To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

[Executive Summary & CEO Commentary](index=1&type=section&id=Executive%20Summary%20%26%20CEO%20Commentary) Neogen's CEO outlined a strategy for commercial excellence, innovation, and cost reduction to drive margin growth, while Q1 FY26 saw a 3.6% revenue decrease but improved net income due to a divestiture [CEO's Strategic Vision & Challenges](index=1&type=section&id=CEO's%20Strategic%20Vision%20%26%20Challenges) Neogen's CEO, Mike Nassif, outlined a strategy to leverage the company's leadership in food and animal safety by addressing recent execution challenges. The plan includes a sharpened focus on commercial excellence, renewed innovation, and a leaner cost structure through company-wide cost initiatives and headcount reduction, aiming for margin growth, strategic reinvestment, and sustainable shareholder value - Neogen's CEO, Mike Nassif, identifies **tremendous opportunity** in food and animal safety, despite recent performance hampered by execution challenges[3](index=3&type=chunk) - **Strategic initiatives** include a **sharpened emphasis** on commercial excellence, renewed innovation, and a **leaner cost structure**, including headcount reduction, to fuel **margin growth** and enable **strategic reinvestment**[3](index=3&type=chunk) [First Quarter Financial & Business Highlights](index=1&type=section&id=First%20Quarter%20Financial%20%26%20Business%20Highlights) Neogen reported first-quarter fiscal 2026 revenues of $209.2 million, a 3.6% decrease year-over-year, though core revenue increased by 0.3%. Net income significantly improved to $36.3 million from a prior-year loss, primarily due to a non-cash gain on the sale of the Cleaners and Disinfectants business. Adjusted Net Income and Adjusted EBITDA declined due to lower operating income and gross margin pressures | Metric | Q1 FY26 (Millions) | Q1 FY25 (Millions) | Change (%) | | :--------------------- | :----------------- | :----------------- | :--------- | | Revenues | $209.2 | $217.0 | -3.6% | | Core Revenue Growth | 0.3% | N/A | N/A | | Net Income | $36.3 | $(12.6) | N/A | | Net Income Per Diluted Share | $0.17 | $(0.06) | N/A | | Adjusted Net Income | $9.4 | $14.4 | -34.6% | | Adjusted Net Income Per Diluted Share | $0.04 | $0.07 | -42.9% | | Gross Margin | 45.4% | 48.4% | -3.0 pp | | Adjusted EBITDA | $35.5 | $43.7 | -18.8% | | Adjusted EBITDA Margin | 17.0% | 20.1% | -3.1 pp | - Net income in the current period was **higher** compared to the prior year due to a **non-cash gain** on the sale of the Company's global Cleaners and Disinfectants business[5](index=5&type=chunk) - **Key business actions** include the **completion** of the Cleaners & Disinfectants business divestiture, **repayment** of **$100.0 million** of debt, appointment of Mike Nassif as CEO, and **restructuring actions** to **right-size the cost base**, while **reaffirming the full-year outlook**[8](index=8&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Neogen's Food Safety segment revenue declined by 4.6% due to Petrifilm sales, while Animal Safety core revenue grew 5.8%, and Genomics returned to mid-single-digit core growth [Food Safety Segment](index=2&type=section&id=Food%20Safety%20Segment) The Food Safety segment's revenue decreased by 4.6% to $152.1 million, with a core revenue decline of 1.7%. Growth in Bacterial & General Sanitation (pathogen detection) and food quality/nutritional analysis was offset by a decline in Petrifilm sales due to channel inventory rebalancing and distributor changes | Metric | Q1 FY26 (Millions) | Q1 FY25 (Millions) | Change (%) | | :----------------- | :----------------- | :----------------- | :--------- | | Revenue | $152.1 | $159.3 | -4.6% | | Core Revenue Growth | -1.7% | N/A | N/A | | Divestitures/Discontinued Products Impact | -3.7% | N/A | N/A | | Foreign Currency Impact | 0.8% | N/A | N/A | - **Strongest core revenue growth** in Bacterial & General Sanitation, benefiting from **higher sales** in pathogen detection products[9](index=9&type=chunk) - **Decline** in Petrifilm sales largely due to **channel inventory rebalancing** related to switching distributors in Asia and normalization of buying patterns in the U.S[9](index=9&type=chunk) [Animal Safety Segment](index=2&type=section&id=Animal%20Safety%20Segment) The Animal Safety segment's revenue saw a slight decrease of 0.8% to $57.1 million, but achieved a strong 5.8% core revenue increase. This growth was driven by Animal Care & Other (biologics, wound care), Life Sciences (substrates, reagents), and Biosecurity (insect control), partially offset by lower sales in Veterinary Instruments & Disposables | Metric | Q1 FY26 (Millions) | Q1 FY25 (Millions) | Change (%) | | :----------------- | :----------------- | :----------------- | :--------- | | Revenue | $57.1 | $57.6 | -0.8% | | Core Revenue Growth | 5.8% | N/A | N/A | | Divestitures/Discontinued Products Impact | -6.4% | N/A | N/A | | Foreign Currency Impact | -0.2% | N/A | N/A | - **Core revenue growth** led by Animal Care & Other (biologics, wound care), Life Sciences (substrates, reagents), and Biosecurity (insect control products)[10](index=10&type=chunk) - **Lower revenue** in Veterinary Instruments & Disposables, primarily driven by a **decline** in sales of needles and syringes[10](index=10&type=chunk) [Genomics Business](index=2&type=section&id=Genomics%20Business) Neogen's Genomics business returned to positive mid-single-digit core revenue growth globally in the first quarter, driven by solid performance in bovine and other markets, despite a decline in the companion animal market - The Company's Genomics business **returned to positive core revenue growth** in the **mid-single-digit range** in the first quarter[11](index=11&type=chunk) - **Solid growth** in bovine and other markets was partially offset by a **decline** in the companion animal market[11](index=11&type=chunk) [Financial Position & Outlook](index=2&type=section&id=Financial%20Position%20%26%20Outlook) Neogen maintained $138.9 million in cash and $800.0 million in debt, repaying $100 million, and reaffirmed its FY26 revenue outlook of $820-840 million and Adjusted EBITDA of $165-175 million [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) As of August 31, 2025, Neogen held $138.9 million in cash and cash equivalents and had total outstanding debt of $800.0 million. The company utilized net proceeds from the Cleaners & Disinfectants divestiture to repay $100 million of debt during the quarter | Metric | As of August 31, 2025 (Millions) | | :---------------------- | :----------------------------- | | Cash and cash equivalents | $138.9 | | Total outstanding debt | $800.0 | | Committed borrowing headroom | $201.5 | - The Company used **net proceeds** from the July closing of the Cleaners & Disinfectants divestiture to **repay** **$100 million** of outstanding debt in the first quarter[12](index=12&type=chunk) [Fiscal Year 2026 Outlook](index=2&type=section&id=Fiscal%20Year%202026%20Outlook) Neogen reaffirmed its full-year fiscal 2026 outlook, anticipating revenues between $820 million and $840 million, and Adjusted EBITDA in the range of $165 million to $175 million. Capital expenditures are projected to be approximately $50 million | Metric | FY26 Outlook (Millions) | | :----------------- | :---------------------- | | Revenue | $820 - $840 | | Adjusted EBITDA | $165 - $175 | | Capital Expenditures | ~$50 | - The Company is **reaffirming its full-year outlook** for fiscal year 2026[13](index=13&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section provides details on Neogen's Q1 FY26 conference call, an overview of the company's global food security mission, and a cautionary note on forward-looking statements [Conference Call and Webcast Details](index=3&type=section&id=Conference%20Call%20and%20Webcast%20Details) Neogen Corporation hosted a conference call on October 9, 2025, to discuss its financial results. Details for accessing the live webcast, conference call, and replay were provided for investors and interested parties - Neogen Corporation **hosted** a conference call on October 9, 2025, at 8:00 a.m. Eastern Time to discuss financial results[14](index=14&type=chunk) - **Access to the live webcast**, accompanying presentation materials, and a replay is available through Neogen's investor relations website[14](index=14&type=chunk) [About Neogen](index=3&type=section&id=About%20Neogen) Neogen Corporation is a global leader dedicated to enhancing food security through advancements in human and animal well-being. The company develops comprehensive solutions across Food Safety, Livestock, and Pet Health & Wellness markets, operating in over 140 countries with a network of scientists and technical experts - Neogen Corporation is **committed to fueling global food security** through human and animal well-being[15](index=15&type=chunk) - The company offers **comprehensive solutions** in Food Safety, Livestock, and Pet Health & Wellness markets, with a **presence in over 140 countries**[15](index=15&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This news release contains forward-looking statements subject to risks and uncertainties. Actual future results may differ materially from expectations due to various factors detailed in the company's most recently filed Form 10-K - Certain portions of this news release constitute **forward-looking statements**, **subject to risks and uncertainties**[16](index=16&type=chunk) - Actual future results and trends may **differ materially** from historical results or expectations due to **factors detailed** in the company's most recently filed Form 10-K[16](index=16&type=chunk) [Consolidated Financial Statements (GAAP)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(GAAP)) This section presents Neogen's unaudited GAAP financial statements for Q1 FY26, including the statement of operations, balance sheet, and cash flows, reflecting the impact of a business divestiture [Unaudited Consolidated Statement of Operations](index=4&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Operations) The