BOSTON, Nov. 25, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether ERBA Diagnostics, Inc. ("ERBA" or the "Company") (NYSE MKT: ERB) and certain of its officers and/or directors violated the federal securities laws in light of announcements that the Company has found it necessary to restate its financial statements for the last two years.
On Friday, November 20, 2015, in its 8-K filing with the SEC, ERBA disclosed that it intended to restate its financial statements for the years ended 2013 and 2014, as well as its quarterly reports for the periods ended March 31, 2015 and June 30, 2015. The Company stated that during this time, "internal control over financial reporting was not effective because there was a material weakness in the Company's internal control over financial reporting as a result of the Company's inadequate staffing of its financial accounting office, which had resulted in, among other things, at times the Company being unable to provide timely account reconciliations."
Since this disclosure, shares of ERBA have fallen nearly 35%, representing a loss of market capitalization of more than $15 million, and resulting in significant losses to investors.
If you purchased or otherwise acquired ERBA securities on or before November 20, 2015, 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 or attorney Brad Vettraino at (617) 398-5600 or by email at Bradley@blockesq.com. Confidentiality to whistleblowers or others with relevant information is assured.
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