Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Unilife Corporation
Oklahoma City, OK (May 29, 2016) – On May 26, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Unilife Corporation (NASDAQ: UNIS). 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 February 3, 2014 through May 23, 2106. More specifically, this litigation was filed on May 8, 2016, the Company announced the postponing of its May 9, 2016 earnings conference call due to the discovery of violations of Company policies and procedures and possible violations of law and regulation by the Company’s “former Chief Executive Officer” and by the “former Chairman of the Company’s Board of Directors who resigned in 2015.”
During post-market hours on May 11, 2016, the Company filed a Notification of Late Filing on Form 12b-25 with the SEC due to its inability to meet the deadline for Quarterly Report on Form 10-Q for the period ended March 31, 2016. The Company also revealed that it would investigate whether the conduct of its former CEO and former Chairman of the Board of Directors would impact previous previously-issued financial statements, current interim financial information, and management’s certifications.
Finally, on May 23, 2016, after the market closed, the Company disclosed that it received a letter from The NADSAQ Stock Market LLC notifying the Company of its non-compliance with NASDAQ Listing Rule 5250(c)(1), citing the Company’s late filing of its from 10-Q for the period ended March 31, 2016 with the SEC. After the news, the Company’s share price declined from $2.95 per share to close at $2.64 on May 24, 2016.
Plaintiff seeks to recover damages on behalf of all Unilife Corporation 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, July 25, 2016 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 Sun, May 29, 2016
by Robin Hester filed under