MERION, Pa., Feb. 8, 2016 /PRNewswire/ -- The Law Offices of Marc S. Henzel (www.henzellaw.com), a firm focusing on shareholder litigation, gives notice to shareholders of investigation into the following securities for violations of the Federal Securities Laws:
On January 22, 2016, pre-market, Cigna filed a Form 8-K with the SEC, disclosing, that on January 21, 2016, Cigna was notified by the Centers for Medicare & Medicaid Services of its intent to impose intermediate sanctions suspending the enrollment of and marketing to new customers of all Cigna Medicare Advantage and Standalone Prescription Drug Plan Contracts, effective at 11:59 p.m. on January 21, 2016, citing deficiencies in Cigna's operations of its Parts C and D appeals and grievances, Part D formulary and benefit administration, and compliance program.
On this news, Cigna stock fell from $140.13 on Thursday, January 21, 2016 to close at $135.85 on Monday, January 25, 2016, a two-day drop of $4.28.
Imprivata, Inc. (NYSE: IMPR) 7/30/15 thru 11/2/15
October 14, 2015, Imprivata issued a press release preliminarily announcing its third quarter 2015 ("3Q15") financial results for the period ended September 30, 2015. Imprivata reported that its 3Q15 sales would come in at or below $29.2 million and that its losses would exceed $0.22 per share. The Company also disclosed several negative sales trends that had been adversely affecting sales in 3Q15. On this news, the market price of Imprivata common stock declined, falling more than $5 per share on extremely high trading volume.
On November 2, 2015, the Company issued a press release disclosing 3Q15 financial results along the same lines preliminarily announced on October 14, 2015. On this news, the price of Imprivata common stock declined further, falling approximately $2 per share, again on unusually high trading volume.
On January 25, 2016, the Southern Investigating Report Foundation published an article entitled "The Brotherhood of Thieves: Insys Therapeutics," alleging that Insys pressured employees to develop new schemes to promote the illegal and inappropriate off-label use and sale of Subsys.
Following this news, Insys shares fell $1.07 per share, or nearly 5%, to close at $21.58 per share on January 25, 2016.
On September 8, 2015, Tetraphase announced that the pivotal portion of its IGNITE2 phase 3 clinical trial of Eravacycline did not achieve its primary endpoint. Following this news, Tetraphase shares fell 80% in market value from the September 8, 2015 close of $44.78 to just $8.36 per share at September 10, 2015's closing.
Alere Inc. (NYSE: ALR) 2/1/16
The firm is investigating potential legal claims against the board of directors of Alere Inc. (NYSE: ALR) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Abbott Laboratories (NYSE: ABT), in a transaction valued at approximately $5.8 billion.
Under the terms of the agreement, shareholders of Alere will receive $56.00 per share in cash.
The firm is investigating the proposed acquisition of Avenue Financial Holdings Inc. (AVNU) by Pinnacle Financial Partners Inc. (PNFP). On January 28, 2016, the two companies announced the signing of a definitive merger agreement pursuant to which Pinnacle will acquire Avenue. Under the terms of the agreement, Avenue shareholders will receive $2.00 in cash and 0.36 shares of Pinnacle for each share of Avenue they own, the value of which is equivalent to $20.03 per share of Avenue.
The firm is investigating claims on behalf of investors of Cascade Microtech, Inc. (NASDAQ: CSCD) concerning the proposed acquisition of Cascade by FormFactor Inc.
The investigation concerns whether the Cascade directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the proposed transaction, Cascade shareholders will be entitled to receive $16.00 in cash and 0.6534 of a share of FormFactor common stock, subject to the terms of the merger agreement. The transaction values Cascade at $21.13 per share, or $352 million in equity value based on the closing price of FormFactor's stock on February 3, 2016, of $7.85, for each share of Cascade common stock.
On February 1, 2016, LoJack announced it had signed a definitive merger agreement with CalAmp. Under the terms of the agreement, CalAmp will acquire all of the outstanding shares of common stock of LoJack for $6.45 per share in an all cash transaction.
The investigation concerns whether LoJack's board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for LoJack's shares of common stock.
The firm is investigating the Board of Directors of Questar Corporation (STR) for potential breaches of fiduciary duties in connection with the sale of the Company to Dominion Resources, Inc. for approximately $4.4 billion in an all-cash transaction.
The Company's stockholders will receive $25.00 for each share of Company common stock they own. However, this consideration is below at least one analyst's price target of $26.00 per share.
If you would like to learn more about the investigation of these companies, would like to learn more about any potential claims or you wish to discuss these matters and have any questions concerning this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at Mhenzel@Henzellaw.com, or to sign up online, visit the firm's website at www.henzellaw.com.
The Law Offices of Marc S. Henzel is a national shareholder litigation firm representing shareholders & investors in various areas of securities laws including but not limited to: class actions, derivatives, transactional (buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
SOURCE Law Offices of Marc S. Henzel