Unilife investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Unilife is a designer, manufacturer, and supplier of innovative injectable drug delivery systems that can purportedly enhance and differentiate the injectable drugs, biologics and vaccines, or collectively, injectable therapies, of the company’s pharmaceutical and biotechnology customers.
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’s former CEO and former Chairman of the Board of Directors had violated the company’s policies and procedures and had engaged in violations of law and regulation; (2) that the company lacked adequate internal controls over accounting and financial reporting; (3) that, as a result, the company would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline; and (4) that, as a result of the foregoing, the company’s financial statements, as well as the defendants’ statements about Unilife’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
The Class Period commences on February 3, 2014 when Unilife issued a press release entitled, “Unilife Corporation Announces Financial Results For Fiscal Year 2014 Second Quarter.”
According to the complaint, on May 8, 2016, the company disclosed to investors that it was postponing its earnings conference call, originally scheduled for May 9, 2016 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.” Following this news, Unilife’s stock price fell $1.50 per share, or more than 29%, to close at $3.60 per share on May 9, 2016, on unusually heavy trading volume.
Then, 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 that it was not in compliance with NASDAQ Listing Rule 5250(c)(1). Following this news, Unilife’s stock price fell $0.31 per share, or more than 10%, to close at $2.64 per share on May 24, 2016.
If you are a member of the class described above, you may no later than July 25, 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.
Kessler Topaz Meltzer & Check, LLP
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