STEVENSON, Md., Dec. 21, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of purchasers of Osiris Therapeutics Inc. (Nasdaq: OSIR ) (“Osiris” or the “Company”) securities during the period between May 12, 2014 and November 16, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 22, 2016 to seek appointment as lead plaintiff.
Osiris is incorporated and headquartered in Columbia, Maryland. Brower Piven is the only law firm headquartered in Maryland with a practice dedicated primarily to shareholder class action litigation.
If you have suffered a loss from investment in Osiris securities purchased on or after May 12, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company overstated revenues from several contracts and failed to follow Generally Accepted Accounting Principles.
According to the complaint, following the Company’s November 16, 2015 disclosure that correctly recognizing revenue for three contracts would result in substantial decreases in product revenues in 2014 and the first and second quarters of 2015, and a less substantial increase in product revenue in the third quarter of 2015, such that the Company missed its revenue targets in three of the last four quarters, the value of Osiris shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
