LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the June 20, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Alere Inc. (“Alere” or the “Company”) (NYSE: ALR) securities between May 9, 2013 and April 20, 2016, inclusive (the “Class Period”). Alere investors have until June 20, 2016 to file a lead plaintiff motion.
On March 15, 2016, Alere announced that it had received a grand jury subpoena from the U.S. Department of Justice (“DOJ”) concerning potential violations of the U.S. Foreign Corrupt Practices Act. The DOJ is investigating documents related to the Company's sales practices in Africa, Asia and Latin America. As a result of the DOJ subpoena, Alere has now said that it does not expect to timely file its annual report for 2015; and its proposed buyout by Abbott Laboratories has been jeopardized according to numerous media reports.
On this news, Alere stock has fallen sharply in value over the course of several trading sessions.
According to the complaint filed in this lawsuit, 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.
If you purchased Alere shares, you may move the Court no later than June 20, 2016 to request appointment as lead plaintiff. 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 GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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