Scott+Scott, Attorneys at Law, LLP Files Securities Class Action Lawsuit Against Epocrates, Inc. -- EPOC
March 08 2013 - 8:00PM
Scott+Scott, Attorneys at Law, LLP filed a class action complaint
in the United States District Court for the Northern District of
California on behalf of those persons and entities: (1) who
purchased or otherwise acquired Epocrates, Inc. ("Epocrates" or the
"Company") (Nasdaq:EPOC) securities between February 2, 2011 and
August 9, 2011, inclusive (the "Class Period"); and (2) who
purchased or otherwise acquired Epocrates securities pursuant
and/or traceable to the Company's Registration Statement and
Prospectus (collectively, the "Registration Statement") issued in
connection with the Company's February 2, 2011 initial public
offering (the "IPO" or the "Offering"). The action seeks remedies
under the Securities Act of 1933 and the Securities Exchange Act of
1934.
If you purchased Epocrates securities during the Class Period or
in the Company's IPO and wish to serve as a lead plaintiff in the
action, you must move the Court no later than May 7, 2013. Any
member of the investor class may move the Court to serve as lead
plaintiff through counsel of its choice, or may choose to do
nothing and remain an absent class member. If you wish to discuss
this action or have questions concerning this notice or your
rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800)
404-7770, (860) 537-5537) or visit the Scott+Scott website for more
information: http://www.scott-scott.com/
There is no cost or fee to you.
Based in San Mateo, California, Epocrates offers various mobile
health software applications that provide reference information for
the healthcare industry. The securities class action charges
that, throughout the Class Period, the defendants made false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company's business, operations and
prospects. Specifically, the defendants made false and/or
misleading statements and/or failed to disclose: (1) that the
Company's pharmaceutical clients were awaiting guidance relating to
use of advertising on the Internet and through social media from
the United States Food and Drug Administration ("FDA"); (2) that,
as a result, these clients were increasingly delaying their
marketing activities on the Internet and through social media; (3)
the FDA's delay in issuing guidance relating to the Internet and
social media was causing expanding regulatory queues for Epocrates;
(4) that the expanding regulatory queues were negatively impacting
the Company's sales and revenue growth; and (5) that, as a result
of the foregoing, the defendants' positive statements about the
Company's business, operations and prospects lacked a reasonable
basis and/or were materially false and misleading at all relevant
times.
On August 9, 2011, the Company reported its 2011 fiscal second
quarter financial results and lowered its net sales guidance for
the 2011 fiscal year from the range of $122 million to $125 million
to the range of $115 million to $120 million. According to the
Company, the reason for this revised guidance was that its revenue
growth was being negatively impacted by expanding regulatory
queues, causing delays in the launch of DocAlert® messages and the
lengthening of the time between contract signing and revenue
recognition.
On this news, shares of Epocrates declined $6.80 per share,
nearly 40%, to close on August 10, 2011, at $9.89 per share, on
heavy trading volume.
Scott+Scott has significant experience in prosecuting major
securities, antitrust, and employee retirement plan actions
throughout the United States. The firm represents pension
funds, foundations, individuals, and other entities worldwide.
CONTACT: Michael Burnett
Scott+Scott, Attorneys at Law, LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com, or
mburnett@scott-scott.com
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