SHAREHOLDERS ALERT: Pomerantz Law Firm Has Filed a Class Action Against Merge Healthcare Incorporated & Certain Officers - MRGE
March 21 2014 - 5:29PM
Marketwired
SHAREHOLDERS ALERT: Pomerantz Law Firm Has Filed a Class Action
Against Merge Healthcare Incorporated and Certain Officers - MRGE
NEW YORK, NY--(Marketwired - Mar 21, 2014) - Pomerantz LLP has
filed a class action lawsuit against Merge Healthcare Incorporated
("Merge" or the "Company") (NASDAQ: MRGE) and certain of its
officers. The class action, filed in United States District Court,
Northern District of Illinois, and docketed under 14-cv-00869, is
on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired securities of Merge between August
1, 2012 and January 7, 2014 both dates inclusive (the "Class
Period"). This class action seeks to recover damages against the
Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Merge securities during
the Class Period, you have until April 11, 2014 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Merge Healthcare Incorporated develops software solutions that
facilitate the sharing of images to create an electronic healthcare
experience for patients and physicians worldwide. It operates in
two segments, Merge Healthcare and Merge DNA.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and 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: (1) that
the existence or amount of certain customer contracts with respect
to the Company's eClinical business had been falsified; (2) that,
as a result, the Company's reported subscription backlog was
overstated; (3) that the Company lacked adequate internal and
financial controls; and (4) that, as a result of the foregoing, the
defendants' statements about the Company's business, operations and
prospects lacked a reasonable basis and were materially false and
misleading at all relevant times.
On January 8, 2014, the Company disclosed that it was revising
its previously reported subscription backlog totals after an
internal review concluded that a former sales employee in its
eClinical business had falsified the existence or amount of certain
customer contracts with an apparent value of approximately $5.8
million in 2012 and 2013, respectively.
On this news, Merge securities declined $0.21 per share, or
nearly 8.33%, to close at $2.31 per share on January 8, 2014, and
further declined an additional $.21 per share, or approximately 9%
on January 9, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP Email Contact
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