BOSTON, March 15, 2016 /PRNewswire/ -- Shares of Alere Inc. ("Alere" or the "Company") (NYSE: ALR) have dropped precipitously in early trading on March 15, 2016. Alere stated in a Form 8-K, filed with the United States Securities and Exchange Commission (the "SEC") on March 15, 2016, that it would not file its 2015 Annual Report because it is continuing an ongoing "analysis of certain aspects of the timing of revenue recognition, more specifically, revenue cutoff, in Africa and China for the years ended December 31, 2013, 2014 and 2015 (and each of the quarters in those annual periods)."
The Company further announced that on March 11, 2016, it received a grand jury subpoena from the United States Department of Justice, requiring it to produce documents relating to its sales, sales practices and dealings with third parties, including distributors and foreign government officials. Alere noted that there were also "other matters related to the U.S. Foreign Corrupt Practices Act" noted in the subpoena.
The Company did not mention in the March 15, 2016 8-K whether or not this information had been previously disclosed to Abbott Laboratories, which entered into a merger agreement to acquire the Company in February 2016, stating only that closing of its acquisition with Abbott was expected "by the end of 2016, subject to regulatory review."
In response to these announcements, shares of the Company declined as much as 8% in early trading.
Based on the recent announcements, Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether the Company and its officers and directors may have violated federal securities laws. Block & Leviton represents a number of the nation's largest institutional investors, has offices in Boston and the Bay Area and has recovered more than a billion dollars for its clients.
If you purchased or otherwise acquired Alere securities on or before March 15, 2016, and have questions about your legal rights or possess information relevant to this investigation, please contact either attorney Steven Harte at (617) 398-5600 or email him at Steven@blockesq.com. Confidentiality to whistleblowers or others with relevant information is assured.
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Contact: BLOCK & LEVITON LLP Steven Harte 155 Federal St Boston MA 02110 (617) 398-5600 Steven@blockesq.com
SOURCE Block & Leviton LLP