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 Massachusetts on behalf of all persons or entities who acquired Alere Inc. (NYSE:ALR) securities between May 9, 2013 and April 20, 2016 (the “Class Period”).
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Alere improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles; (2) that, as a result, Alere’s quarterly and annual SEC filings would be delayed; (3) that, as a result of the foregoing, Alere’s planned merger with Abbott Laboratories would be thrown into doubt; (4) that Alere lacked adequate internal controls over accounting and financial reporting; and (5) that, as a result of the foregoing, the Alere’s financial statements, as well as Defendants’ statements about Alere’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On or around March 15, 2016, Alere announced that it would delay the filing of its 2015 Annual Report, and would need to restate the financial reports for the years 2013, 2014 and 2015 due to issues with its revenue recognition practices, and had also received a subpoena from the U.S. Department of Justice relating the Alere’s sales practices and compliance with the U.S. Foreign Corrupt Practices Act. After these disclosures, the company’s formerly announced acquisition by Abbott Laboratories might be jeopardized, and Alere’s shares have declined significantly in value.
If you acquired Alere 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.