NEW YORK, Oct. 5, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Trinity Biotech plc ("Trinity" or the "Company") (NasdaqGS: TRIB).
The investigation focuses on whether the Company and its executives violated federal securities laws by potentially misrepresenting the likelihood of the marketing applications of its point-of-care testing devices to be accepted by the Food and Drug Administration ("FDA").
Specifically, on October 4, 2016, the Company announced that it would withdraw its 510(k) premarket notification submission for the Meritas Troponin-I Test and Meritas Point-of-Care Analyzer on the advice of the FDA. The Company also announced that it would close down its Swedish facility, eliminating 40 jobs and generating $50 million in redundancy and closure costs, and that it would reduce expenditure levels from $9 million to $1.5 million per annum.
After this announcement, Trinity's share price fell from $12.99 per share on October 3, 2016 to a closing price of $6.46 on October 4, 2016—a $6.53 or a 50.3% drop.
Request more information now by clicking here: www.faruqilaw.com/TRIB. There is no cost or obligation to you.
If you invested in Trinity stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/TRIB. 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 Trinity's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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