Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Red Cat, Reckitt, UroGen and Fortrea and Encourages Investors to Contact the Firm

/EIN News/ -- NEW YORK, June 16, 2025 (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 Reckitt Benckiser Group plc (OTC:RBGLY), UroGen Pharma Ltd. (NASDAQ:URGN), Red Cat Holdings, Inc. (NASDAQ: RCAT) and Fortrea Holdings Inc. (NASDAQ:FTRE). 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.

Reckitt Benckiser Group plc (OTC:RBGLY)

Class Period: January 13, 2021 – July 28, 2024

Lead Plaintiff Deadline: August 4, 2025

Reckitt is a United Kingdom-based, global consumer goods company. To date, over 500 state and federal products liability lawsuits have been filed against Reckitt and its competitor, Abbott Laboratories (“Abbott”), claiming that they failed to adequately warn that premature infants consuming cow milk-based formulas, such as Reckitt’s Enfamil and Abbott’s Similac, have an increased risk of developing necrotizing enterocolitis (“NEC”), a life-threatening intestinal disease that affects premature or low birth weight infants.

The Class Action alleges that, during the Class Period, Defendants made misleading statements and omissions regarding the Company’s business, financial condition, and prospects. Specifically, Defendants failed to warn investors and consumers: (1) that preterm infants were at an increased risk of developing NEC by consuming Reckitt’s cow’s milk-based formula, Enfamil; (2) of the attendant impact on Reckitt’s sales of Enfamil and Reckitt’s exposure to legal claims; and (3) as a result of the above, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on the Reckitt Bensicker class action go to: https://bespc.com/cases/RBGLY

UroGen Pharma Ltd. (NASDAQ:URGN)

Class Period: July 27, 2023 - May 15, 2025

Lead Plaintiff Deadline: July 28, 2025

UroGen engages in the development and commercialization of solutions for specialty cancers. According to the complaint, UroGen's lead pipeline product is UGN-102 (mitomycin), an intravesical solution intended to treat low-grade intermediate risk non-muscle invasive bladder cancer.

The UroGen class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) UroGen's ENVISION clinical study for UGN-102 was not designed to demonstrate substantial evidence of effectiveness of UGN-102 because it lacked a concurrent control arm; (ii) as a result, UroGen would have difficulty demonstrating that the duration of response endpoint was attributable to UGN-102; (iii) UroGen failed to heed the U.S. Food and Drug Administration's ("FDA") warnings about the study design used to support a new drug application ("NDA") for UGN-102; and (iv) as a result, there was a substantial risk that the NDA for UGN-102 would not be approved.

The UroGen class action lawsuit further alleges that on May 16, 2025, the FDA published a briefing document in advance of its Oncologic Drugs Advisory Committee meeting regarding UroGen's NDA for UGN-102, which stated that "[g]iven that ENVISION lacked a concurrent control arm, the primary endpoints of complete response (CR) and duration of response (DOR) are difficult to interpret," and that the FDA had "recommended a randomized trial design to the Applicant several times during their product's development due to concerns with interpreting efficacy results" but UroGen "chose not to conduct a randomized trial with a design and endpoints that the FDA considered appropriate." On this news, the price of UroGen stock fell nearly 26%, according to the complaint.

Then, on May 21, 2025, the UroGen class action lawsuit further alleges that the Oncologic Drugs Advisory Committee voted against approving the UGN-102 NDA, finding that the overall benefit-risk of the investigation therapy UGN-102 is not favorable in patients with recurrent low-grade, intermediate-risk non-muscle invasive bladder cancer. On this news, the price of UroGen stock fell nearly 45%, according to the complaint.

For more information on the UroGen class action go to: https://bespc.com/cases/URGN

Red Cat Holdings, Inc. (NASDAQ: RCAT)

Class Period: March 18, 2022- January 15, 2025

Lead Plaintiff Deadline: July 22, 2025

Red Cat, together with its subsidiaries, provides products and solutions to drone industry. Red Cat's products include, among others, the "Teal 2" drone, a small, unmanned aircraft system designed to purportedly "Dominate the Night" during nighttime military operations.

