LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of a class (the “Class”) of purchasers of Alere Inc. (“Alere” or the “Company”) (NYSE: ALR) securities between May 9, 2013 and April 20, 2016, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at shareholders@glancylaw.com to discuss this matter.
The complaint filed in this lawsuit alleges that throughout the Class Period, 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, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles (“GAAP”); (2) that, as a result, the Company’s quarterly and annual SEC filings would be delayed; (3) that, as a result of the foregoing, the Company’s planned merger with Abbott Laboratories would be thrown into doubt; (4) that the Company lacked adequate internal controls over accounting and financial reporting; and (5) that, as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about Alere’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. On or around March 15, 2016, the Company announced that it would delay the filing of its 2015 Annual Report, and would need to restate the financial reports for the years 2013, 2014 and 2015 due to issues with its revenue recognition practices, and had also received a subpoena from the U.S. Department of Justice relating the Company’s sales practices and compliance with the U.S. Foreign Corrupt Practices Act. After these disclosures, the Company’s formerly announced acquisition by Abbott Laboratories might be jeopardized, and the Company’s shares have declined significantly in value.
GPM represents institutional and retail investors in securities class actions throughout the country, and has recovered millions of dollars on behalf of investors.
To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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