Artificial Intelligence
Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Skillz, PureCycle, Danimer Scientific, and Aterian and Encourages Investors to Contact the Firm
NEW YORK, May 19, 2021 (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 Skillz, Inc. (NYSE: SKLZ), PureCycle Technologies, Inc. (NASDAQ: PCT), Danimer Scientific, Inc. (NYSE: DNMR), and Aterian, Inc. (NASDAQ: ATER). 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.
Skillz, Inc. (NYSE: SKLZ)
Class Period: December 16, 2020 and April 19, 2021
Lead Plaintiff Deadline: July 7, 2021
Skillz and senior management repeatedly touted the company’s revenue growth and projections to support its valuation.
Defendants’ statements were first brought into serious question on Mar. 8, 2021, when analyst Wolfpack Research published a scathing report, accusing Skillz of concealing that revenues from three games responsible for 88% of Skillz’s total revenues (Blitz, Solitaire Cube, Blackout Bingo) substantially declined and effectively gutted the company’s growth projections.
Then, on April 18, 2021, Eagle Eye Research published a report claiming Skillz’s revenue recognition practices were “like round-tripping where the company is effectively giving its customers money to spend on SKLZ and recognizing revenue from it, i.e. generating no net economic profits.” Eagle Eye concluded “that true cash revenue is less than ½ of what management portrays to investors.”
On this news, Skillz’s stock price fell $1.56 per share, or more than 11%, to close at $12.55 per share on April 20, 2021.
The complaint, filed on May 7, 2021, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) three games responsible for a majority of Skillz’s revenues had declined substantially; (ii) Skillz’s revenue recognition policy misrepresented the financial condition of the company; (iii) unrealistic market growth, specifically in the Android market; and (iv) as a result defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Skillz class action go to: https://bespc.com/cases/SKLZ
PureCycle Technologies, Inc. (NASDAQ: PCT)
Class Period: November 16, 2020 to May 5, 2021
Lead Plaintiff Deadline: July 12, 2021
On May 6, 2021, before the markets opened, analyst Hindenburg Research issued a scathing report concerning PureCycle. In its report, Hindenburg wrote that “PureCycle represents the worst qualities of the SPAC boom; another quintessential example of how executives and SPAC sponsors enrich themselves while hoisting unproven technology and ridiculous financial projections onto the public markets, leaving retail investors to face the ultimate consequences.” Hindenburg explained that it spoke with “multiple former employees” of earlier companies that PureCycle’s CEO and other associated executives took public before PureCycle, “who said that PureCycle’s executives based their financial projections on ‘wild ass guessing,’ brought companies public far too early, and had deceived investors.”
On this news, PureCycle’s stock price fell approximately 40% per share, from their May 5, 2021 close of $24.59 to a May 6, 2021 close of $14.83, on unusually heavy volume.
The complaint alleges that throughout the class period defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) the technology PureCycle licensed from Procter & Gamble is not proven and presents serious issues even at lab scale; (ii) the challenges posed by the availability and competition for the raw materials necessary to commercialize the licensed technology are significant; (iii) PureCycle’s financial projections are baseless; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the PureCycle class action go to: https://bespc.com/cases/PCT
Danimer Scientific, Inc. (NYSE: DNMR)
Class Period: October 5, 2020 to May 3, 2021
Lead Plaintiff Deadline: July 13, 2021
On March 20, 2021, the Wall Street Journal published an article entitled “Plastic Straws That Quickly Biodegrade in the Ocean, Not Quite, Scientists Say” addressing, among other things, Danimer’s claims that Nodax, a plant-based plastic that Danimer markets, breaks down far more quickly than fossil-fuel plastics. The Wall Street Journal article alleges that according to several experts on biodegradable plastics, “many claims about Nodax are exaggerated and misleading.” While Danimer reportedly asserts its claims are factual, the article cites at least one expert as stating that making broad claims about Nodax’s biodegradability “is not accurate” and is “greenwashing.”
On March 22, 2021, the first trading day following publication of the Wall Street Journal article, Danimer’s stock price fell $6.43 per share, or roughly 13%, to close at $43.55 per share on March 22, 2021.
Following the end of the Class Period, on April 22, 2021, Spruce Point Capital Management (“Spruce Point”) published a report on Danimer, noting, among other red flags, various inconsistencies with Legacy Danimer’s (and Danimer’s) historical and present claims regarding the size of its operations, Nodax’s makeup and degradability, and the Company’s expected profitability.
Following publication of the Spruce Point report, Danimer’s stock price fell $2.01 per share, or 8.04%, to close at $22.99 per share on April 22, 2021.
Then, on May 4, 2021, Spruce Point published another report on Danimer alleging that the Company had “wildly overstated” production figures, pricing, and financial projections based on documents Spruce Point had acquired from the Commonwealth of Kentucky’s Department of Environmental Protection (“KDEP”) under the Freedom of Information Act (“FOIA”), all of which cast serious doubt on the integrity of the Company’s internal controls.
