SAN DIEGO, Oct. 31, 2020 /PRNewswire/ — Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against Vasta Platform Limited ("Vasta" or the "Company") (NASDAQ: VSTA) for violations of federal securities laws.
On or about July 31, 2020, Vasta sold about 18.6 million shares of stock in its initial public stock offering (the "IPO"), at $19.00 a share, raising nearly $353 million in new capital. However, since the IPO, Vasta stock has dropped significantly, on October 30, 2020, the stock closed at $11.56.
On August 20, 2020, Vasta announced the Company's financial results for the second quarter and the first half of 2020. Vasta reported 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.
Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its July 2020 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.
If you have information that could assist in this investigation, or if you are a Vasta shareholder and are interested in learning more about the investigation, please contact Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson Fistel, LLP