Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Unilife Corporation (UNIS)


NEW YORK, May 27, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Unilife Corporation (“Unilife” or the “Company”) (Nasdaq:UNIS) in the United States District Court for the Southern District of New York on behalf of purchasers of Unilife common stock between February 3, 2014 and May 23, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s former Chief Executive Officer (“CEO”) and former Chairman of the Board of Directors had violated the Company’s policies and procedures and had engaged in violations of law and regulation; (ii) the Company lacked adequate internal controls over accounting and financial reporting; (iii) as a result, the Company would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline; and (iv) as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about Unilife’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On May 8, 2016, the Company disclosed that it was postponing its earnings conference call, originally scheduled for May 9, 2016, due to the discovery of violations of Company policies and procedures and possible violations of laws and regulations by the Company’s “former Chief Executive Officer” and by the “former Chairman of the Company’s Board of Directors who resigned in 2015.”  The Company also announced that it was investigating the issues’ potential impact on financial reporting and internal controls over financial reporting, related to the Company’s previously-issued financial statements, current interim financial information, and management’s certifications.  Finally, the Company disclosed that it expected to delay filing its quarterly Form 10-Q for the period ended March 31, 2016.

On this news, the Company’s stock price fell $1.50 per share, or more than 29%, to close at $3.60 per share on May 9, 2016, on unusually heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.