VASTA PLATFORM ALERT: Bragar Eagel & Squire, P.C. is Investigating Vasta Platform Limited on Behalf of Vasta Stockholders and Encourages Investors to Contact the Firm
NEW YORK, Aug. 31, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Vasta Platform Limited (NASDAQ: VSTA) on behalf of Vasta stockholders. Our investigation concerns whether Vasta has violated the federal securities laws and/or engaged in other unlawful business practices.
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On or around July 30, 2020, Vasta conducted its initial public offering (“IPO”), selling 18,575,492 of its Class A common shares priced at $19.00 per share.
Then, on August 20, 2020, Vasta issued a press release announcing the Company’s financial results for the second quarter and first half of 2020. Among other results, Vasta announced a second-quarter net loss of 54.9 million reais and revenue of 120.23 million reais, representing a revenue decline of 12.9% from the year-ago quarter. Vasta also advised investors that adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), excluding non-recurring effects, was negative by 1.7 million reais in the second quarter, and that “[t]he different seasonality in revenue recognition seen in 2020 on account of a greater concentration of invoices at the start of the commercial cycle (4Q and 1Q) ended up having a negative impact on the basis of comparison against the same period last year.” The Company further advised that negative EBITDA of 10.9 million reais in the second quarter was “due to the extraordinary effects seen in the period, such as the different seasonality of revenue together with the impact of Covid-19 on the operation, as well as the inventory adjustment and higher marketing expenses.”
On this news, Vasta’s common share price fell $1.63 per share, or 8.81%, to close at $16.88 per share on August 21, 2020, representing an 11.16% decline from the IPO price.
If you purchased or otherwise acquired Vasta shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.
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