STEVENSON, Md., June 6, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of INSYS Therapeutics, Inc. ("INSYS" or the "Company") (Nasdaq:INSY) securities during the period between May 1, 2013 and May 8, 2014, inclusive (the "Class Period"), and reminds investors that they have until July 14, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in INSYS securities purchased on or after May 1, 2013 and held through the revelation of negative information on December 12, 2013 and/or May 8, 2014, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Those who inquire by email are encouraged to include their mailing address and telephone number.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company engaged in illegal and/or unethical off label marketing of SUBSYS®, exposing the Company to potential fines and other disciplinary actions. According to the complaint, following the December 12, 2013 announcement that the Company had received a subpoena from the Office of Inspector General of the Department of Health and Human Services ("HHS") in connection with an investigation of potential violations involving HHS programs, and following a May 8, 2014 news article detailing charges for defrauding Medicare, private insurers, and prescribing unnecessary medications to patients against a Michigan doctor who allegedly accounted for 20% of total nationwide SUBSYS® prescriptions, the value of INSYS shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.