Alere investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Alere provides diagnostic tests for infectious disease, cardiometabolic disease, and toxicology. The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) that the company improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles; (2) that, as a result, the company’s quarterly and annual SEC filings would be delayed; (3) that, as a result of the foregoing, the company’s planned merger with Abbott Laboratories would be thrown into doubt; (4) that the company lacked adequate internal controls over accounting and financial reporting; and (5) that, as a result of the foregoing, the company’s financial statements, as well as defendants’ statements about Alere’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
The Class Period commences on May 9, 2013 when Alere issued a press release entitled, “Alere Inc. Announces First Quarter 2013 Results.” On the same day, Alere filed its Quarterly Report with the SEC on Form 10-Q for the fiscal quarter ended March 31, 2013.
According to the complaint, on February 1, 2016, Alere disclosed that it had entered into a merger agreement with Abbot Laboratories. Following this news, Alere’s stock price rose $16.91, or more than 45%, to close at $54.11 per share on February 1, 2016.
Then, on February 26, 2016, after the market closed, the company disclosed that it was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 within the prescribed time period. Following this news, shares of Alere fell $0.48 per share to close on February 29, 2016, the next trading day, at $53.30 per share.
The complaint alleges that on March 15, 2015, Alere disclosed that the company would be unable to file its 2015 Form 10-K within the extension period. Following this news, Alere’s stock price fell $4.14 per share, or 9.2%, to close on March 15, 2016, at $49.32 per share, on unusually heavy volume.
Finally, the complaint alleges that on April 20, 2016, the CEO of Abbott Laboratories, during the company’s quarterly earnings conference call was hesitant to reaffirm Abbot Laboratories’ commitment to the Alere transaction. Following this news, Alere’s stock price fell $6.11 per share, or 12.3%, to close at $43.36 per share on April 20, 2016, on unusually heavy volume.
If you are a member of the class described above, you may no later than June 20, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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