MERION, Pa., June 6, 2016 /PRNewswire-USNewswire/ -- 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 May 2, 2016, Ability announced its financial results for the fourth quarter and full-year 2015. The Company also announced that it would be restating its consolidated financial statements as of December 31, 2014 and for the two years in the period then ended. In reaction to these announcements, on May 2, 2016, the price of Ability common stock fell $2.42 per share, or 33%, to close at $4.90 per share, on heavy trading volume.
If you purchased or otherwise acquired Ability Inc. securities between September 8, 2015 thru April 29, 2016, please contact the firm.
On May 5, 2016, Endo announced its financial and operating results for the quarter ended March 31, 2016. Endo reported a loss of $0.40 per diluted share, down from earnings of $0.11 per share in the first quarter of 2015. Additionally, Endo significantly cut its 2016 guidance, announcing targeted revenue in the range of $3.87 billion to $4.03 billion, down from the range of $4.32 billion to $4.52 billion that the Company had reaffirmed in March, less than two months earlier. Concurrently, the Company announced changes to its board and management structure, including the resignation of Brian Lortie, President of the Company's U.S. Branded Pharmaceuticals segment, pending selection of his replacement. On this news, Endo's stock price fell $10.42 per share, or 39%, to close at $16.17 per share on May 6, 2016.
Then on May 6, 2016, after the market closed, Endo filed its Form 10-Q for the quarter ended March 31, 2016. In the 10-Q, Endo reiterated the financial and operating results announced the previous day. Endo's stock price fell an additional $0.90 per share, or more than 5%, to close at $15.27 per share on May 9, 2016, the next trading day. In total, between May 5, 2016 and May 9, 2016, the Company's stock price fell $11.32 per share, or more than 42%.
If you purchased or otherwise acquired Endo International plc securities between March 2, 2015 to May 6, 2016, please contact the firm.
On February 29, 2016, Gerdau announced that it would delay the release of its fourth quarter financial results as the Company "analyze[d] the case records involving Gerdau in the recent phase of [the] Zelotes Operation."
Then on May 16, 2016, various news outlets reported that Brazil's federal police had accused Gerdau of evading $9 million in taxes and indicted a total of 19 Gerdau employees, including defendant Johannpeter and some of the Company's executives, directors and lawyers, on corruption related charges, including bribery, money laundering and influence peddling. On this news, the price of Gerdau ADRs fell $0.13, or over 7%, to close at $1.72 per ADR on May 16, 2016.
If you purchased or otherwise acquired Gerdau S.A. securities between June 2, 2011 thru May 15, 2016, please contact the firm.
On April 21, 2015, HCP disclosed that the DOJ had intervened in three whistleblower lawsuits and had filed a consolidated complaint. Then, on May 5, 2015, HCP disclosed that it had recorded a non-cash impairment charge of $478 million related to certain of its lease arrangements with ManorCare. Finally, on February 9, 2016, HCP disclosed that its equity stake in ManorCare had been written down to zero, and that it had taken an $836 million non-cash impairment on its ManorCare lease assets and placed all of its ManorCare real estate assets on a "Watch List." As a result of this news, the price of HCP stock fell 17% in one day, falling from a close of $33.99 per share on February 8, 2016 to a close of $28.33 per share on February 9, 2016.
If you purchased or otherwise acquired HPC Inc. securities between March 30 2015 thru February 8, 2016, please contact the firm.
On May 11, 2015, NewLink announced that algenpantucel-L had "'the potential to be the first and only FDA approved drug for resected pancreatic cancer,'" and that its "'fast-track status, orphan drug designation and [Special Protocol Assessment] g[a]ve [NewLink] continued confidence in [its] regulatory strategy. With this in mind, [NewLink was] thoughtfully preparing for regulatory filings and commercial activities associated with the potentially positive outcome of the trial.'" As a result of defendants' false and/or misleading statements during the Class Period, NewLink securities traded at artificially inflated prices, with its stock price reaching over $56 per share.
Then on May 9, 2016, after the market closed, NewLink announced that algenpantucel-L did not meet the main goal in the Company's Phase 3 IMPRESS study. Patients treated with algenpantucel-L lived for a median of 27.3 months in NewLink's Phase 3 trial compared to median survival of 30.4 months for patients treated with standard therapy, suggesting that patients were actually being harmed by NewLink's treatment. On this news, NewLink's stock price fell $5.05 per share, or 30%, to close at $11.45 per share on May 10, 2016.
If you purchased or otherwise acquired NewLink Genetics Corporation securities between September 17, 2013 thru May 9, 2016, please contact the firm.
Tangoe Inc. (Nasdaq: TNGO) 3/18/14 thru 3/7/16
After the market closed on March 7, 2016, the Company issued a press release announcing that it would restate its financial statements. The release stated that "the Company will restate its financial statements for the years 2013 and 2014, all quarters therein, and the first 3 quarters of 2015." The Company also stated that it did not expect to file its Annual Report on Form 10-K by the scheduled date, and that "[i]nvestors should no longer rely upon the Company's previously released financial statements for the time periods cited . . . or on the earnings releases for these periods; reports by BDO USA, LLP – the Company's independent registered public accounting firm ("BDO") – on such financial statements, including its reports on the Company's internal controls over financial reporting; and other communications relating to these financial statements." The Company stated that the restatement was based on its "conclusion that it made errors in recognizing revenue, primarily form business activities that are ancillary to the Company's core business," including "non-recurring revenue from strategic consulting and bill audit services with contingent fee arrangements." As a result of this announcement, the price of Tangoe shares fell 9% to close at $7.75 per share on March 8, 2016.
If you purchased or otherwise acquired Tangoe, Inc. securities between March 18, 2014 thru March 7, 2016, please contact the firm.
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 purchased or otherwise acquired Unilife Corporation securities pursuant to the February 23, 2014 thru May 23, 2016, please contact the firm.
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.
LAW OFFICES OF MARC S. HENZEL
MERION STATION, PA 19066
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SOURCE Law Offices of Marc S. Henzel