NEW YORK, Feb. 12, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the District of Arizona against Insys Therapeutics, Inc. (NASDAQ:INSY) (the “Company”) on behalf those individuals and/or entities that purchased securities from March 3, 2015 through January 25, 2016, inclusive (the “Class Period”).
Shareholders who incurred losses on Insys Therapeutics, Inc. securities purchased within the class period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased shares of Insys Therapeutics, Inc. within the period March 3, 2015 through January 25, 2016, inclusive, you may, no later than April 4, 2016, request that the Court appoint you lead plaintiff of the proposed class.
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%.
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 “Insys Investigation.”
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