HomeMy WebLinkAboutReports - 2020.12.17 - 33748PORTFOLIOMONITORING REVIEW______________________December 2020Short Form SummaryOAKLANDCOUNTYEMPLOYEES’ RETIREMENTSYSTEM
We identified the following companies which are subject to claims of fraud and/or misrepresentation during the period ofNovember 6, 2020 to December 5, 2020. Information contained in this report is based upon the October 31, 2020 data, which isthe latest available from Northern Trust. We will continue to monitor these cases for any developments that could impactOCERS, including settlements.2020 Short Form Summary of PSLRA FilingsPSLRA & Derivative lawsuits Impact RecommendationLoop Industries, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Mesoblast Limited: ADSNo PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Proteostasis Therapeutics, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Sunworks, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Neovasc Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Wells Fargo & CompanyLoss of $406,227OCERS held 81,704 shares at the end of the Class Period at an average cost of $38.88 per share; 46,644 shares were purchased during the Class Period. The average market price was $24.63 per share during the period following the end of the Class Period through December 8, 2020. Based on this market price, we estimate that OCERS will recognize PSLRA losses of $406,227 on a FIFO basis and $198,261 on a LIFO basis. Please note that the market value has been increasing since the end of the Class Period, with a closing price of $29.55 per share on December 4, 2020. Therefore, it is most likely that the final 90-day look back market price will be higher than the $24.63 per share average used in our calculation, and the ultimate losses will be less than our estimate. The current estimated losses fall within OCERS’ threshold to seek appointment as lead plaintiff; however, when coupled with the improving value, the losses may continue to improve. So, we are continuing to monitor OCERS’ losses. We will forward a final recommendation prior to the December 29 deadline to seek lead plaintiff status in the Northern District of California. Raytheon Technologies CorporationNo PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Citigroup Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Intercept Pharmaceuticals, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.
2020 Short Form Summary of PSLRA FilingsPSLRA & Derivative lawsuits Impact RecommendationInterface , Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Biogen Inc.Unknown at this time. Will continue to monitor as portfolio data becomes available.Alibaba Group Holding LimitedUnknown at this time. Will continue to monitor as portfolio data becomes available.K12, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.JOYY Inc.Unknown at this time. Will continue to monitor as portfolio data becomes available.Berry CorporationUnknown at this time. Will continue to monitor as portfolio data becomes available.Pinterest, IncUnknown at this time. Will continue to monitor as portfolio data becomes available.Fortress Biotech, Inc.No PSLRA recognized losses.OCERS had no holdings during the relevant time period; therefore, no action was recommended.Splunk, IncUnknown at this time. Will continue to monitor as portfolio data becomes available.Northern Dynasty Minerals Ltd.Unknown at this time. Will continue to monitor as portfolio data becomes available.Boston Scientific CorporationUnknown at this time. Will continue to monitor as portfolio data becomes available.Uber Technologies, Inc.Unknown at this time. Will continue to monitor as portfolio data becomes available.