STEVENSON, Md.--(BUSINESS WIRE)--Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of Insys Therapeutics, Inc. (“Insys” or the “Company”) (NasdaqGM: INSY) securities during the period between May 1, 2013 and December 12, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Insys Therapeutics, Inc. securities purchased on or after May 1, 2013, and held through the revelation of negative information on December 12, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company engaged in illegal and/or unethical marketing of Subsys, the Company’s sublingual spray for cancer pain, exposing the Company to potential fines and other disciplinary actions. According to the complaint, following the Company’s December 12, 2013 disclosure that it had received a subpoena from the Office of the Inspector General of the Department of Health and Human Services requesting documents regarding Subsys and the Company’s sales and marketing practices related to Subsys, the value of Insys shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.