unaudited consolidated statement of operations shows Neogen's financial performance for the three months ended August 31, 2025, highlighting total revenue, gross profit, operating expenses, and a significant shift from a net loss to net income year-over-year, largely influenced by a gain on the sale of a business | (In thousands, except share amounts) | Three months ended August 31, 2025 | Three months ended August 31, 2024 | | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Total revenue | $209,189 | $216,964 | | Cost of revenues | $114,219 | $112,038 | | Gross profit | $94,970 | $104,926 | | Total operating expenses | $111,061 | $102,669 | | Operating loss (income) | $(16,091) | $2,257 | | Gain on sale of business | $76,390 | — | | Net Income (Loss) | $36,338 | $(12,609) | | Net Earnings (Loss) Per Diluted Share | $0.17 | $(0.06) | [Unaudited Consolidated Balance Sheet](index=5&type=section&id=Unaudited%20Consolidated%20Balance%20Sheet) The unaudited consolidated balance sheet as of August 31, 2025, indicates a decrease in total assets and liabilities compared to May 31, 2025. Key changes include a reduction in current assets due to the divestiture of assets held for sale and a decrease in total liabilities, particularly current portion of debt and non-current debt | (In thousands, except share amounts) | August 31, 2025 | May 31, 2025 | | :----------------------------------- | :-------------- | :----------- | | Cash and cash equivalents | $138,883 | $129,004 | | Total Current Assets | $524,060 | $576,937 | | Total Assets | $3,378,156 | $3,443,836 | | Total Current Liabilities | $146,205 | $174,011 | | Non-current debt | $792,530 | $874,810 | | Total Liabilities | $1,259,507 | $1,372,582 | | Total Stockholders' Equity | $2,118,649 | $2,071,254 | [Unaudited Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) The unaudited consolidated statements of cash flows show a significant increase in net cash provided by operating activities to $10.85 million in Q1 FY26 from a net use in Q1 FY25. Investing activities generated substantial cash due to proceeds from the sale of a business, while financing activities saw a net use primarily from debt repayment | (In thousands) | Three months ended August 31, 2025 | Three months ended August 31, 2024 | | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Net Cash provided by (used for) Operating Activities | $10,853 | $(17,914) | | Net Cash provided by (used for) Investing Activities | $97,725 | $(33,662) | | Net Cash (used for) provided by Financing Activities | $(99,393) | $979 | | Net Increase (Decrease) in Cash and Cash Equivalents | $9,879 | $(50,134) | | Cash and Cash Equivalents, End of Year | $138,883 | $120,477 | - **Proceeds from the sale of business**, net of cash divested, **contributed** **$121.7 million** to investing activities[22](index=22&type=chunk) - **Repayment** of outstanding debt of **$100.0 million** was the **primary driver** of cash used in financing activities[22](index=22&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section explains Neogen's non-GAAP measures like Adjusted EBITDA and Adjusted Net Income, providing reconciliations from GAAP figures to offer clearer insights into operational performance [Explanation of Non-GAAP Measures](index=7&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Neogen utilizes non-GAAP financial measures such as Adjusted EBITDA, Adjusted Net Income, and Core Revenue Growth to provide investors with a clearer understanding of business performance by excluding certain items that impact period-over-period comparisons or comparability with other businesses. These measures are supplemental to GAAP figures - **Adjusted EBITDA** is used as a **key profitability measure**, representing EBITDA before certain items impacting performance comparisons[23](index=23&type=chunk) - **Adjusted Net Income** is an **additional profitability measure**, excluding certain items that impact business performance comparisons[24](index=24&type=chunk) - **Core revenue growth excludes effects** of foreign currency translation rates, acquisitions, and discontinued product lines for **meaningful year-over-year performance comparison**[25](index=25&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) The reconciliation details the adjustments made to GAAP Net Income (Loss) to arrive at Adjusted EBITDA. For Q1 FY26, Net Income of $36.3 million was adjusted for items like income tax, depreciation, interest, and significant non-recurring costs (e.g., gain on sale of business, transformation initiatives, sample collection transition costs) to yield an Adjusted EBITDA of $35.5 million | (In thousands) | Three months ended August 31, 2025 | Three months ended August 31, 2024 | | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Net income (loss) | $36,338 | $(12,609) | | EBITDA | $88,387 | $31,813 | | Share-based compensation | $4,962 | $3,982 | | Gain on sale of business | $(76,390) | — | | Transformation initiatives and related costs | $5,902 | $310 | | Adjusted EBITDA | $35,469 | $43,714 | | Adjusted EBITDA margin (% of sales) | 17.0% | 20.1% | [Reconciliation of Net Income to Adjusted Net Income](index=9&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) This reconciliation shows the adjustments from GAAP Net Income (Loss) to Adjusted Net Income. For Q1 FY26, after accounting for amortization of acquisition-related intangibles, share-based compensation, the gain on sale of business, and various integration/transformation costs, Adjusted Net Income was $9.4 million, down from $14.4 million in the prior year | (In thousands) | Three months ended August 31, 2025 | Three months ended August 31, 2024 | | :----------------------------------- | :--------------------------------- | :--------------------------------- | | Net income (loss) | $36,338 | $(12,609) | | Amortization of acquisition-related intangibles | $22,486 | $23,138 | | Share-based compensation | $4,962 | $3,982 | | Gain on sale of business | $(76,390) | — | | Transformation initiatives and related costs | $5,902 | $310 | | Estimated tax effect of above adjustments | $3,541 | $(8,052) | | Adjusted Net Income | $9,447 | $14,378 | | Adjusted Earnings Per Share | $0.04 | $0.07 | [Reconciliation of Growth to Core Growth](index=10&type=section&id=Reconciliation%20of%20Growth%20to%20Core%20Growth) This reconciliation breaks down total revenue growth into its components: reported growth, foreign currency impact, and the impact of acquisitions/divestitures, to derive core revenue growth. For Q1 FY26, total Neogen revenue declined by 3.6%, but core revenue increased by 0.3%, indicating underlying operational growth despite negative impacts from divestitures | Segment | Q1 FY26 (Thousands) | Q1 FY25 (Thousands) | Growth | Foreign Currency | Acquisitions / Divestitures | Core Revenue Growth | | :-------------- | :------------------ | :------------------ | :----- | :--------------- | :-------------------------- | :------------------ | | Food Safety | $152,050 | $159,345 | (4.6%) | 0.8% | (3.7%) | (1.7%) | | Animal Safety | $57,139 | $57,619 | (0.8%) | (0.2%) | (6.4%) | 5.8% | | Total Neogen | $209,189 | $216,964 | (3.6%) | 0.5% | (4.4%) | 0.3% |

Core Insights - Neogen Corporation is set to release its first-quarter earnings results on October 9, with analysts expecting earnings of 4 cents per share, a decrease from 7 cents per share in the same period last year [1] - The company projects quarterly revenue of $204.15 million, down from $216.96 million a year earlier [1] - Neogen's CFO and COO, David Naemura, announced his departure from the company on September 15 [1] Stock Performance - Neogen's shares fell by 7.1%, closing at $5.63 on Monday [2] Analyst Ratings - William Blair analyst Brandon Vazquez downgraded Neogen's stock from Outperform to Market Perform on July 29, 2025, with a 67% accuracy rate [7] - Guggenheim analyst Subbu Nambi maintained a Buy rating but reduced the price target from $13 to $10 on June 30, 2025, with a 61% accuracy rate [7] - Piper Sandler analyst David Westenberg kept a Neutral rating and lowered the price target from $6.4 to $5 on April 22, 2025, achieving a 70% accuracy rate [7]

Core Insights - Neogen Corporation is set to release its first-quarter earnings results on October 9, with analysts expecting earnings of 4 cents per share, a decrease from 7 cents per share in the same period last year [1] - The company projects quarterly revenue of $204.15 million, down from $216.96 million a year earlier [1] - Neogen's shares fell by 7.1% to close at $5.63 on Monday [2] Analyst Ratings - William Blair analyst Brandon Vazquez downgraded Neogen's stock from Outperform to Market Perform on July 29, 2025, with an accuracy rate of 67% [7] - Guggenheim analyst Subbu Nambi maintained a Buy rating but reduced the price target from $13 to $10 on June 30, 2025, with an accuracy rate of 61% [7] - Piper Sandler analyst David Westenberg maintained a Neutral rating and lowered the price target from $6.4 to $5 on April 22, 2025, with an accuracy rate of 70% [7]

Core Insights - Neogen (NEOG) is expected to report quarterly earnings of $0.05 per share, a decline of 28.6% year-over-year, with revenues forecasted at $203.18 million, reflecting a decrease of 6.4% compared to the same period last year [1] Earnings Estimates - The consensus EPS estimate for the quarter has not changed over the past 30 days, indicating that analysts have not revised their initial projections [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Projections - Analysts predict specific revenue figures for Neogen's segments: - 'Revenues- Food Safety- Natural Toxins & Allergens' estimated at $18.68 million, down 8.3% year-over-year [5] - 'Revenues- Food Safety- Bacterial & General Sanitation' expected to reach $38.70 million, a decrease of 3% [5] - 'Revenues- Food Safety- Indicator Testing, Culture Media & Other' projected at $76.43 million, down 6.5% [6] - 'Revenues- Animal Safety- Veterinary Instruments & Disposables' forecasted at $13.94 million, an increase of 11.3% [6] - 'Revenues- Animal Safety- Animal Care & Other' expected to be $8.16 million, up 22.1% year-over-year [7] - 'Revenues- Food Safety' projected at $146.62 million, down 8% [7] - 'Revenues- Animal Safety- Genomics Services' estimated at $4.42 million, a significant decline of 72.2% [7] - 'Revenues- Food Safety- Genomics Services' expected at $13.26 million, a substantial increase of 137.3% [8] - 'Revenues- Animal Safety' forecasted at $54.65 million, down 5.2% year-over-year [8] Stock Performance - Neogen shares have increased by 5.4% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.3% [8] - Neogen holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near term [8]

Core Viewpoint - Neogen (NEOG) is anticipated to report a year-over-year decline in earnings due to lower revenues, with the consensus outlook indicating potential impacts on its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to be released on October 9, with a consensus EPS estimate of $0.05 per share, reflecting a year-over-year decrease of 28.6% [3][12]. - Revenues are projected to be $203.18 million, down 6.4% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 12.5% over the last 30 days, indicating a reassessment by analysts [4]. - Neogen's Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a positive reading being a strong predictor of an earnings beat [9][10]. - Neogen currently holds a Zacks Rank of 4, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Neogen was expected to post earnings of $0.08 per share but only achieved $0.05, resulting in a surprise of -37.50% [13]. - The company has not beaten consensus EPS estimates in any of the last four quarters [14]. Conclusion - Neogen does not appear to be a compelling candidate for an earnings beat, and investors should consider other factors when evaluating the stock ahead of its earnings release [17].

LEXINGTON, Ky.--(BUSINESS WIRE)--Neogen® Corporation (NASDAQ: NEOG) announced today that it has renewed its commitment to the United States Equestrian Federation, extending the relationship first launched last year. Since joining US Equestrian in April 2024, Neogen has provided valuable support, resources, and educational tools to benefit the Federation and its members. As part of the renewed collaboration, Neogen and US Equestrian will once again develop member-accessible educational materials. ...

Group 1 - Fred Alger Management's "Alger Weatherbie Specialized Growth Fund" reported a 10.94% gain for Q2 2025, with Class A shares outperforming the Russell 2500 Growth Index [1] - Initial market volatility in April was due to trade policy uncertainty following President Trump's tariffs, but stability returned with a 90-day pause on new duties [1] - Market sentiment improved in May after the White House suspended reciprocal tariff hikes on China, contributing to the S&P 500 reaching a record high in June [1] Group 2 - Neogen Corporation (NASDAQ:NEOG) focuses on food and animal safety, but its stock experienced a -2.44% return over the last month and a 65.98% decline over the past 52 weeks [2] - As of September 23, 2025, Neogen's stock closed at $5.60 per share, with a market capitalization of $1.217 billion [2] - Neogen's performance was negatively impacted by fiscal third-quarter revenue and profitability falling below expectations, leading to a modest reduction in full-year 2025 guidance due to a weaker macroeconomic environment [3] Group 3 - Neogen Corporation was held by 28 hedge fund portfolios at the end of Q2 2025, an increase from 15 in the previous quarter, indicating growing interest [4] - Despite the potential of Neogen as an investment, certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Points - Neogen Corporation will release its first-quarter earnings on October 9, 2025, before market opening [1] - A conference call and webcast will be held at 8:00 a.m. Eastern time on the same day to discuss the financial results [1] - Access to the conference call is available via a toll-free number for North America and an international dialing option [1]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Neogen Corporation common stock between January 5, 2023, and June 3, 2025, of the September 16, 2025, deadline to become a lead plaintiff in a class action lawsuit [1] Group 1: Class Action Details - Investors who bought Neogen common stock during the specified period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1] - A class action lawsuit has already been filed, and interested parties must move the Court by September 16, 2025, to serve as lead plaintiff [2] - The lawsuit alleges that Neogen's defendants made false and misleading statements about the integration process, leading investors to believe it was progressing smoothly [4] Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions [3] - The firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time and has been ranked highly for its performance in securities class action settlements [3] - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering funds for clients [3]