NEW YORK, July 12, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Uroplasty, Inc. ("Uroplasty" or the "Company") (Nasdaq:UPI) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13 CIV 4570, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Uroplasty between July 26, 2012 and June 13, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Uroplasty securities during the Class Period, you have until August 30, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. There is no out of pocket cost to you for your participation.
Uroplasty designs, develops, manufactures, and markets medical products primarily for the treatment of voiding dysfunctions. The Company's principal product is Urgent PC Neuromodulation System which is a system that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder. Uroplasty also offers Macroplastique, a bulking agent.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenues; (2) the Company made improper sales commission payments; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 14, 2013, the Company disclosed a delay in the filing of its annual report for the year ended March 31, 2013, until the completion of a review of its internal controls over reporting. Specifically, the review relates "to the recognition of orders and the payment of sales commissions at the end of fiscal quarters." Further, the Company placed its Chief Financial Officer "on administrative leave pending completion of the internal control review." On this news, Uroplasty securities declined $0.23 per share or over 10%, to close at $2.22 per share on June 14, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.