WAYNE, Pa., May 6, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District Court, District of Massachusetts on behalf of all persons or entities that purchased Alere Inc. ("Alere" or the "Company") (NYSE: ALR) securities between May 9, 2013 and April 20, 2016, inclusive (the "Class Period").
Alere shareholders may, no later than June 20, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Alere and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/alr.
Alere provides diagnostic tests for infectious disease, cardiometabolic disease, and toxicology.
On February 1, 2016, Alere disclosed that it had entered into a merger agreement with Abbot Laboratories. On this news, Alere's stock price climbed $16.91, more than 45%, to close at $54.11 per share on February 1, 2016.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Alere's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alere improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles; (ii) Alere's quarterly and annual SEC filings would thus be delayed; (iii) therefore, Alere's planned merger with Abbott Laboratories would be thrown into doubt; (iv) Alere lacked adequate internal controls over accounting and financial reporting; and (v) consequently, Alere's financial statements, as well as Defendants' statements about Alere's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On February 26, 2016, Alere disclosed its inability to timely file its Annual Report for 2015 because it was investigating "certain aspects of revenue recognition in Africa and China" and evaluating "internal controls over financial reporting for the year ended December 31, 2015." Alere also disclosed that it had received an SEC subpoena on January 14, 2016, seeking "additional information related to sales of products and services to end-users in Africa, as well as revenue recognition" regarding the same.
On this news, Alere stock fell $0.48 to close at $53.30 on February 29, 2016, the next trading day.
On March 15, 2015, Alere disclosed its inability to file its Annual Report for 2015 within the 15-day extension period because the previously disclosed investigation remained ongoing and had expanded in scope. Finally, the Company disclosed that on March 11, 2016, the Company received a subpoena from the U.S. Department of Justice seeking information on "sales, sales practices and dealings with third-parties (including distributors and foreign governmental officials) in Africa, Asia and Latin America and other matters related to the U.S. Foreign Corrupt Practices Act."
On this news, Alere stock fell $4.14 per share, or 9.2%, to close at $49.32 on March 15, 2016, on unusually heavy volume.
On April 20, 2016, the CEO of Abbott Laboratories, during the company's quarterly earnings call, would not affirm Abbott Laboratories' commitment to merge with Alere.
On this news, Alere stock fell $6.11, or 12.3% per share, to close at $43.36 on April 20, 2016, on unusually heavy volume.
If you are a member of the class, you may, no later than June 20, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/alr. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP