A lawsuit was filed on behalf of investors in Insys Therapeutics Inc (NASDAQ:INSY) shares over alleged securities laws violations. Deadline: May 16, 2017. NASDAQ:INSY investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/23/2017 -- The Shareholders Foundation announces that an investor, who purchased shares of Insys Therapeutics Inc (NASDAQ:INSY), filed a lawsuit in New York over alleged violations of Federal Securities Laws by Insys Therapeutics Inc in connection with certain allegedly false and misleading statements.
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 email@example.com or call 858-779-1554.
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.
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 22, 2017, NASDAQ:INSY shares closed at $10.21 per share.
Those who purchased shares of Insys Therapeutics Inc have certain options and should contact the Shareholders Foundation.
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