GPM Reminds Investors of the January 9 Deadline in the Class Action Lawsuit Against InfuSystem Holdings, Inc.
January 06 2017 - 10:30AM
Business Wire
Investors with over $100,000 in losses are encouraged to contact
Lesley Portnoy, Esquire to discuss their legal rights.
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
January 9, 2017 deadline to file a lead plaintiff motion in
the class action filed on behalf of a class (the “Class”) 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, 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 Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
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/20170106005112/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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