An investigation on behalf of current long term investors in Invacare Corporation (NYSE:IVC) shares over possible breaches of fiduciary duty by certain officers and directors was announced and Invacare Corporation (NYSE:IVC) stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 06/10/2013 -- An investigation on behalf of investors, who currently hold NYSE:IVC shares, was announced concerning whether certain directors and officers of Invacare Corporation breached their fiduciary duties in connection with certain statements made between July 22, 2010 through December 7, 2011.
Investors who are current long term stockholders in Invacare Corporation (NYSE:IVC) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Invacare Corporation (NYSE:IVC) stocks follows a lawsuit filed earlier against Invacare over alleged Securities Law Violations.
. The investigation on behalf of current long term investors in Invacare Corporation (NYSE:IVC) stocks concerns whether certain Invacare officers and 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 Northern District of Ohio the plaintiff alleges that Invacare Corporation violated provisions of the Securities Exchange Act of 1934 by issuing allegedly false and misleading press releases, financial statements, filings with the Securities and Exchange Commission ("SEC"), and statements during investor conference calls.
More specifically, the plaintiff alleges that Invacare Corporation and certain of its senior executives misled investors regarding Invacare Corporation's noncompliance with Food and Drug Administration ("FDA") guidelines and Current Good Manufacturing Practices ("CGMP"), and masked the fact that the Company suffered from widespread operational, quality, and regulatory deficiencies.
The plaintiff claims that Invacare Corporation allegedly concealed from investors that it received a series of warnings from the FDA -- known as Forms 483 -- which identified serious compliance violations at its two major United States-based manufacturing facilities.
On July 22, 2010, Invacare Corporation reported its second quarter results. Commenting on Invacare's 2010 second quarter results, the interim Chief Executive Officer, stated, “Invacare delivered strong results in three key areas.”
On January 4, 2011, Invacare Corporation commented on an FDA warning letter related to an inspection of the Company’s bed manufacturing facility in Sanford, Florida. Invacare Corporation said that the warning letter takes issue with Invacare’s compliance with the FDA’s Quality System Regulation, specifically related to Invacare’s ability to establish and maintain adequate procedures to analyze processes and operations and to document actions taken on product complaints.
Shares of Invacare Corporation (NYSE:IVC) grew from $20.45 on July 16, 2010 to as high as $34.00 per share on July 8, 2011.
The plaintiff alleges that over the next several months, Defendants allegedly continued to downplay the scope and significance of Invacare's compliance issues, despite its receipt of two additional Forms 483 in August 2011, which were allegedly concealed from investors.
Then on December 8, 2011, Invacare Corporation announced discussions with the U.S. Food and Drug Administration (FDA). Invacare Corporation announced that the FDA has requested that the Company negotiate and agree to a consent decree of injunction relating to previously disclosed inspectional observations at the Company’s corporate facility and its wheelchair manufacturing facility in Elyria, Ohio. Invacare said that the FDA has proposed a consent decree that would require suspension of certain operations at the facilities until they are determined by the FDA to be in compliance. Invacare has confirmed that it intends to enter into discussions with the FDA regarding the terms of the consent decree.
Shares of Invacare Corporation (NYSE:IVC) declined from $34.00 per share in early July 2011 to as low as $15.12 per share in December 2011.
On June 7, 2013, NYSE:IVC shares closed at $16.07 per share.
Those who are current long term investors in Invacare Corporation (NYSE:IVC) shares, have certain options and should contact the Shareholders.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego