NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Alere Inc. (NYSE: ALR).
On July 11, 2016, Alere announced the recall of INRatio, one of its premier blood testing products, from the market. However, the Company had reportedly known of serious problems with INRatio for years but failed to disclose that information or withdraw the product sooner, even when, for example, it doubled the size of Quality Assurance staff to handle the growing number of consumer complaints related to it. The problematic INRatio tests caused inaccurate, and hence harmful, results for consumers who relied on the test for the proper administration of anticoagulation drugs, as well as other companies who utilized it in their research or clinical trials.
Because of the actions of Alere executives, including but not limited to those relating to INRatio, the Company has been exposed to an investigation by the U.S. Attorney’s Office as well as significant litigation by both consumers and shareholders. Recently, in the securities class action lawsuit brought by shareholders who sued Alereo for violating federal securities laws, the Court refused to dismiss claims relating to the INRatio recall, allowing those claims to go forward.
KSF’s investigation is focusing on whether Alere’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Alere shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.