SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Omnicell Inc. (“Omnicell” or the “Company”) (NASDAQ: OMCL) between October 25, 2018 and July 11, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Omnicell during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 16, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Omnicell investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Omnicell Securities Class Litigation
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenue before fulfilling its performance obligations; (2) the Company would have to write off certain inventory; and (3) the Company misclassified certain expenses as capitalized expenditures, such as prepaid commissions.
On July 11, 2019, GlassHouse Research LLC published a report alleging that Omnicell prematurely recognized over $38 million in sales. The report also alleged that new product lines had been pushed onto customers, who were hesitant to purchase more inventory because of implementation issues, and that the Company would need to write off $23 million in obsolete inventory. Following this news, Omnicell’s stock dropped $11.41 per share, or approximately 14%, to close at $75.11 per share on July 11, 2019.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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