BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Safeguard Scientifics, Inc. (“Safeguard” or the “Company”) (NYSE:SFE) securities. The investigation focuses on whether the Company and its officers violated securities laws by issuing misleading information to investors related to one of its partner companies.
On July 24, 2015, Safeguard revealed in its Form 10-Q that the Company and one of its partners had allegedly engaged in a corruption scandal involving false claims to the federal government. The Company stated in relevant part the following, “In June 2011, the Company's former partner company, Advanced BioHealing, Inc. (“ABH”) was acquired by Shire plc. Prior to the expiration of the escrow period in March 2012, Shire plc filed a claim against all amounts held in escrow related to the sale based principally upon a United States Department of Justice (“DOJ”) false claims act investigation relating to ABH. No further proceeds will be distributed to the Company or other former owners until the validity of such claims is determined. The Company presently views it as unlikely that we will receive any portion of such amount in the short or long-term. In connection with the above-referenced investigation, in July 2015 the Company received a Civil Investigation Demand-Documentary Material from the DOJ regarding ABH and Safeguard’s relationship with ABH. Safeguard intends to cooperate with the investigation.” On news of the DOJ investigation, and alleged corruption, the Company’s securities declined sharply in value, thereby injuring investors.
If you purchased or otherwise acquired Safeguard securities, 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 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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