ERBA Diagnostics, Inc.
Robbins Arroyo LLP: ERBA Diagnostics, Inc. (ERB) Misled Shareholders According to a Recently Filed Class Action
December 23, 2015 (San Diego, CA & Miami, FL) – Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed in the U.S. District Court for the Southern District of Florida. The complaint alleges that officers and directors of ERBA Diagnostics, Inc. (NYSE MKT: ERB) violated the Securities Exchange Act of 1934 between April 14, 2014 and November 23, 2015, by issuing materially misleading business information to the investing public. ERBA Diagnostics, through its subsidiaries, develops, manufactures, and markets diagnostic test kits or assays, and automated systems that are used to aid in the detection of disease markers primarily in the areas of autoimmune, infectious diseases, clinical chemistry, hematology, and diabetes testing.
ERBA Diagnostics Discloses Material Weakness in Its Internal Control
According to the complaint, on November 20, 2015, ERBA Diagnostics disclosed that its previously issued financial statements for the years ended 2013 and 2014, as well as its quarterly reports for the periods ended March 31, 2015 and June 30, 2015, should no longer be relied upon, and that it intended to restate its financial statements for these periods. On this news, ERBA stock fell $0.30 per share, or over 17%, to close at $1.44 per share on November 23, 2015.
ERBA Diagnostics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.