NEW YORK, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
The Complaint alleges that JA Solar investors were misled into accepting consideration from the Merger that was well below fair value for their JA Solar shares. Specifically, the complaint alleges that defendants failed to disclose that: (1) JA Solar’s Proxy materials misrepresented and/or omitted material information that was necessary for Company shareholders to make an informed decision concerning whether to vote in favor of the Merger; (2) contrary to the representations in the Proxy, JA Solar already had plans to relist its shares in China prior to closing the Merger and its delisting from the NASDAQ; and (3) consequently, the Company’s statements about its business, operations, and prospects lacked a reasonable basis.
The Complaint alleges that on December 17, 2018, FDAnews.com published an article entitled “FDA Hits Immunomedics for Data Integrity Breach.” The article reported, in part, that “[t]he FDA cited Immunomedics for a host of violations—including its handling of a data integrity breach—observed at its Morris Plains, New Jersey, drug substance manufacturing facility between August 6 and 14.” The article further stated that the data breach included “manipulated bioburden samples, misrepresentation of an integrity test procedure in the batch record, and backdating of batch records, such as dates of analytical results.” Following publication of this article, Immunomedics’ stock price fell sharply, damaging investors.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the U.S. Food and Drug Administration (“FDA”) had advised Alkermes to follow a certain protocol in connection with its New Drug Application submission for ALKS 5461; (2) Alkermes had failed to follow that protocol; (3) consequently, an FDA advisory committee voted 21 to 2 against the approval of ALKS 5461; and (4) as a result, Alkermes’ public statements were materially false and/or misleading at all relevant times.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose adverse information. Specifically, the complaint alleges that defendants: (1) failed to disclose that the Company had changed or planned to change the operations of its sales teams, deploying generalized sales teams as opposed to the specialized teams that were better capable of delivering specialized services to its clients; (2) that the Company’s workforce optimization strategy of sharply reducing staff while reducing costs was resulting in a shortage of sales personnel who could execute on demand for services, thereby risking and ultimately losing sales and revenue opportunities; (3) and that, consequently, the Company’s revenue and financial performance guidance for fiscal 2019 was without a reasonable basis.