SAN DIEGO & BOWIE, Md.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Inovalon Holdings, Inc. (NASDAQGS: INOV) violated federal securities laws by issuing materially misleading business information to the investing public. Inovalon is a technology company that provides advanced cloud-based data analytics and data-driven intervention platforms to the healthcare industry in the United States.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/inovalon-holdings-inc
Inovalon Stock Declines After Disclosing News of Poor Earnings
On February 12, 2015, Inovalon held its initial public offering ("IPO"), selling 22.2 million shares and raising approximately $600 million in capital. Then, on August 5, 2015, the company announced its second quarter financial and operating results, disclosing that its earnings had been negatively affected by a higher effective income tax rate, among other factors. On this news, Inovalon stock fell $5.87 per share, or 23.1%, to close at $19.53 per share on August 6, 2015. Since the IPO, Inovalon’s stock has fallen from a first day-trading high of $33.75 per share to close at $17.39 per share on February 2, 2016, a drop of nearly 48.5%.
Inovalon Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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