NEW YORK, Aug. 02, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Inovalon Holdings, Inc. Class A common stock (NASDAQ: INOV ) pursuant and/or traceable to the Registration Statement and Prospectus (the “Registration Statement”) issued in connection with Inovalon’s February 12, 2015 Initial Public Offering (the “IPO”). The lawsuit seeks to recover damages for Inovalon investors under the federal securities laws.
To join the Inovalon class action, go to the firm’s website at http://www.rosenlegal.com/cases-915.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, the Registration Statement filed in connection with the IPO contained materially false and misleading statements and/or failed to disclose that Inovalon derives substantial revenues from sales in the City of New York and the State of New York, which were reforming their corporate tax schemes. Those corporate tax rate increases took effect more than a month prior to Inovalon’s IPO, which significantly increased Inovalon’s effective tax rate and thus lowered its 2015 earning potential. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 23, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://www.rosenlegal.com/cases-915.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com .
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com kchan@rosenlegal.com www.rosenlegal.com
