SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on their Investment in Uroplasty, Inc. of Class Action Lawsuit Investigation - UPI
NEW YORK, June 14, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Uroplasty, Inc. ("Uroplasty" or the "Company") (NASDAQ: UPI) (CUSIP: 917277204) who purchased Uroplasty common stock between July 26, 2012 and June 13, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Uroplasty and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 14, 2013, Uroplasty announced that the Company will delay the filing of its Annual Report on Form 10-K for the year ended March 31, 2013, until the completion of a review of its internal control over financial reporting.
In connection with a review of employee expense reimbursements conducted after the end of the fiscal year, the Company uncovered issues related to the internal controls surrounding the employee expense reimbursement approval process. As a result of this review, the Company later uncovered issues in internal control related to the recognition of orders and the payment of sales commissions at the end of fiscal quarters. The Company concluded that further review was advisable.
The Company has placed Mahedi Jiwani, its Chief Financial Officer, on administrative leave pending completion of the internal control review. On this news announcement, Uroplasty shares declined $.32 or 13% to $2.16 per share on June 14, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, 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