BOSTON, May 20, 2016 /PRNewswire/ -- Block & Leviton LLP informs investors of Alere Inc. ("Alere" or the "Company") (NYSE: ALR) that it has filed class action litigation in the District Court of Massachusetts against the Company. Those who purchased or otherwise acquired shares of the Company between May 9, 2013 and April 20, 2016 have until June 20, 2016 to seek a lead plaintiff position in the litigation.
The lawsuit relates to Alere's March 15, 2016 announcement, made in SEC filings, that the Company would not be able to 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.
Since these announcements were made, the price of Alere's common stock has declined by approximately 25%.
Block & Leviton LLP (www.blockesq.com) is a securities litigation firm representing investors nationwide. It 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.
Alere investors who purchased or otherwise acquired securities of the Company between May 9, 2013 and April 20, 2016 are encouraged to contact Block & Leviton if they would like to participate in the litigation at this stage, have questions about their legal rights or possess information relevant to this investigation. Confidentiality to whistleblowers or others with relevant information is assured. Investors and media should contact attorney Steven Harte either by phone at (617) 398-5600 or by email at Steven@blockesq.com.
This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
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Boston MA 02110
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SOURCE Block & Leviton LLP