NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities who acquired ERBA Diagnostics, Inc. (NYSE:ERB) securities during the period between April 14, 2014 to November 23, 2015, inclusive (the “Class Period”).
ERBA develops, manufactures, and markets diagnostic test kits or assays, and automated systems that are used to aid in the detection of disease markers primarily in the areas of autoimmune, infectious diseases, clinical chemistry, hematology, and diabetes testing.
The suit alleges that throughout the Class Period, ERBA made false and misleading statements and failed to disclose that the company lacked adequate controls over financial reporting and its financial statements during the class period were materially false and misleading. As a result of the foregoing, ERBA’s statements regarding its business, operations, and prospects were allegedly false and misleading or lacked a reasonable basis.
On November 20, 2015, post-market, ERBA disclosed that the company’s previously issued financial statements should no longer be relied upon. ERBA further disclosed that it intends to restate its financial statements.
On this adverse news, ERBA’s shares fell $0.30, or over 17%, to close at $1.44 on November 23, 2015.
If you purchased ERBA securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.