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Investigation announced for Investors in NASDAQ: VSTA shares over possible Wrongdoing at Vasta Platform Limited

10-13-2020 03:52 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in Vasta Platform Limited (NASDAQ: VSTA) shares over potential wrongdoing.

An investigation on behalf of investors in Vasta Platform Limited (NASDAQ: VSTA) shares over potential wrongdoing.

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Vasta Platform Limited.

Investors who purchased shares of Vasta Platform Limited (NASDAQ: VSTA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Vasta Platform directors breached their fiduciary duties and caused damage to the company and its shareholders.

Brazil based Vasta Platform Limited, an education company, provides educational and digital solutions to private schools operating in the K-12 educational sector in Brazil. On or around July 30, 2020, Vasta Platform Limited 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 Platform Limited announcing its 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."

Shares of Vasta Platform Limited (NASDAQ: VSTA) declined on August 27, 2020 to as low as $14.41 per share.

Those who purchased shares of Vasta Platform Limited (NASDAQ: VSTA) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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