BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Inovalon Holdings, Inc. (“Inovalon” or the “Company”) (NASDAQ: INOV) securities pursuant and/or traceable to the Registration and Prospectus (the “Registration Statement”) issued in connection with Inovalon’s February 12, 2015 initial public offering (the “IPO”).
Investors suffering losses on their Inovalon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On or about, February 11, 2015, the Company completed its offering of over 25 million shares at an offering price of $27 per share. The complaint alleges that the Company misled investors concerning the implementation of a higher effective tax rate and the attendant damage to the Company’s financial performance after the IPO as a result of the higher tax rate. The price of Inovalon stock has declined significantly since its IPO, closing on February 9, 2016 at just $17.24 per share.
If you purchased shares of Inovalon during the Class Period you may move the Court no later than August 23, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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