NEW YORK, Oct. 23, 2015 /PRNewswire/ --
Cardiovascular Systems Inc. (CSII)
Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board of CSII. Specifically, on May 8, 2014, the Company received a letter from the U.S. Attorney's Office for the W.D.N.C. stating that CSII is being investigated for possible violations of the False Claims Act. On July 8, 2015, CSII further revealed that a whistleblower lawsuit had been unsealed alleging that CSII engaged in a fraudulent marketing scheme to maximize profits through illegal kickbacks.
Donaldson Company, Inc. (DCI)
Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board of DCI. Specifically, on September 29, 2015, DCI announced that it was temporarily unable to file its annual report, after receiving reports from two former employees that revenue for a project in the European Gas Turbine Products business was improperly recognized in the second quarter of fiscal year 2015. An internal investigation by the company has verified the substance of the report and identified additional revenue transactions involving the same improper practices. There is also an indication that there may have been purposeful deferring of certain charges from suppliers to later time periods than appropriate.
Navient Corporation (NAVI)
Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board of NAVI. Specifically, on August 24, 2015, NAVI announced that its subsidiary received notice that the Consumer Financial Protection Bureau ("CFPB") may take legal action over NAVI's disclosures and assessment of late fees. The CFPB may seek restitution, civil monetary penalties and corrective action against NAVI.
Super Micro Computer, Inc. (SMCI)
Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board of SMCI. Specifically, on August 31, 2015, the Company disclosed that it had "recently discovered certain irregularities regarding certain marketing expenses and additional time is required for [the Company] to complete its investigation of the matter."
Sientra, Inc. (SIEN)
Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board of SIEN. Specifically, on September 24, 2015, the Company announced that the United Kingdom's Medicines and Healthcare Products Regulatory Agency suspended sales of Silimed products after an audit of Silimed's manufacturing processes revealed contamination in Silimed's Rio de Janeiro manufacturing plant, the value of Sientra shares declined significantly.
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Joshua M. Lifshitz, Esq.
Lifshitz & Miller
Email: [email protected]
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