January 9 Deadline Alert: Law Offices of Howard G. Smith Reminds InfuSystem Holdings, Inc. Investors of Upcoming Lead Plainti...
January 05 2017 - 12:38PM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming January 9, 2017 deadline to file a lead
plaintiff motion in the class action filed on behalf of investors
who purchased InfuSystem Holdings, Inc. (“InfuSystem” or the
“Company”) (NYSE MKT: INFU) securities between May 12, 2015
to November 7, 2016, inclusive (the “Class Period”).
InfuSystem investors have until January 9, 2017 to
file a lead plaintiff motion.
On November 7, 2016, InfuSystem disclosed that the Company’s
audited financial statements for the fiscal year ended December 31,
2015, and the Company’s unaudited financial statements for each of
the fiscal quarters ended March 31, 2015 through June 30, 2016
should no longer be relied upon. According to InfuSystem, the
financial statements contained an error resulting in an
overestimation of accounts receivable collections which led to
inflated revenues.
On this news, shares of InfuSystem fell 38%, to close at $1.60
per share on November 7, 2016, thereby injuring investors.
According to the Complaint filed in this lawsuit, throughout the
Class Period Defendants made false and/or misleading statements
and/or failed to disclose that: (1) InfuSystem lacked effective
internal control over financial reporting; (2) InfuSystem’s
financial statements dating back to the beginning of 2015
overstated the estimated accounts receivable collections which in
turn overstated revenues and pre-tax income by a corresponding
amount; (3) InfuSystem’s financial statements dating back to the
beginning of 2015 could no longer be relied upon; and (4) as a
result of the foregoing, the InfuSystem’s financial statements were
materially false and misleading at all relevant times.
If you purchased InfuSystem shares, you may move the Court no
later than January 9, 2017 to request appointment
as lead plaintiff. To be a member of the class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170105006139/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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