WASHINGTON, June 30, 2016 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Unilife Corporation (“Unilife” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Unilife Corporation (NASDAQ:UNIS) between February 3, 2014 and May 23, 2016, inclusive (the “Class Period”).
The complaint alleges that Unilife and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Unilife’s former Chief Executive Officer and former Chairman of the Board of Directors violated Company policies and procedures and engaged in violations of laws and regulations; (2) Unilife lacked adequate internal controls over accounting and financial reporting; (3) as a result, Unilife would be unable to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2016; and (4) Unilife’s financial statements, as well as statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 14, 2016, Unilife announced that its CEO and COO had stepped down, effective immediately. On May 8, 2016, Unilife announced that it was postponing its planned earnings call to discuss results for the quarter ended March 31, 2016 due to the discovery by the Company's current management team of violations of Company policies and procedures and possible violations of law and regulation by the Company's former CEO and by the former Chairman who resigned in 2015. The announcement said that the Company was investigating the potential effect on the Company’s financials and internal controls. The price of the Company’s stock fell from $5.07 on May 6, 2016 to $3.60 on May 9, 2016. Based on the same facts, on May 11, 2016, Unilife filed a Notice of Late Filing for its Form 10-Q for the quarter ended March 31, 2016. Unilife’s stock price fell from $3.70 on May 11, 2016 to $3.40 on May 12, 2016.
On May 23, 2016, Unilife announced it received a letter from NASDAQ notifying it that the Company was not in compliance with listing rules due to its failure to timely file its Form 10-Q. Unilife’s stock price fell from $2.95 on May 23, 2016 to $2.64 on May 24, 2016.
Cohen Milstein encourages all investors who purchased Unilife common stock between February 3, 2014 and May 23, 2016 or former employees with information concerning this matter to contact the firm.
If you are a Unilife shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.