SAN FRANCISCO, Feb. 09, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm with offices in Phoenix, Arizona, announces the filing of a securities fraud class action lawsuit against Insys Therapeutics Inc. (NASDAQ:INSY) related to illegal off-label marketing of prescription drugs, and alerts investors there is an April 4, 2016, lead plaintiff deadline.
If you suffered losses because of your purchases of Insys between March 3, 2015, and January 25, 2016, or have information that will help our continuing investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing INSY@hbsslaw.com or visiting https://www.hbsslaw.com/cases/INSY. The lawsuit was filed in the U.S. District Court for the District of Arizona and investors have until April 4, 2016, to move the court to participate as a lead plaintiff.
Throughout the Class Period, various sources reported that Insys and key executives were engaged in illegal and improper off-label marketing of the Company’s core product, the narcotic Subsys. Specifically, the Southern Investigating Report Foundation published articles on April 24, 2015, December 3, 2015, and January 25, 2016 alleging that the Company and key executives encouraged employees to promote illegal and off-label marketing of Subsys, and had not been transparent about cases of patients who had either died or suffered adverse events while being treated with Subsys.
Additionally, on June 15, 2015, the New York Times published an article that covered the guilty conviction of a Connecticut nurse who accepted more than $83,000 in kickbacks from Insys as payment for writing $1 million worth of Subsys prescriptions.
In total, as a result of these articles, Insys' stock price dropped from $31.21 per adjusted share on April 24, 2015 down to $21.58 per share on January 25, 2016, a decline of more than 30%.
Whistleblowers: Persons with non-public information regarding Insys should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email INSY@hbsslaw.com.
About Hagens Berman
Hagens Berman is headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.