NEW YORK, May 31, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Invacare Corporation ("Invacare" or the "Company") ( NYSE: IVC) (CUSIP: 461203101) who purchased Invacare common stock between July 22, 2010 and December 7, 2011 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Invacare and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 4, 2011 the Company received a Warning Letter from the FDA. The Warning Letter identified a litany of CGMP violations and "recurring" consumer complaints concerning the safety of Invacare's medical beds, including incidents of death caused by entrapment and fire. In the Warning Letter, the FDA reprimanded Invacare for failing to take preventative action, document and evaluate serious complaints, and complete risk assessments to ensure the safety of its products.
On this news, Invacare stock fell $1.38 per share, or 4.49%, to close at $29.29 per share on January 4, 2011.
On December 8, 2011, Invacare issued a press release announcing that the FDA intended to enter a consent decree, which would require the suspension of certain operations until the Company's manufacturing facilities became compliant with FDA regulations.
On this news, Invacare securities fell $5.88 per share, or 28.57%, to close at $14.70 per share on December 8, 2011.
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
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP