An investor in NYSEMKT:INFU shares filed a lawsuit over alleged violations of Federal Securities Laws by InfuSystem Holdings in connection with certain allegedly false and misleading statements.
Investors who purchased shares of InfuSystem Holdings Inc (NYSEMKT:INFU) have certain options and for certain investors are short and strict deadlines running. Deadline: January 9, 2017. NYSEMKT:INFU 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 InfuSystem Holdings Inc (NYSEMKT:INFU) common shares between May 12, 2015 and November 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 12, 2015 and November 7, 2016 the defantdants made false and/or misleading statements and/or failed to disclose that InfuSystem Holdings Inc lacked effective internal control over financial reporting, that InfuSystem Holdings Inc’s financial statements dating back to the beginning of 2015 overstated the estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount, that InfuSystem Holdings Inc’s financial statements dating back to the beginning of 2015 could no longer be relied upon, and that as a result of the foregoing, the InfuSystem Holdings Inc’s financial statements were materially false and misleading at all relevant times.
InfuSystem Holdings Inc reported that its annual Total Revenue rose from $66.49 million in 2014 to $72.12 million in 2015 and that its Net Income grew from $3.36 million in 2014 to $3.74 million in 2015.
On November 7, 2016, InfuSystem Holdings Inc revealed that “the Company’s audited financial statements for the fiscal year ended December 31, 2015, and the Company’s unaudited financial statements for each of the fiscal quarters ended March 31, 2015 through June 30, 2016 should no longer be relied upon,” citing “an error related to an overstatement of estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount.”
InfuSystem Holdings Inc also said that its “Audit Committee believes that material adjustments to the Financial Statements are required and that the Company will need to restate the Financial Statements.”
Shares of InfuSystem Holdings Inc (NYSEMKT:INFU) declined on November 7, 2016 to as low as $1.55 per share.
On November 28, 2016, NYSEMKT:INFU shares closed at $1.75 per share.
Those who purchased NYSEMKT:INFU 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