NEW YORK, April 25, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alere Inc. ("Alere" or the "Company") (NYSE: ALR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Alere and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 1, 2016, Alere disclosed that it had entered into a merger agreement with Abbott Laboratories. On this news, Alere's stock price rose $16.91, or more than 45%, to close at $54.11 on February 1, 2016. On or around March 15, 2016, Alere announced that it would delay the filing of its 2015 Annual Report and would need to restate its financial reports for the years 2013, 2014 and 2015 due to issues with the Company's revenue recognition practices. Alere also announced receipt of a subpoena from the U.S. Department of Justice relating to the Company's sales practices and compliance with the U.S. Foreign Corrupt Practices Act.
On this news, Alere's stock fell $4.14 per share, or 9.2%, to close at $49.32 on March 15, 2016.
On April 20, 2016, the Chief Executive Officer of Abbott Laboratories, during the company's quarterly earnings call, declined to affirm Abbott Laboratories' commitment to merge with Alere.
On this news, Alere's stock fell $6.11 per share, or 12.3%, to close at $43.36 on April 20, 2016.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP