HENDERSONVILLE, TN / ACCESSWIRE / July 24, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of Omnicell, Inc. (OMCL) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between October 25, 2018 and June 11, 2019. Omnicell provides automation and business analytics software solutions for patient-centric medication and supply management to customers in the healthcare industry.
Omnicell Accused of Misleading Investors
According to the complaint, throughout the relevant period, Omnicell touted its year-over-year increase in revenue in its quarterly financial reports. However, these financial reports were materially false as Omnicell recognized revenue for certain transactions before fulfilling performance obligations and engaged in improper accounting practices to meet revenue targets. Omnicell also misled investors by failing to disclose that it was experiencing weaker demand for new product lines and would therefore be required to write-off inventory. Then, on July 11, 2019, GlassHouse Research LLC published a report revealing that Omnicell had prematurely recognized $38.3 million in sales that should have been recognized long-term consistent with the company's performance obligations. The report also alleged that Omnicell's new product lines were being pushed onto customers to the point where "they are stuffed with products and hesitant to procure any more inventory," which GlassHouse predicted would require Omnicell to write off $23 million of obsolete inventory. Since this news, Omnicell's stock has fallen $18.16, nearly 21% and currently trades at $68.36.
The Law Offices of Timothy L. Miles Encourages Omnicell Shareholders to Contact the Firm
If you purchased Omnicell securities, 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 Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number and dates of shares purchased.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney from Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, and is also a supurb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highest rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); Distinguished Lawyer (Lawyers of Disinction, 2019); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: [email protected] Website: www.timmileslaw
SOURCE: The Law Offices of Timothy L. Miles