The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to maintain effective internal control over financial reporting and by releasing misguided financial statements.
Specifically, on November 7, 2016, the Company filed a Form 8-K with the Securities and Exchange Commission stating that the Company's audited financial statements for the fiscal year ended December 31, 2015, and the Company's unaudited financial statements for each of the fiscal quarters ended March 31, 2015 through June 30, 2016, should no longer be relied upon. The Company claimed that these statements contained an ov
erstatement of estimated accounts receivable collections which in turn overstated revenues.
On this news, InfuSystem's share price fell from $2.60 per share on November 4, 2016 to a closing price of $1.60 on November 7, 2016—a $1.00 or a 38.5% drop.
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If you invested in InfuSystem stock or options between May 12, 2015 and November 7, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/INFU. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding InfuSystem's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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