo & Company (S.D. NY)Estimated loss of $47,361 OCERS held 54,938 shares at the end of the Class Period at an average cost of $46.88 per share, including 2,429 shares purchased during the Class Period. The average market price was $27.38 per share during the 90-day, look-back period following the end of the Class Period. Based on this market price, we estimate that OCERS will recognize a PSLRA loss of $47,361 on this stock. Based on the amount of this loss, we did not recommend that OCERS seek lead plaintiff status. SB One Bancorp Unknown at this time.Will continue to monitor as portfolio data becomes available. Co-Diagnostics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. ProAssurance Corporation No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Tetraphase Pharmaceuticals, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Enphase Energy, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Chembio Diagnostics, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. 2020 Short Form Summary of PSLRA Filings PSLRA & Derivative lawsuits Impact Recommendation United States Oil Fund, LP No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Endo International plc Unknown at this time.Will continue to monitor as portfolio data becomes available. Casper Sleep Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. PlayAGS, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Cheetah Mobile, inc: ADS No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Brooldale Senior Living, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Mylan N.V.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. resTORbio. Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Ideanomics, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Kirkland Lake Gold Ltd.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended. Finjin Holdings, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Kingold Jewelry, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available. Chembio Diagnostics, Inc.Unknown at this time.Will continue to monitor as portfolio data becomes available.