MERION, Pa., June 14, 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 June 7, 2016, LDR Holding Corporation (Nasdaq: LDRH) announced that the Boards of Directors of LDRH & Zimmer Biomet Holdings, Inc. have approved a definitive agreement under which Zimmer Biomet will commence a tender offer to acquire all of the outstanding shares of LDR for $37.00 per share in cash, which implies a transaction value of approximately $1.0 billion.
The investigation concerns whether LDR's board of directors failed to adequately shop the Company and obtain the best possible value for LDR shareholders before entering into an agreement with Zimmer.
In November 2015, the Campaign for Accountability, a political watchdog group, filed a complaint with the SEC and the Senate Select Committee on Ethics alleging that Tennessee Senator Robert Corker ("Corker"), who had significant personal ties to CBL, may have engaged in insider trading of CBL stock using material, non-public information. CBL was not a named party in that complaint and refrained from comment on the allegations against Corker.
Then on May 24, 2016, an article in The Wall Street Journal reported that the FBI and SEC were investigating allegations that CBL had "falsified information on financial statements to banks when applying for financing arrangements." Specifically, former CBL employees reported to the FBI that CBL inflated its rental income and properties' occupancy rates when reporting those figures to banks. The Wall Street Journal went on to report that "FBI and SEC officials have also separately asked questions about the relationship between the company and Mr. Corker, who is close with senior executives at the firm and has made millions of dollars in profits trading the company's stock in recent years." As a result of these disclosures, the price of CBL stock fell as much as 12% from its close of $10.26 per share on May 24, 2016, trading as low as $8.98 per share on May 25, 2016.
If you purchased or otherwise acquired CBL securities between August 8, 2013 to May 24, 2016, please contact the firm.
On March 18, 2016, the Company announced that it had received a Complete Response Letter from the FDA regarding Kangio, stating that it could not approve the drug application for Kangio in its current form and requesting further characterization of bivalirudin-related substances in the drug. On this news, the price of Eagle stock fell $10.18 per share, or almost 19%, from its previous close of $53.68 per share to a close of $43.50 per share – a decline of over 37% from the stock's Class Period high.
If you purchased or otherwise acquired EGRX securities between February 23, 2016 to March 18, 2016, please contact the firm.
On May 19, 2016, news outlets reported that a Massachusetts federal jury had awarded a $70 million verdict to Neovasc's rival, CardiAQ Valve Technologies Inc. ("CardiAQ"), finding that Neovasc had stolen trade secrets from CardiAQ.
On this news, Neovasc's share price fell $1.38, or 75%, to close at $0.46 on May 20, 2016.
If you purchased or otherwise acquired NVCN securities between January 26, 2015, and May 19, 2016, please contact the firm.
On April 20, 2016, the Company issued a press release announcing its receipt of a response from the FDA on its SurgiBot 510(k) submission, which stated that "the FDA has determined that the SurgiBot™ System does not meet the criteria for substantial equivalence based upon the data and information submitted by TransEnterix in its 510(k) submission." On this news, the price of TransEnterix stock fell $2.47 per share, or more than 50%, to close at $2.27 per share on April 21, 2016.
Then on May 20, 2016, the Company issued a press release stating that it "expect[ed] to have further discussion with the FDA, but currently believes that a new 510(k) submission would be required to obtain clearance," that it was reprioritizing its near-term regulatory efforts to focus on another submission, and that, as a result, it "ha[d] taken actions to reduce headcount and investment related to the SurgiBot." On this news, the price of TransEnterix common stock fell another 10% to close at $1.84 per share on May 11, 2016.
If you purchased or otherwise acquired TransEnterix securities between February 10, 2016 to May 10, 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