WILMINGTON, Del., June 09, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Unilife Corporation (NASDAQ:UNIS)?
- Did you purchase your shares between February 3, 2014 and May 23, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Unilife Corporation (“Unilife” or the “Company”) (NASDAQ:UNIS) between February 3, 2014 and May 23, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Unilife during the Class Period, or purchased shares prior to the Class Period and still hold Unilife, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/unilife-corporation-unis-lawsuit.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) that 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; (2) that the Company lacked adequate internal controls over accounting and financial reporting; (3) that, 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 (4) that, 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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 23, 2016, after the market closed, the Company disclosed that it received a letter from The NASDAQ Stock Market LLC notifying the Company that it was not in compliance with NASDAQ Listing Rule 5250(c)(1) because it has not filed its Form 10-Q for the period ended March 31, 2016 in a timely manner with the SEC. The Company also disclosed that it was continuing to investigate the matters in connection with the delay and their potential impact on financial reporting and internal controls over financial reporting, related to previously issued financial statements, current interim financial information, and management’s certifications.
On this news, shares of Unilife dropped over 10%, closing at $2.64 per share on May 24, 2016, on 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. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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