Law Offices of Marc S. Henzel Announces Investigation of Companies for Violations of the Federal Securities Laws
MERION, Pa., Jan. 28, 2016 /PRNewswire/ -- The Law Offices of Marc S. Henzel (www.henzellaw.com), a firm focusing on shareholder litigation, gives notice to shareholders of investigation into the following securities for violations of the Federal Securities Laws:
HeartWare International Inc. (Nasdaq: HTWR) 6/10/14 thru 1/11/16
On September 9, 2015, HeartWare disclosed that it was halting enrollment in the MVAD trial because of a manufacturing problem with the device. On October 12, 2015, HeartWare disclosed that patients in the MVAD trial had suffered adverse events, and that the trial would be further delayed. And on January 11, 2016, the Company revealed that problems with MVAD had resulted in serious adverse events in nearly half of the patients so far implanted with the device, and that the trial would be delayed indefinitely. In response to each of these disclosures, the price of HeartWare's common stock declined significantly.
Tower Semiconductor Ltd. (Nasdaq: TSEM) 4/30/12 thru 1/13/16
On January 14, 2016, a report was issued about the Company claiming that the value of the net tangible assets of the acquisitions from Micron and Panasonic were artificially inflated, and that Tower understated its debt due to improper accounting relating to the Debentures. After this news, Tower stock fell approximately 10%.
Freeport-McMoRan Inc. (NYSE: FCX) 2/27/15 thru 1/15/16
On November 19, 2015, the Financial Times reported the news, initially reported by the Jakarta Globe, that Freeport Indonesia has pledged its full cooperation in an impending inquiry by the Indonesian House of Representatives in to allegations that Speaker Setya Novanto's ("Novanto") solicited bribes from Freeport. On this news, Freeport stock fell $0.36, or 4.1%, to close at $8.41 on November 19, 2015.
On November 25, 2015, the Indonesian magazine Tempo published an interview with Novanto concerning the probe into Novanto's dealings with Freeport Indonesia. Concerning his meetings with Sjamsuddin, Novanto stated, in part, that he believed Maroef Sjamsuddin had attempted to "blackmail" and "entrap" him. On this news, Freeport stock fell $0.20, or 2.4%, to close at $8.10 on November 25, 2016.
On November 26, 2015, the blog Indonesian Development Monitoring reported that Indonesia's State-Owned Enterprise Workers Union intended to request that the U.S. Department of Justice ("DOJ") investigate Freeport for potential violations of the FCPA, "by engaging in what we believe is likely . . . bribery of high-level government official and Chief of House Speaker in Indonesia to renew[] the Freeport mining contract."
On December 3, 2015, testifying before an Indonesian parliamentary committee regarding Novanto's solicitation of bribes from Freeport, Maroef Sjamsuddin stated that he had turned over his recording of the conversation with Novanto to his superiors at Freeport to "show my integrity and transparency" before the recording was turned over to the Indonesian government. On this news, Freeport stock fell $0.15, or 1.9%, to close at $7.68 on December 3, 2015.
Natural Health Trends Corp. (Nasdaq: NHTC) 3/6/15 thru 1/12/16
On January 12, 2016, a report was issued asserting among other things, that news broke on several reputable Chinese media sites that morning, including SINA Finance, claiming the Company had been raided and is under investigation. On this news, shares of Natural Health Trends dropped over 7%, closing at $19.18 per share on January 12, 2015, on heavy trading volume.
MannKind Corporation (Nasdaq: MNKD) 8/10/15 thru 1/5/16
On January 5, 2016, MannKind issued a press release entitled "MannKind Corporation Announces Termination of License and Collaboration Agreement with Sanofi." Also on January 5, 2016, it was reported that Sanofi spokesman, Jack Cox, said in an emailed statement that Sanofi terminated the agreement with MannKind due to continued low level of prescriptions "despite our [Sanofi's] substantial efforts." It was then further reported that Sanofi spokesman, Jack Cox, further said in his January 5, 2016 emailed statement that prescription levels of Afrezza never even met "modest expectations."
On this news, the Company's stock fell $0.70 per share, or over 48%, to close at $0.75 per share on January 5, 2015, damaging investors.
Talmer Bancorp, Inc. (Nasdaq: TLMR) 1/26/16
The firm's investigation concerns whether Talmar's directors are breaching their fiduciary duties by failing to adequately maximize shareholder value. Under the terms of the proposed transaction, Talmar's shareholders will receive $15.64 per share in cash and stock for each Talmar share they own. However, the offer price is below: (1) the 52-week high of $18.48 per share, (2) the 52-week average of $16.26 per share, and (3) the median analyst price target of $20.30 per share. Significantly, the offer price has a negative premium of 2.3% from the closing price of $16.00 per share on 1/25/16.
FirstMerit Corporation (Nasdaq: FMER) 1/26/16
The firm has commenced an investigation into the fairness of the sale of FirstMerit Corp. (FMER) to Huntington Bancshares Incorporated (HBAN) for 1.72 shares of Huntington stock and $5.00 in cash per FirstMerit share, representing a value of approximately $20.14 per share. The consideration valued at approximately $20.14 per share, is virtually no premium over the 52-week high.
If you would like to learn more about the investigation of these companies, would like to learn more about any potential claims or you wish to discuss these matters and have any questions concerning this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at [email protected], or to sign up online, visit the firm's website at www.henzellaw.com.
The Law Offices of Marc S. Henzel is a national shareholder litigation firm representing shareholders & investors in various areas of securities laws including but not limited to: class actions, derivatives, transactional (buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
Contact:
Law Offices of Marc S. Henzel
Marc S. Henzel
Email: [email protected]
Phone 610-660-8000
Website: www.henzellaw.com
SOURCE Law Offices of Marc S. Henzel
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