Robbins Umeda LLP Announces an Investigation of MAP Pharmaceuticals, Inc.
May 02 2012 - 5:33PM
Business Wire
Shareholder rights firm Robbins Umeda LLP is investigating
possible breaches of fiduciary duty and other violations of the law
by certain officers and directors at MAP Pharmaceuticals, Inc.
(NASDAQ: MAPP). Concerned shareholders who would like more
information about their rights and potential remedies can contact
attorney Gregory E. Del Gaizo at (800) 350-6003,
info@robbinsumeda.com, or via the shareholder information form on
the firm's website.
Robbins Umeda LLP is investigating whether officers and
directors of MAP Pharmaceuticals breached their fiduciary duties to
shareholders and the company by failing to implement adequate
internal controls, which resulted in the company incorrectly
recognizing revenue and overstating income. In particular, on March
29, 2012, MAP Pharmaceuticals issued a press release in which the
company announced that "it will restate its interim unaudited
financial statements for the first three quarters of 2011 to
correct the accounting treatment for the non-refundable $60.0
million upfront cash payment received in February 2011 (the
"Upfront Payment") pursuant to the collaboration agreement with
Allergan." The press release further stated that the restatement
was caused by the company's incorrect recognition of revenue from
the Upfront Payment.
Robbins Umeda LLP highlights that MAP Pharmaceuticals
shareholders have the option to file a shareholder derivative
action to hold those officers and directors accountable for
damaging the company. Remedies commonly sought in derivative
actions include corporate governance reforms designed to prevent
future misconduct, removal of officers or directors whose
misconduct injured the corporation, and monetary payments in the
form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/map-pharmaceuticals-inc/
Attorney Advertising. Past results do not guarantee a similar
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