NEW YORK, June 3, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been against Unilife Corporation ("Unilife" or the "Company") (NASDAQ: UNIS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-03986, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Unilife securities between February 3, 2014 and May 23, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Unilife securities during the Class Period, you have until July 25, 2016 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, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Unilife is a designer, manufacturer, and supplier of innovative injectable drug delivery systems that can purportedly enhance and differentiate the injectable drugs, biologics and vaccines, or collectively, injectable therapies, of the Company's pharmaceutical and biotechnology customers.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's former Chief Executive Officer ("CEO") and former Chairman of the Board of Directors had violated the Company's policies and procedures and had engaged in violations of law and regulation; (ii) the Company lacked adequate internal controls over accounting and financial reporting; (iii) as a result, the Company would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline; and (iv) as a result of the foregoing, the Company's financial statements, as well as Defendants' statements about Unilife's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On May 8, 2016, the Company disclosed to investors 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 law and regulation 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, Unilife'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.
On May 11, 2016, after the market closed, Unilife filed a Notification of Late Filing on Form 12b-25 with the SEC. Therein, the Company disclosed that Unilife's current management team discovered violations of the registrant's policies and procedures and possible violations of law and regulation by the registrant's former Chief Executive Officer and by the former Chairman of the registrant's Board of Directors who resigned in 2015. The Company also announced that it was investigating the violations' potential impact on financial reporting and internal controls over financial reporting, related to previously-issued financial statements, current interim financial information, and management's certifications. Finally, the Company disclosed that, as a result of the foregoing, the Company was unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline.
On this news, Unilife's stock price fell $0.30 per share, or 8.1%, to close at $3.40 per share on May 12, 2016, on unusually heavy trading volume. The stock price continued to decline, falling another $0.28 per share, or 9.1%, to close at $3.12 per share on May 13, 2016, on unusually heavy trading volume.
On May 23, 2016, after the market closed, the Company disclosed that it received a letter from The NADSAQ Stock Market LLC notifying the Company that it was not in compliance with NASDAQ Listing Rule 5250(c)(1) because it had not filed its Form 10-Q for the period ended March 31, 2016 in a timely manner with the Securities and Exchange Commission.
On this news, Unilife's stock price fell $0.31 per share, or more than 10%, to close at $2.64 per share on May 24, 2016, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 80 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
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SOURCE Pomerantz LLP