NEW ORLEANS, Jan. 6, 2017 /PRNewswire/ -- 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.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC