NEW YORK, Aug. 21, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Vocera Communications, Inc. ("Vocera" or the "Company") (NYSE: VCRA) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 13-cv-03872, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Vocera between March 28, 2012 and May 3, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, as well as Sections 11, 12(a)(2) and 15 of the Securities Act of 1933.
If you are a shareholder who purchased Vocera securities during the Class Period, you have until September 30, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Vocera is a leading provider of mobile communication solutions to healthcare and non-healthcare markets. The Company is headquartered in San Jose, California. Vocera offers software applications, hands-free wearable voice-controlled communication badges, smartphones, and other wireless devices to hospitals and to other enterprises where workers are highly mobile.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, during the Class Period, the Company made false and/or misleading statements and/or failed to disclose: (i) the extent of the adverse impact that healthcare reform was having on sales of the Company's communication products to hospitals; and (ii) the extent of the adverse impact that the federal budget sequestration was having on sales of the Company's communication products to government hospitals.
On March 28, 2012, Vocera conducted its IPO in which the Company offered 5 million common shares of Vocera stock, as well an additional 877,500 common shares that could be purchased at the option of the underwriters. The Company offered these common shares at $16.00 per share. Following the IPO, and during the Class Period, Vocera's share price increased significantly, climbing to a Class Period high of $31.52 per share on September 13, 2012.
On May 2, 2013, after the markets closed, Vocera shocked the investing public when it announced financial results for the first quarter 2013 that were significantly worse than expected. The Company reported revenue of $22.4 million, and non-GAAP earnings per share of $0.07, far below analysts' expectations and previously released guidance. The Company also sharply reduced its previously stated revenue guidance for full-year 2013, from between $120 Million and $130 million, to between just $100 million and $110 million. Furthermore, the Company reduced its guidance for non-GAAP earnings per share from a profit of $0.33 to $0.51 to a loss of $0.06 and a profit of $0.18. On this news, shares of Vocera fell $7.23 per share or 37.30% to close at $12.15 on intraday trading May 3, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP