An investigation for investors in NASDAQ:OSIR shares was announced over potential breaches of fiduciary duties by certain directors at Columbia MD based Osiris Therapeutics.
Investors who purchased shares of Osiris Therapeutics, Inc. (NASDAQ:OSIR) and currently hold any of those NASDAQ:OSIR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Osiris Therapeutics officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On November 16, 2015, medical products company Osiris Therapeutics, Inc. (NASDAQ:OSIR) filed its 10-Q Quarterly Report, disclosing multiple restatements in prior financial results, including three restatements made related to distributor relationships. As a result of these adjustments, Osiris Therapeutics, Inc. (NASDAQ:OSIR) missed revenue targets in three of the last four quarters. Shares of Osiris Therapeutics, Inc. (NASDAQ:OSIR) declined to as low as $9.80 per share on November 17, 2015.
On November 24, 2015, a lawsuit was filed against Osiris Therapeutics, Inc over alleged securities laws violations. The plaintiff alleged that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 12, 2014 and November 20, 2015 defendants issued false and misleading statements to investors and/or failed to disclose that Osiris Therapeutics, Inc. improperly recognized revenue under contracts it had with its distributors, that Osiris Therapeutics, Inc’s disclosure controls and procedures were not effective as of December 31, 2014, March 31, 2015, and June 30, 2015, and that as a result, defendants’ statements about Osiris Therapeutics’ business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 27, 2016, after the market closed, Osiris Therapeutics, Inc announced that it was advised by the United States Attorney’s Office for the Southern District of New York that the office had opened a criminal investigation into the Company. Osiris Therapeutics, Inc also announced that it understands the investigation to relate to previously disclosed matters also under investigation by the SEC.
Shares of Osiris Therapeutics, Inc. (NASDAQ:OSIR) declined to as low as $4.475 per share on May 31, 2016.
On June 10, 2016, NASDAQ:OSIR shares closed at $4.93 per share.
Those who purchased NASDAQ:OSIR shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com