NEW YORK, April 29, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Omnicell, Inc. ("Omnicell" or the "Company") (Nasdaq:OMCL) securities between May 2, 2014 through March 2, 2015 (the "Class Period"). The complaint alleges that the Company and certain of its officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased Omnicell securities during the Class Period, you may, no later than May 18, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Omnicell Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) the existence of a "side letter" arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer; (2) that the Company lacked adequate internal controls over financial reporting; and (3) that as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On March 2, 2015, after the market closed, the Company disclosed in a regulatory filing that it would be unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2014. According to the Company, "additional time is required by the Company to investigate a notice received on February 27, 2015 from a Company employee alleging, among other matters, the existence of a 'side letter' arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer."
Following this news, shares of Omnicell fell $2.14, or over 6%, on extremely heavy volume, to close at $33.08 on March 3, 2015.
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