SAN DIEGO & COLUMBIA, Md.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Osiris Therapeutics, Inc. (NASDAQGM: OSIR) violated federal securities laws by issuing materially misleading business information to the investing public. Osiris researches, develops, manufactures, markets, and distributes regenerative medicine products in the United States.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/osiris-therapeutics-inc
Osiris Discloses Inaccurate Prior Period Financial Statements
On November 16, 2015, Osiris Therapeutics filed its 10-Q Quarterly Report, disclosing multiple restatements in prior financial results, including three restatements made to distributor relationships. As a result of these adjustments, Osiris missed revenue targets in three of the last four quarters. Specifically, Osiris stated that it will correct the revenue recognition for three contracts, which will result in a decrease in product revenues of $1.8 million in the first quarter of 2015, a decrease in product revenue of $1.0 million in the second quarter, an increase in product revenues of $0.8 million in the third quarter of 2015, and a decrease in product revenues of $1.1 million in 2014. On this news, Osiris stock fell $3.01 per share, or about 21%, to close at $10.97 per share on November 17, 2015.
Osiris Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.