DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Insys Therapeutics, Inc. (“Insys”) (NASDAQ: INSY) and several officers and directors for acts taken during the period of March 3, 2015 to January 25, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Insys. If you are an affected Insys shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclose that: (i) Insys was engaged in the illegal and improper off-labeling marketing of Subsys; (ii) certain Insys employees - including Defendant Michael L. Babich, the President and Chief Executive Officer of Insys during much of the Class Period - were complicit in an illegal kickback scheme operated for the purpose of increasing prescriptions of Subsys; and (iii) as a result, the Company's financial statements were materially false and misleading at all relevant times. Insys stock dropped significantly when this news was revealed to the market.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
