NEW YORK, NY / ACCESSWIRE / March 24, 2017 / The Pawar Law Group announces a class action lawsuit on behalf of Insys Therapeutics, Inc. (NASDAQ: INSY) investors who purchased Insys stock between February 23, 2016 and March 15, 2017, inclusive (the "Class Period"). The suit is for recovery of investor losses.
To participate in this class action lawsuit, visit the firm's website at http://pawarlawgroup.com/cases/insys-therapeutics-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com or call toll free at (866) 999-0873.
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Insys had overstated its 2015 net revenue; (2) Insys had misstated its sales allowances for 2016; (3) accordingly, Insys lacked effective internal controls over financial reporting; and (4) as a result, Insys's public statements were materially false and misleading at all relevant times.
On March 15, 2017, Insys announced during after-hours trading that "[t]he Audit Committee of the Company's Board of Directors has been conducting an independent review of the Company's processes related to estimation of, and increases to, certain sales allowances recorded during 2016, with a potential reduction of 2015 net revenue and pre-tax income not expected to exceed $5 million, as well as extended payment terms offered to certain customers during the third quarter of 2016." On this news, shares of Insys fell $0.49 per share or approximately 5% to close at $10.06 per share on March 16, 2017, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 16, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You may join the case here: http://pawarlawgroup.com/cases/insys-therapeutics-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com.
Contact:
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (212) 571-0805
Fax: (212) 571-0938
vik@pawarlawgroup.com
SOURCE: Pawar Law Group
ReleaseID: 458162
