NEW YORK, Dec. 19, 2016 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York and Los Angeles, announces an investigation of Alere Inc. ("Alere" or the "Company") its Board of Directors, and certain Company officers for, among other things, possible breaches of fiduciary duty and violations of federal securities laws.
On February 26, 2016, Alere filed with the Securities and Exchange Commission (the "SEC") a Form 12b-25 requesting an extension for the filing of its financial results for the quarter and fiscal year ended December 31, 2015, due to "an analysis over certain aspects of revenue recognition." Less than a month later, on March 15, Alere announced that it would not be able to meet the extension deadline, explaining that it would be expanding its analysis to include fiscal years 2013 and 2014. In addition, Alere also revealed that it received a criminal subpoena from the Department of Justice for information related to Company sales and sales practices, and matters related to the U.S. Foreign Corrupt Practices Act. The Company's troubles continued as it announced on July 11 that it would be initiating a voluntary withdrawal of its INRatio products as a result of safety concerns. In a final blow, on July 14, in a press release filed with the SEC, Alere disclosed that its analysis revealed material weaknesses in the Company's internal controls and financial reporting procedures which affected fiscal years 2013 and 2014, and the first three quarters of fiscal year 2015. The onslaught of negative news battered Alere shares, causing them to trade for as low as $31.47, a drop of nearly 42% from their February 26 opening price of $53.90.