LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the January 9, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased InfuSystem Holdings, Inc. (“InfuSystem” or the “Company”) (NYSE MKT: INFU) securities between May 12, 2015 to November 7, 2016, inclusive (the “Class Period”). InfuSystem investors have until January 9, 2017 to file a lead plaintiff motion.
On November 7, 2016, InfuSystem disclosed that the Company’s audited financial statements for the fiscal year ended December 31, 2015, and the Company’s unaudited financial statements for each of the fiscal quarters ended March 31, 2015 through June 30, 2016 should no longer be relied upon. According to InfuSystem, the financial statements contained an error resulting in an overestimation of accounts receivable collections which led to inflated revenues.
On this news, shares of InfuSystem fell 38%, to close at $1.60 per share on November 7, 2016, thereby injuring investors.
According to the Complaint filed in this lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) InfuSystem lacked effective internal control over financial reporting; (2) InfuSystem’s financial statements dating back to the beginning of 2015 overstated the estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount; (3) InfuSystem’s financial statements dating back to the beginning of 2015 could no longer be relied upon; and (4) as a result of the foregoing, InfuSystem’s financial statements were materially false and misleading at all relevant times.
If you purchased InfuSystem shares, you may move the Court no later than January 9, 2017 to request appointment as lead plaintiff. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
