An investor in NASDAQ:INSY shares filed a lawsuit over alleged Securities Laws violations by Insys Therapeutics Inc.
Investors who purchased shares of Insys Therapeutics Inc (NASDAQ:INSY) have certain options and for certain investors are short and strict deadlines running. Deadline: May 16, 2017. NASDAQ:INSY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Insys Therapeutics Inc (NASDAQ:INSY) common shares between February 23, 2016 and March 15, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 23, 2016 and March 15, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Insys Therapeutics Inc had overstated its 2015 net revenue, that Insys had misstated its sales allowances for 2016, that accordingly, Insys Therapeutics Inc lacked effective internal controls over financial reporting, and that as a result, Insys Therapeutics Inc’s public statements were materially false and misleading at all relevant times.
Insys Therapeutics Inc reported that its annual Total Revenue rose from $222.12 million in 2014 to $330.80 million in 2015 and that its Net Income increased from $37.98 million in 2014 to $58.48 million in 2015.
On March 15, 2017, Insys Therapeutics Inc disclosed that it would delay the release of its financial results for the fourth quarter and full year 2016 in order to complete an independent review of its processes related to certain sales allowances and extended payment terms, which could result in a reduction of 2015 net revenue and pre-tax income. Insys Therapeutics Inc further disclosed that it would not timely file its 2016 annual financial statements.
Shares of Insys Therapeutics Inc (NASDAQ:INSY) declined to as low as $9.80 per share on March 16, 2017.
On March 29, 2017, NASDAQ:INSY shares closed at $11.04 per share.
Those who purchased NASDAQ:INSY 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