May 16 Deadline Alert: Tostrud Law Group, P.C. Reminds Investors of Upcoming Deadline in the Class Action Lawsuit Against Ins...
May 11 2017 - 10:30AM
Business Wire
Tostrud Law Group, P.C. reminds investors of the May 16,
2017 deadline to file a lead plaintiff motion in the class
action filed on behalf of a class of investors who acquired Insys
Therapeutics, Inc. (“Insys” or the “Company”) (NASDAQ: INSY)
securities between February 23, 2016 and March 15, 2017,
inclusive (the “Class Period”). Insys investors have
until May 16, 2017 to file a lead plaintiff
motion. Injured investors are encouraged to contact Jon Tostrud,
Esq. to discuss their legal rights.
On March 15, 2017, Insys disclosed that it would delay the
release of its financial results for the fourth quarter and full
year 2016 in order to complete an independent review of the
Company’s processes related to sales allowances and extended
payment terms. The company further disclosed that the review could
result in a reduction of 2015 net revenue and pre-tax income. On
this news, shares of Insys fell nearly 5% during trading on March
16, 2017 to close at $10.06 per share, thereby injuring
investors.
The Complaint filed in this class action lawsuit alleges that
throughout the Class Period, Defendants made materially false
and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations,
and prospects. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (i) Insys had
overstated its 2015 net revenue; (ii) Insys had misstated its sales
allowances for 2016; (iii) accordingly, the Company lacked
effective internal controls over financial reporting; and (iv) as a
result of the foregoing, Insys’ public statements were materially
false and misleading at all relevant times.
Insys investors have until May 16, 2017 to move the Court
to appoint you as lead plaintiff in this class action if you meet
certain legal requirements. If you have information or would like
to learn more about these class action claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to this class
action lawsuit, please contact Jon Tostrud, Esquire, of Tostrud Law
Group, P.C., 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, at (310) 278-2600 or by e-mail
at jtostrud@tostrudlaw.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/20170511005331/en/
Tostrud Law Group, P.C.Jon Tostrud, Esq.(310)
278-2600jtostrud@tostrudlaw.comwww.tostrudlaw.com
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