Following publication of this second Spruce Point report, Danimer’s stock price fell $1.49 per share, or 6.31%, to close at $22.14 per share on April 22, 2021.
The complaint alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Danimer had deficient internal controls; (ii) as a result, the Company had misrepresented, inter alia, its operations’ size and regulatory compliance; (iii) Defendants had overstated Nodax’s biodegradability, particularly in oceans and landfills; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Amdocs class action go to: https://bespc.com/cases/DNMR
Aterian, Inc. (NASDAQ: ATER)
Class Period: December 11, 2020 to May 3, 2021
Lead Plaintiff Deadline: July 12, 2021
On May 4, 2021, before the markets opened, analyst Culper Research issued a scathing report concerning Aterian. In its report, Culper wrote that “the Company has ties to convicted criminals and is promoting what we believe is an overhyped ‘AI’ narrative and a string of garbage acquisitions to mask the failure of its already ill-conceived core business.” Culper continued that “Aterian has been largely unsuccessful in convincing other Amazon sellers to pay for its ‘AIMEE’ AI platform, and at least 5 former employees and a former customer have expressed doubts regarding AIMEE’s legitimacy. We think that Aterian’s underlying business has failed, forcing the Company to obscure its poor performance with a series of questionable acquisitions.” Culper further wrote: “[w]e believe that there are serious problems with Aterian’s claims to maintain strong organic growth and to drive M&A synergies: to us, neither of these appears to be the case. . . . In our view, this suggests not only that Aterian is unable to grow EBITDA at acquired businesses, but that its core business is also failing to produce.”
On this news, the price of Aterian stock fell from its May 3, 2021 close of $20.66 to a May 5, 2021 close of $15.72 per share, a two-day drop of $3.04 per share or approximately 24%.
The complaint alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) Aterian’s organic growth is plummeting; (2) Aterian’s recent, self-lauded acquisitions were overpayments for flawed assets from questionable sources; (3) Aterian’s purported artificial intelligence software is a flawed product that lacks customer interest; (4) Aterian uses rebate programs and paid or artificial reviews to pump up their product offerings; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Aterian class action go to: https://bespc.com/cases/ATER
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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) 355-4648
[email protected]
www.bespc.com
Artificial Intelligence
Synthetik Applied Technologies LLC announces development of UrbanScale – a modeling platform for the prediction, characterization, and quantification of extreme urban heat
AUSTIN, Texas and LONDON, April 30, 2024 /PRNewswire/ — Synthetik Applied Technologies announces the development of UrbanScale, a tool to model and predict effects of extreme heat in urban areas, through a project funded by the National Oceanic and Atmospheric Association (NOAA). The physical characteristics of urban areas amplify heat effects resulting in what are known as urban heat islands — areas where surface temperatures are much higher than their surroundings. The UrbanScale tool addresses this climate peril with sophisticated analytic tools based on physics informed neural networks and cutting-edge machine learning to predict urban heat and help better understand and mitigate the risks associated with these extreme heat events. As a result of climate change, these events are expected to increase, impacting both the people that live in urban areas and the infrastructure on which they depend.
The UrbanScale platform shows significant promise to provide data on the severity of heat islands and their effects to better understand how they impact human health, energy use and damage to physical infrastructure. This information will provide a step-change in capability for government agencies, urban planners, and transportation authorities to direct efforts for mitigation and intervention. In particular, inclusion of demographic information into data pipelines will allow understanding of how urban heat effects may impact vulnerable or disadvantaged populations. Integration with climate forecasts and models will also provide unprecedented capabilities for forecasting risk associated with climate change.
Josh Hatfield, Director of Research and Development at Synthetik, said:
‘We are extremely grateful for the opportunity to study such an important issue. Extreme heat is already the largest cause of weather-related fatalities in the US, and climate change will only increase the importance of understanding heat in urban environments. Helping to meet that challenge fits directly into Synthetik’s mission.’
Synthetik COO Tim Brewer commented:
‘The UrbanScale tool will allow both our government and insurance partners to better characterize the risk of extreme heat in urban centers and promises to deliver critical insight on the way these events impact energy demands. We look forward to exploring its wide-ranging applications.’
Synthetik plans further development of UrbanScale with NOAA and other partners in the public and private sector.
For all inquiries: Contact Synthetik Applied Technologies PR [email protected]
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Artificial Intelligence
GLiNTECH – a Valiantys company, wins Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH declared Finalists for Team Excellence and ITSM Solutions
PARIS, April 30, 2024 /PRNewswire/ — Atlassian announced today that GLiNTECH – a Valiantys company has won the Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH were further declared finalists for the Team Excellence and ITSM Solutions awards, respectively.
This is an acknowledgement of their outstanding work for Atlassian customers during the calendar year 2023. This includes exceptional efforts in developing new business and driving innovative solutions for customer success.
“Our industry leading partners play a vital role in our customers’ continued success. We’re honored to highlight our top partners as award finalists this year, reflecting their ongoing commitment to delivering innovative solutions and unparalleled Atlassian services globally,” said Ko Mistry, Atlassian’s Head of Global Channels.
