NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Alere Inc. ("Alere" or the "Company") (NYSE: ALR) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired Alere securities between February 29, 2012 and November 4, 2016 both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: www.bgandg.com/alr.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Alere's wholly-owned subsidiary, Arriva Medical, LLC ("Arriva"), was submitting claims to Medicare for deceased patients; (2) the above-mentioned conduct subjected Arriva to revocation of its Medicare enrollment; and (3) consequently, defendants' statements about the Company's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 4, 2016, Alere announced that the Centers for Medicare and Medicaid Services alleged that Arriva Medical, Alere's subsidiary, had submitted claims for 211 deceased patients for over five years, and thus withdrew Arriva's Medicare enrollment. Following this news, Alere stock dropped $6.13 per share or roughly 14.5% on November 4, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/alr or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Alere you have until January 13, 2017 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.