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 District of Maryland on behalf of purchasers of Osiris Therapeutics Inc. (NASDAQ:OSIR) on behalf of all persons or entities who acquired Osiris securities during the period from May 12, 2014 through November 16, 2015, inclusive (the “Class Period”). Pursuant to applicable law, investors have until January 22, 2016 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
On November 16, 2015, Osiris announced that it has, “determined to correct the revenue recognition for three contracts which will result in a decrease in product revenues of $1.8 million in the first quarter of 2015.” Following this news, shares of Osiris fell over 21% to close at $10.97 per share on November 17, 2015.
Then, on December 17, 2015, Osiris disclosed that its independent auditor BDO USA, LLP had resigned on December 14, 2015. Following this news, shares of Osiris fell a further 10% per share.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Osiris overstated revenues from several contracts and failed to follow GAAP standards, fixing its financial statements only a year and half later and causing millions in losses to Osiris and investors; and (ii) as a result of the foregoing, the company’s public statements were materially false and misleading at all relevant times.
If you purchased Osiris 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.