ALERE INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates Alere Inc. - ALR
December 09 2016 - 10:50PM
Business Wire
Former Attorney General of Louisiana, Charles C. Foti, Jr.,
Esq., a partner at the law firm of Kahn Swick & Foti, LLC
(“KSF”), announces that KSF has commenced an investigation into
Alere Inc. (NYSE: ALR).
In February 1, 2016, Alere announced that it had agreed to be
bought by Abbott Laboratories for about $5.8 billion. Four weeks
later, Alere disclosed that it would be delaying the filing of its
annual report while it analyzed how it recognized revenue in Africa
and China. When the report was submitted five months later, Alere
admitted to internal control failures that required it to restate
its 2013-15 financials.
Then, on March 11, 2016, Alere announced that it had received a
grand jury subpoena from the DOJ requiring it to produce documents
relating to its sales practices in Africa, Asia, Latin America and
other Foreign Corrupt Practices Act issues. In November, Alere lost
Medicare reimbursement privileges for its diabetes division
subsidiary for seeking reimbursement for 211 deceased people. Then,
on December 7, 2016, Abbott sued Alere, seeking to terminate the
buyout.
Alere and certain of its executives have also been sued in a
securities class action lawsuit, which charged them with failing to
disclose material information to shareholders, violating federal
securities laws.
KSF’s investigation is focusing on whether Alere’s officers
and/or directors breached their fiduciary duties to Alere’s
shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its
investigation, or have been a long-term holder of Alere shares and
would like to discuss your legal rights, you may, without
obligation or cost to you, call toll-free at 1-877-515-1850 or
email KSF Managing Partner Lewis Kahn
(lewis.kahn@ksfcounsel.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities,
antitrust and consumer class actions, along with merger &
acquisition and breach of fiduciary litigation against publicly
traded companies on behalf of shareholders. The firm has offices in
New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161209005800/en/
Kahn Swick & Foti, LLCLewis Kahn, 1-877-515-1850Managing
Partnerlewis.kahn@ksfcounsel.com
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