OPKO investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, OPKO is a healthcare company that engages in the diagnostics and pharmaceuticals business in the United States and internationally, including in Ireland, Chile, Spain, Israel, and Mexico.
The Class Period commences on September 26, 2013, when the article "Opko and Its Billionaire CEO Invested in Biozone" appeared on Seeking Alpha. The complaint alleges that the article, as part of a scheme to inflate the price of Biozone Pharmaceuticals ("Biozone"), touted Biozone by using OPKO and OPKO's Chief Executive Officer and Chairman Phillip Frost's ("Frost") ownership in Biozone, as Frost had a reputation as a successful biotech investor.
The complaint alleges that on September 7, 2018, the SEC issued a press release entitled "SEC Charges Microcap Fraudsters for Roles in Lucrative Market Manipulation Schemes," which included Frost and OPKO as defendants. The press release stated, in relevant part, "[a]according to the SEC's complaint, from 2013 to 2018, a group of prolific South Florida-based microcap fraudsters . . . manipulated the share price of the stock of three companies in classic pump-and-dump schemes. Miami biotech billionaire Phillip Frost allegedly participated in two of these three schemes.” Following this news, shares of OPKO fell $1.01 or over 18%, before NASDAQ halted the trading of OPKO on September 7, 2018 at 2:34 p.m. EDT at $4.58.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Frost and OPKO were engaged in a pump-and-dump scheme with several other individuals and companies in their investments in several penny stocks; (2) this illicit scheme would result in governmental scrutiny including from the SEC; and (3) as a result, the defendants' statements about OPKO's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis as all relevant times.
If you are a member of the class described above, you may no later than November 13, 2018 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. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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