Robbins Arroyo LLP: Misonix, Inc. (MSON) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Misonix, Inc. (NASDAQGM: MSON) in the U.S. District Court for the Eastern District of New York. The complaint is brought on behalf of all purchasers of Misonix securities between November 5, 2015 and September 14, 2016, for alleged violations of the Securities Exchange Act of 1934 by Misonix’s officers and directors. Misonix, a surgical device company, designs, manufactures, and markets therapeutic ultrasonic products for spine surgery, skull-based surgery, neurosurgery, wound debridement, cosmetic surgery, laparoscopic surgery, and other surgical applications worldwide.
Misonix Accused of Implementing Inadequate Financial Controls
According to the complaint, throughout the class period, Misonix submitted several filings with the U.S. Securities and Exchange Commission (“SEC”) certifying that the company’s financial information was accurate and that Misonix disclosed any material changes to the company’s internal control over financial reporting. However, the complaint alleges that Misonix officials failed to disclose that there were deficiencies in the company’s internal control over financial reporting and, as a result, the company’s statements about its business, operations, and prospects were materially false and misleading.
On September 14, 2016, Misonix filed a Notification of Late Filing with the SEC revealing that the company is not able to timely file its Annual Report on Form 10-K for the year ending June 30, 2016 due to “deficiencies [that] existed in the Company’s internal control over financial reporting at June 30, 2016.” Misonix further announced that the company’s Audit Committee was conducting an investigation related to the deficiencies. On this news, Misonix stock fell $1.13 per share, or over 18%, to close at $5.00 per share on September 15, 2016.
Misonix 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.