Law Offices of Marc S. Henzel Commences Investigation of Companies for Violations of the Federal Securities Laws
MERION, Pa., Dec. 21, 2015 /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:
ERBA Diagnostics, Inc. (NYSE-MKT: ERB) 4/14/14 thru 11/20/15
On November 20, 2015, after the market closed, ERBA disclosed that the Company's previously issued financial statements for each of the years ended December 31, 2014 and 2013 and for each of the interim periods ended March 31, 2015 and June 30, 2015 (collectively, the "Non-Reliance Periods") should no longer be relied upon. ERBA further disclosed that it intends to restate its financial statements for the Non-Reliance Periods. On this news, shares of ERBA dropped over 20%, closing at $1.14 per share on November 24, 2015, on heavy trading volume.
Nimble Storage, Inc. (NYSE: NMBL) 5/27/15 thru 11/19/15
On November 19, 2015, Nimble Storage announced fiscal 2016 third quarter financial results, reporting total revenue of $80.7 million, non-GAAP gross margin of 66.9%, a non-GAAP operating loss of $10.8 million, or negative 13% of revenue, and a GAAP net loss of $28.6 million, or $0.36 per basic and diluted share. On this news, the price of Nimble Storage common stock fell $10.34 per share, or 51%, to close at $10.05 per share on November 20, 2015.
Qualcomm Incorporated (Nasdaq: QCOM) 11/6/14 thru 7/22/15
On July 22, 2015, after the market closed, Qualcomm issued a press release that reported its third-quarter 2015 results and lowered its sales and earnings forecasts due, in part, to weaker-than-expected original equipment manufacturer sales of devices that included the Company's products. Qualcomm explained on the earnings call discussing these results that it had an inventory build-up of chips. On this news, Qualcomm stock dropped significantly immediately following this announcement.
SunEdison, Inc. (NYSE: SUNE) 6/16/15 thru 10/6/15
On October 5, 2015, the truth about the Company's financial soundness was revealed when the Company announced it was laying off 15% of its workforce. SunEdison's stock dropped to $8.69, from a high of $30.96 at the start of the Class Period on June 16, 2015 – a 72% drop.
SuperCom Ltd. (Nasdaq: SPCB) 6/1/15 thru 11/27/15
On November 30, 2015, Supercom announced its preliminary financial results for the third quarter of 2015, acknowledging that it had significantly missed its own revenue target and disclosing that the Company expected third quarter 2015 revenues to come in at $5.5-$6.1 million, less than half of the $13.38 million the Company had led the investment community to expect, and that it would be forced to lower its fiscal year 2015 guidance. The Company stated that its "'financial performance in the third quarter and full-year were impacted by [its] inability to recognize more than $10 million of revenues that were expected this year, mainly due to delays associated with foreign government customers.'" On this news, the price of SuperCom common stock fell more than $3 per share, or 40%, from its close of $7.70 per share on November 27, 2015 to a close of $4.60 per share on November 30, 2015.
Vale S.A. (NYSE: VALE) 3/21/15 thru 11/30/15
On November 27, 2015, Vale admitted for the first time that, due to a dam breach, there was toxic waste in the Rio Doce. On this news, the Company's securities fell $0.16 per share from its previous closing price on November 25, 2015, to close at $3.57 per share on November 27, 2015. Three days later, the Brazilian government filed a lawsuit against Vale, Samarco, and BHP Billiton plc of Australia for $5.2 billion. On this news, the Company's securities fell $0.20, or 5.6%, to close at $3.37 on November 30, 2015.
Vital Therapies, Inc. (Nasdaq: VTL) 4/17/14 thru 8/21/15
On August 21, 2015, after the market closed, the Company issued a press release announcing that the VTI-208 trial "failed to meet the primary endpoint of overall survival through at least 91 days[.]" The press release also announced that "[t]he Company will stop the VTI-210 and VTI-212 clinical trials, and also plans to meet with the FDA as soon as possible to discuss restructuring its clinical development program, including a potential new trial to confirm the information suggested by the subset analyses." On this news, shares of Vital Therapies plummeted over 79%, closing at $3.65 per share on August 24, 2015, on heavy trading volume.
Jarden Corporation (NYSE: JAH) 12/14/15
Under the terms of the agreement, shareholders of Jarden will receive $21.00 in cash and 0.862 shares of Newell Rubbermaid for each share of Jarden. Based on Newell Rubbermaid's closing stock price on December 11, 2015, Jarden shareholders would have received compensation valued at approximately $60.03 per share.
Heartland Payment Systems, Inc. (NYSE: HPY) 12/15/15
Under the terms of the agreement, shareholders of Heartland will receive 0.6687 shares of Global Payments stock and $53.28 in cash for each share of Heartland. Based on Global Payments' closing stock price on December 15, 2015, Heartland shareholders would have received compensation valued at approximately $101.04 per share.
Inland Real Estate Corporation (NYSE: IRC) 12/15/15
On December 15, 2015 IRC announced that it had signed a definitive merger agreement with DRA. Under the terms of the agreement, DRA will acquire all issued and outstanding common stock of IRC for $10.60 per share in cash.
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
LAW OFFICES OF MARC S. HENZEL
MERION STATION, PA 19066
SOURCE Law Offices of Marc S. Henzel
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