NEW YORK, Aug. 3, 2016 /PRNewswire/ -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased Inovalon Holdings, Inc. (NASDAQ: INOV) securities pursuant and/or traceable to the February 12, 2015 Initial Public Offering.
Click here to learn about the case: http://www.wongesq.com/pslra/inovalon-holdings. There is no cost or obligation to you.
According to the complaint, the Registration Statement issued in connection with the IPO contained misleading information and/or omitted material facts. In particular, Inovalon failed to disclose that the Company derives substantial revenues from sales in the city and state of New York, both of which were reforming their corporate tax schemes in order to capture more taxes from out-of-state businesses doing substantial business within their borders; these corporate tax rate increases, which would take effect January 1, 2016— more than a month prior to Inovalon's IPO—would significantly increase the Company's effective tax rate and thus lower its 2015 earning potential. This omission rendered false and misleading the Registration Statement's claim that Inovalon's year-over-year "effective income tax rate . . . remained relatively stable at 39%."
If you suffered a loss in Inovalon Holdings you have until August 23, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email firstname.lastname@example.org, by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra/inovalon-holdings.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
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SOURCE The Law Offices of Vincent Wong