Unilife Corporation (Nasdaq: UNIS)
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Unilife Corporation (Nasdaq: UNIS) common stock during the period between February 3, 2014 and May 23, 2016, inclusive (the “Class Period”).
The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 3, 2014 through May 23, 2106.
On May 8, 2016, the Company disclosed that it was postponing its earnings conference call, originally scheduled for May 9, 2016, due to the discovery of violations of Company policies and procedures and possible violations of laws and regulations by the Company’s “former Chief Executive Officer” and by the “former Chairman of the Company’s Board of Directors who resigned in 2015.” The Company also announced that it was investigating the issues’ potential impact on financial reporting and internal controls over financial reporting, related to the Company’s previously-issued financial statements, current interim financial information, and management’s certifications. Finally, the Company disclosed that it expected to delay filing its quarterly Form 10-Q for the period ended March 31, 2016.
On this news, the Company’s stock price fell $1.50 per share, or more than 29%, to close at $3.60 per share on May 9, 2016, on unusually heavy trading volume.
If you are a current shareholder and/or purchased stock between February 3, 2014 and May 23, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.