NEW YORK, Nov. 15, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Alere Inc. (“Alere” or the “Company”) (NYSE: ALR ) of the January 13, 2017 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 Florida on behalf of all those who purchased Alere securities between February 29, 2012 and November 4, 2016 (the “Class Period”). The case, KHALID v. ALERE INC. et al , No. 0:16-cv-62687 was filed on November 14, 2016, and has been assigned to Judge Beth Francine Bloom.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Alere’s wholly-owned subsidiary, Arriva Medical, LLC (“Arriva”), was submitting claims to Medicare for deceased patients; (2) the misconduct subjected Arriva to revocation of its Medicare enrollment; and (3) as a result, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on November 4, 2016, the Company filed its Form 10-Q with the U.S. Securities and Exchange Commission for the quarter ended September 30, 2016. The Company disclosed within its Form 10-Q that Arriva received notice from the Centers for Medicare & Medicaid Services that its Medicare enrollment would be revoked effective November 4, 2016.
On this news, Alere’s share price fell from $42.23 per share on November 3, 2016 to a closing price of $36.10 on November 4, 2016—a $6.13 or a 14.52% drop.
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Take Action
If you invested in Alere common stock or options between February 29, 2012 and November 4, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/ALR . 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 Alere’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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