An investigation for investors in NASDAQ:UNIS shares concerning potential breaches of fiduciary duties by certain directors and officers of Unilife Corp was announced.
Investors who are current long term investors in Unilife Corp (NASDAQ:UNIS) 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 for current long term investors in NASDAQ:UNIS stocks follows a lawsuit filed recently against Unilife Corp over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:UNIS stocks, concerns whether certain Unilife directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that the Defendants made false and/or misleading statements and/or failed to disclose that the Company’s 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, that the Company lacked adequate internal controls over accounting and financial reporting, that, as a result, the Company would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline, and that, as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about Unilife’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On May 9, 2016, Unilife Corp announced that it was postponing its earnings call due to the discovery by the Company’s current management team 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.
Shares of Unilife Corp (NASDAQ:UNIS) split 1:10 on May 13, 2016.
On May 23, 2016, Unilife announced that it has received a deficiency letter from NASDAQ for failing to file its financial reports within the required period. On May 24, 2016, NASDAQ:UNIS shares declined to as low as $2.31 per share.
On August 12, 2016, NASDAQ:UNIS shares closed at $3.09 per share.
Those who purchased NASDAQ:UNIS 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