Imprivata investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Imprivata is an IT security company that provides authentication and access management technology solutions for the healthcare industry in the United States, the United Kingdom, and internationally.
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 that: (a) the demand for the Company’s IT security offerings had fallen significantly, particularly with smaller hospitals and non-healthcare clients; (b) certain customers were delaying their acquisitions; and (c) Defendants lacked a reasonable basis for their positive statements about the Company and its business prospects.
The Class Period commences on March 5, 2015. On July 29, 2015, after the close of trading, Imprivata issued a press release announcing its financial results for its 2015 second quarter.
On October 14, 2015, after the close of trading, Imprivata issued a release preliminarily announcing its financial results for its 2015 third quarter, more than one month before the August 3, 2015 secondary stock offering. Rather than the revenues in the range of $31-$31.5 million that the Company had state it was on track to achieve the quarter on July 29, 2015, Imprivata reported that its sales would come in at or below $29.2 million.
Following this news, the price of Imprivata stock declined, falling from its close of $17.31 on October 14, 2015 to close down at $12 on October 15, 2015.
Then, on November 2, 2015, after the close of trading, the Company issued a release disclosing its financial results for its 2015 third quarter, which were along the same lines preliminarily announced on October 14, 2015.
Following this news, the price of Imprivata stock declined, falling from its close of $10.39 on November 2, 2015 to close at $9.42 on November 3, 2015.
If you are a member of the class described above, you may no later than March 28, 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.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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