HARTFORD, Conn., April 11, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts, on behalf of all persons who purchased Inverness Medical Innovations ("Inverness Medical" or the "Company") (AMEX:IMA) common stock in the Company's secondary public offering on or about November 14, 2007 (the "Secondary Offering").
The Complaint charges that Inverness Medical and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements. According to the Complaint, on or about November 14, 2007, the Prospectus supplement to the Registration Statement (the "Registration Statement") with respect to the Secondary Offering, which forms part of the Registration Statement, became effective and more than 12 million shares of Inverness Medical common stock were sold to the public at $61.49 per share, thereby raising more than $737 million. The Complaint alleges that the Registration Statement negligently failed to disclose the significant and severe integration issues that Inverness Medical was then experiencing and the impact of the integration issues on the Company's continuing operations.
If you are a member of the class, you may, no later than June 9, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the Defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.