STEVENSON, Md., July 16, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of Uroplasty, Inc. (UPI) ("Uroplasty" or the "Company") (UPI) during the period between July 26, 2012 and June 13, 2013, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Uroplasty, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/ "> www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
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 no later than August 30, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
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 improperly recognized revenues and made improper sales commission payments. According to the complaint, following the Company's June 14, 2013 disclosure of a delay in the filing of its annual report for the year ended March 31, 2013, until the completion of a review relating to the recognition of orders and the payment of sales commissions at the end of fiscal quarters and that the Company placed its Chief Financial Officer on administrative leave, the value of Uroplasty shares declined significantly.
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.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 /
