NEW YORK, April 29, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who acquired Alere, Inc. (NYSE:ALR) securities between May 9, 2013 and April 20, 2016 (the “Class Period”), inclusive.
Shareholders who have purchased Alere, Inc. securities are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased shares of Alere, Inc. during the Class Period and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than June 20, 2016.
On February 1, 2016, Alere announced it entered into a merger agreement with Abbott Laboratories. Alere’s share price shot up $16.91, more than 45%, to close at $54.11 per share that day.
To the surprise of shareholders, on February 26, 2016 Alere announced: (a) it would not timely file its 2015 Form 10-K; (b) it was conducting an internal investigation into revenue recognition practices related to its Africa and China businesses; and, (c) on January 14, 2016 the SEC served it with a subpoena seeking revenue recognition related information. Subsequently, on March 15, 2016, Alere announced, in part: (a) its revenue recognition investigation comprised its fiscal years ended December 31, 2013 – 2015; and, (b) it recently received a grand jury subpoena from the DOJ concerning whether the Company violated the U.S. Foreign Corrupt Practices Act. On this news, the price of Alere’s stock dropped $4.14 per share, or 9.2%, to close on March 15, 2016 at $49.32 per share.
On an April 20, 2016 quarterly earnings conference call, the CEO of Abbott refused to reaffirm their commitment to the Alere business combination. The price of Alere’s stock slid $6.11 per share, or 12.3%, to close at $43.36 per share on April 20, 2016. Subsequently, prior to the market open on April 28, 2016, Alere disclosed that the merger could be in jeopardy due to its accounting malfeasance. In prior discussions, Abbott management proposed a termination of the merger in return for a $30-50 million payment. On this news, Alere opened at $39.80, down $3.70.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Alere investigation.”
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