NEW YORK, NY / ACCESSWIRE / April 21, 2017 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against INSYS Therapeutics, Inc. ("INSYS" or the "Company") (NASDAQ: INSY) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased INSYS securities between February 23, 2016 and March 15, 2017, both dates inclusive (the "Class Period"). Investors are encouraged to learn more about this case by visiting the firm's site: http://www.bgandg.com/insy.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose that: (1) INSYS had overstated its 2015 net revenue; (2) INSYS had misstated its sales allowances for 2016; (3) as a result, INSYS lacked effective internal controls over financial reporting; and (iv) consequently, the Company's public statements were materially false and misleading at all relevant times.
On March 15, 2017, after-market hours, INSYS announced that it would postpone filing its financial results for the quarter and year ended December 31, 2016. INSYS told investors that "[t]he Audit Committee of the Company's Board of Directors has been conducting an independent review of the Company's processes related to estimation of, and increases to, certain sales allowances recorded during 2016, with a potential reduction of 2015 net revenue and pre-tax income not expected to exceed $5 million, as well as extended payment terms offered to certain customers during the third quarter of 2016." Following this news, INSYS stock dropped $0.49 per share, or 4.64%, to close at $10.06 on March 16, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: http://www.bgandg.com/insy, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. You have until May 16, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC