Robbins Arroyo LLP Is Investigating the Officers and Directors of ERBA Diagnostics, Inc. (ERB) on Behalf of Shareholders
Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of ERBA Diagnostics, Inc. (NYSE MKT: ERB) violated federal securities laws 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
On November 20, 2015, ERBA disclosed in its 8-K filing with the U.S. Securities and Exchange Commission 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. The company revealed that there was a material weakness in its internal control over financial reporting due to inadequate staffing of its financial accounting office, which caused it to be unable to provide timely account reconciliations. ERBA further disclosed that it intends to restate its financial statements. On this news, ERBA stock fell $0.27 per share, or over 15%, to close at $1.47 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.
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