Investigation of NN Inc.
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NN, Inc. (NNBR) Accused of Misleading Investors in IPO
According to the class action complaint against the company for alleged violations of the Securities Act of 1933, NN completed its SPO on September 14, 2018, offering 14,375,000 million shares of NN common stock at $16.00 per share for gross proceeds of $216 million. In its Registration Statement, NN claimed that its relationships with hundreds of customers around the world inoculated it against fluctuations in particular markets and touted the company’s global footprint, including the “significant growth potential” of its Asian facilities. However, NN’s offering documents concealed massive problems in the company, including that as of the date of the SPO NN’s earnings and profitability were being negatively impacted by fluctuations in the Chinese auto market and problems in the Power Solutions sector. Since its SPO, the price of NN’s stock has plummeted, currently trading at $8.24, an almost 49% decline from its SPO price.