RADNOR, Pa., May 20, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Alere Inc. (NYSE: ALR) ("Alere" or the "Company") on behalf of purchasers of the Company's securities between May 9, 2013 and April 20, 2016, inclusive (the "Class Period").
Alere shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at email@example.com.
For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/alere-inc#join.
Alere provides point-of-care diagnostics and services for infectious disease, cardiometabolic disease, and toxicology in the United States and internationally.
According to the complaint, during the Class Period Alere and certain of its executive officers made false and/or misleading statements, and failed to disclose material adverse facts about the company's business, operations, and prospects, including the following: (1) that the company improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles; (2) that, as a result, the company's quarterly and annual SEC filings would be delayed; (3) that, as a result of the foregoing, the company's planned merger with Abbott Laboratories would be thrown into doubt; (4) that the company lacked adequate internal controls over accounting and financial reporting; and (5) that, as a result of the foregoing, the company's financial statements, as well as defendants' statements about Alere's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On February 1, 2016, Alere and Abbott Laboratories ("Abbott") announced that Abbott would acquire Alere for $56.00 per share. On this news, shares of Alere's stock increased $16.91 per share, or more than 45%, to close at $54.11 per share on February 1, 2016.
Then, on February 26, 2016, Alere disclosed that it was unable to timely file its 2015 Annual Report with the SEC on Form 10-K because the Company was "conducting an analysis of certain aspects of revenue recognition in Africa and China." Alere further disclosed that it had recently received a subpoena from the SEC in connection with a formal investigation.
On March 15, 2015, Alere disclosed that it remained unable to file its 2015 Annual Report with the SEC because it was "continuing to conduct an analysis of certain aspects of the timing of revenue recognition." On this news, shares of the Company's stock declined $4.14 per share, or 7.7%, to close on March 15, 2016 at $49.32 per share.
Finally, on April 20, 2016, Abbott's Chief Executive Officer refused to reaffirm Abbott's commitment to the previously announced acquisition of Alere. On this news, shares of the Company's stock declined an additional $6.11 per share, or 12.3%, to close on April 20, 2016 at $43.36 per share.
Alere shareholders who purchased their securities during the Class Period (May 9, 2013 - April 20, 2016) may, no later than June 20, 2016, petition the Court to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP