NEW YORK, May 28, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Unilife Corporation (“Unilife” or the “Company”) (NASDAQ: UNIS ) of the July 25, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Unilife common stock or options between February 3, 2014 and May 23, 2016 (the “Class Period”). The case, Bulcock v. Unilife Corporation et al , No. 16-cv-03976 was filed on May 26, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that its former CEO and former Chairman of the Board of Directors had violated the Company’s policies and procedures and had engaged in violations of law and regulation and that the Company lacked adequate internal controls over accounting and financial reporting.
Specifically, on May 8, 2016, the Company announced the postponing of its May 9, 2016 earnings conference call due to the discovery of violations of Company policies and procedures and possible violations of law and regulation by the Company’s “former Chief Executive Officer” and by the “former Chairman of the Company’s Board of Directors who resigned in 2015.” After the announcement, Unilife’s share price fell from $5.10 per share on May 6, 2016 to a closing price of $3.60 on May 9, 2016—a $1.50 or a 29.4% drop.
Then, during post-market hours on May 11, 2016, Unilife filed a Notification of Late Filing on Form 12b-25 with the SEC due to its inability to meet the deadline for Quarterly Report on Form 10-Q for the period ended March 31, 2016. The Company also revealed that it would investigate whether the conduct of its former CEO and former Chairman of the Board of Directors would impact previous previously-issued financial statements, current interim financial information, and management’s certifications. After the announcement, Unilife’s share price fell from $3.70 per share on May 11, 2016 to a closing price of $3.40 on May 9, 2016—a $0.30 or a 8.1% drop.
Finally, on May 23, 2016, after the market closed, the Company disclosed that it received a letter from The NADSAQ Stock Market LLC notifying the Company of its non-compliance with NASDAQ Listing Rule 5250(c)(1), citing the Company’s late filing of its From 10-Q for the period ended March 31, 2016 with the SEC. After the news, Unilife’s share price fell from $2.95 per share on May 23, 2016 to a closing price of $2.64 on May 24, 2016—a $0.31 or a 10.5% drop.
Request more information now by clicking here: www.faruqilaw.com/UNIS . There is no cost or obligation to you.
Take Action
If you invested in Unilife common stock or options between February 3, 2014 and May 23, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/UNIS . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Unilife’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