“We are delighted to be named as finalists for these awards from Atlassian, and we are particularly proud to celebrate GLiNTECH’s achievement in winning the Services (APAC) award.” said Emmanuel Benoit, Global Chief Executive Officer, Valiantys. “At Valiantys, embracing diversity of thought and challenging the ways our teams work has always provided Valiantys with a competitive edge to consistently deliver tangible results and value. We look to the future with unwavering determination and confidence as we continue to drive innovation and unlock potential for our customers around the globe.”
“We dedicate our IT Consulting Services and Custom Solutions to fulfilling our customers’ needs for success,” commented Dimitri Spyridopoulos, Chief Executive Officer GLiNTECH – a Valiantys company. “It’s an honor to be recognized by Atlassian as a finalist in two categories that reflect these efforts: Services and ITSM Solutions, and to be declared as winner for the Services award (APAC).”
For more information regarding this Press Release, contact: [email protected]
About Valiantys
Valiantys is a leading global consulting and services firm dedicated to Atlassian. The company accelerates business transformation by digitizing processes and modernizing teamwork, using the best agile methods and tools. Its Atlassian technical expertise is unparalleled and Valiantys supports its customers across the entire spectrum of projects on those platforms. As a recognized Agile at Scale, ITSM, and Cloud Specialized Partner, Valiantys help organizations accelerate time to value with Agile at scale, cloud, and ITSM implementations. Because teamwork requires more than just tools, the firm bridges the gap between applications and strategic practices such as SAFe® and ITIL. Over the last 15 years, Valiantys has helped more than 5,000 customers achieve their desired business outcomes at a reduced time to value, through improved team collaboration. More information about Valiantys can be found at https://www.valiantys.com/
About GLiNTECH – a Valiantys Company
GLiNTECH is a renowned Atlassian Platinum Partner headquartered in Australia and is the preferred choice for over 300 leading brands. The company has amassed more than 20 years of experience servicing enterprise clients across the Asia Pacific region, earning Atlassian Partner of the Year five times, including most recently for Professional Services. GLiNTECH is recognized as a Specialized Atlassian Cloud and ITSM partner. The company offers deep expertise in Licensing, Training, Support, Managed Services, Consulting, and Agile methodologies and has a proven record in providing reliable solutions while driving success within the Atlassian ecosystem. More information about GLiNTECH can be found here: https://www.glintech.com/
GLiNTECH was acquired by Valiantys in February 2024.
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Artificial Intelligence
Nillion is pleased to announce that Dwinity, a team pioneering decentralized AI has joined as an ecosystem partner
ZUG, Switzerland and MUNICH, April 30, 2024 /PRNewswire/ — With huge amounts of personal data being collected every day, privacy concerns are escalating as the impact of data breaches become more costly. The need to address the problems created by the existing data economy have never been greater. By empowering users to reclaim control, Dwinity aims to unlock an enormous amount of potential for personal data to enhance various industries like healthcare, insurance, and finance.
About Dwinity
Dwinity’s mission is to give power back to users and to create a thriving data economy in which information asymmetry is finally removed. Dwinity enables a decentralized data economy as well as creates a data ownership driven ecosystem for storage, analysis, exchange, and commercialization of sensitive personal data.
The three components of Dwinity are:
Data control: Decentralized data spaces for decentralized data storage which provides true data sovereignty and enables users to decide with whom data is shared.Data Gold: Decentralized AI tools for each data space have the capability to unlock the full potential of data via sophisticated analysis.Data Cash: A fair marketplace with automated data value analysis, allowing for tangible income for data owners at lower costs and completely anonymous.Dwinity is presently closing its initial seed round at USD 3 MN – funds which will be used for the development of the initial prototypes to hit the market already in 2024.
About Nillion
Nillion is humanity’s first Blind Computer. It is powered by a decentralized network of nodes that enables “Blind Computation” through the coordination and orchestration of privacy enhancing technologies (PETs) such as multi-party computation (MPC), fully homomorphic encryption (FHE) and zero-knowledge proofs (ZKP). Nillion believes Blind Computation will become the internet’s base layer for all private data as PETs continue to mature. Nillion has attracted a notable initial cohort of Blind Computation builders across AI, DeFi, medical data, custody, wallets, global identity, messaging and more.
The Nillion development company, Nilogy, was incubated by CoinList’s seed program. Nilogy’s Founding CTO was the Founding Engineer of Uber (Conrad Whelan), the Chief Strategy Officer was the Founding CMO of Hedera Hashgraph (Andrew Masanto), the Chief Business Officer is the Founder of Indiegogo (Slava Rubin), the General Counsel was the Associate General Counsel of Coinbase (Lindsay Danas Cohen), along with builders hailing from Consensys, LayerZero, Polygon and Google.
“This is a major step on our way to building the leading ecosystem for sensitive data together with one of the top players in the market for the handling of such valuable data. We are looking forward to the cooperation which will add significant trust and competence to both initiatives”, said Peter Koenig, CEO of Dwinity.
Picture is available at AP
Contact for this publication: Christian Mangold [email protected]
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