Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against InfuSystem Holdings, Inc.
Oklahoma City, OK (November 11, 2016) – On November 8, 2016, a securities class action lawsuit was filed in the United States District Court for the Central District of California against InfuSystem Holdings, Inc. (NYSE: INFU). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 12, 2015 through November 7, 2016. More specifically, this litigation was filed because the Company failed to disclose that: (1) InfuSystem lacked effective internal control over financial reporting; (2) InfuSystem's financial statements dating back to the beginning of 2015 overstated the estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount; (3) InfuSystem's financial statements dating back to the beginning of 2015 could no longer be relied upon; and (4) as a result of the foregoing, the InfuSystem's financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 7, 2016, the Company filed a Form 8-K with the SEC stating that previously issued financial statements should not be relied upon. “the Financial Statements contained an error related to an overstatement of estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount.”
Plaintiff seeks to recover damages on behalf of all InfuSystem Holdings, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, January 9, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Fri, November 11, 2016
by Robin Hester filed under