If you have purchased shares of Invacare Corporation (NYSE:IVC) between July 22, 2010 and December 7, 2011, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 07/23/2013
The plaintiff filed the lawsuit in the interests of everyone who purchased Invacare Corporation (NYSE:IVC) stock from July 22, 2010 and December 7, 2011. The complaint alleges that Invacare Corporation and some of the senior executives in the company made declarations that were not true and were also deceptive in financial statements, press releases, in their filings with the Securities Exchange Commission (SEC) and during investor conference calls. According to the lawsuit, these actions are in violation of the Securities Exchange Act of 1934.
At issue is the fact that Invacare Corporation is not in compliance with the Food and Drug Administration’s rules or the Current Good Manufacturing Practices (CGMP), and the plaintiff is alleging that Invacare Corporation and named senior executives were aware of this truth and chose to deceive investors on this matter. The plaintiff also alleges that Invacare Corporation hid the fact that the company was having difficulties in its daily operations and in following necessary regulations. Also alleged in the lawsuit is the fact that the quality of the company’s products was suffering at this time.
Two of Invacare Corporation’s main factories received several warnings from the FDA that highlighted the most egregious of the company’s non-compliance violations. However, the plaintiff alleges that Invacare Corporation did not inform investors that this had taken place.
Invacare Corporation reported a decline in annual total revenue from an amount in excess of $1.5 billion in 2011 to about $1.45 billion in 2012. The company reported a net loss in 2011 of $4.11 million, but it reported a net income in 2012 of $1.83 million.
The company reported second quarter results on July 22, 2010, and the Chief Executive Officer at the time stated that the results were strong in at least three very important departments.
The plaintiff alleges that during the time that Invacare Corporation was receiving warning letters concerning non-compliance issues, the company continued to disregard the importance of these letters.
On December 15 of 2011, Invacare Corporation (NYSE:IVC) stock fell to $15.12 a share from $34 a share in early July. At closing on May 24, 2013, shares were at $14.70 a share.
Own shares of Invacare Corporation (NYSE:IVC)? Contact us to protect your rights.
If you have purchased shares of Invacare Corporation (NYSE:IVC) between July 22, 2010 and December 7, 2011, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.