The Red Cat class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Red Cat's Salt Lake City facility's production capacity, and defendants' progress in developing the same, was overstated; and (ii) the overall value of Red Cat's Short Range Reconnaissance Program of Record Tranche 2 contract (the "SRR Contract") was overstated.

The Red Cat class action lawsuit further alleges that on July 27, 2023, Red Cat revealed that its Salt Lake City facility could only currently produce 100 drones per month, the facility was still being built, refined, and expanded, and that construction of the facility was only "substantially completed" and potentially could reach a production capacity of 1,000 drones per month over the next 2 to 3 years, but only with additional capital investments and manufacturing efficiencies realized. On this news, the price of Red Cat stock fell nearly 9%, according to the complaint.

Then, on September 23, 2024, the Red Cat class action lawsuit further alleges that Red Cat announced its financial results for the first quarter of fiscal year 2025, reporting losses per share of $0.17, missing consensus estimates by $0.09, and revenue of $2.8 million, missing consensus estimates by $1.07 million. According to the complaint, Red Cat further disclosed that Red Cat had spent "the past four months . . . retooling [the Salt Lake City facility] and preparing for high volume production," while admitting that a "pause in manufacturing of Teal 2 and building Army prototypes impacted Teal 2 sales" because, among other things, Red Cat "couldn't produce and sell Teal 2 units while retooling [its] factory." The Red Cat class action lawsuit alleges that on this news, the price of Red Cat stock fell more than 25%.

Finally, the Red Cat class action lawsuit further alleges that on January 16, 2025, Kerrisdale Capital published a report alleging that "[t]he SRR contract that Red Cat won in November and preemptively announced without the Army's permission is much smaller and less favorable than management as intimated," and that "[i]t's highly implausible that a mass-production facility for manufacturing drones has been built at any point in the last two years for less than $1 million." On this news, the price of Red Cat stock fell more than 21% over two trading sessions, according to the complaint.

For more information on the Red Cat class action go to: https://bespc.com/cases/RCAT

Fortrea Holdings Inc. (NASDAQ:FTRE)

Class Period: July 3, 2023 – February 28, 2025

Lead Plaintiff Deadline: August 1, 2025

The complaint alleges that Fortrea was formerly the clinical development and commercialization services business of Labcorp Holdings Inc., a life sciences and healthcare company.  In June 2023, Labcorp spun off Fortrea as a standalone, publicly traded company. In connection with the Spin-Off, Labcorp and Fortrea entered into several transition services agreements (the "TSAs"), pursuant to which Fortrea pays Labcorp to provide certain transitional services for a set period, including information technology applications, network and security support and hosting, as well as finance, human resources, marketing, and other administrative support.

On March 3, 2025, Fortrea announced its fourth quarter and full year 2024 financial results, disclosing that its "targeted revenue and adjusted EBITDA trajectories for 2025 [were] not in line with [its] prior expectations."  Specifically, in an earnings call held that same day, Fortrea revealed that the Company's Pre-Spin projects are "late in their life cycle [and] have less revenue and less profitability than expected for 2025" and that "post-spin work is not coming on fast enough to offset the pre-spin contract economics."  The Company also said this "older versus newer mix issue will continue to negatively impact [Fortrea's] financial performance during 2025."  On this news, Fortrea's stock price fell $3.47 per share, or 25.05%, to close at $10.38 per share on March 3, 2025.

According to the complaint, during the class period, defendants failed to disclose that: (i) Fortrea overestimated the amount of revenue the Pre-Spin Projects were likely to contribute to the Company's 2025 earnings; (ii) Fortrea overstated the cost savings it would likely achieve by exiting the TSAs; (iii) as a result, the Company's previously announced EBITDA targets for 2025 were inflated; and (iv) accordingly, the viability of the Company's post-Spin-Off business model, as well as its business and/or financial prospects, were overstated.

For more information on the Fortrea class action go to: https://bespc.com/cases/FTRE

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.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com