Robbins Arroyo LLP: Unilife Corporation (UNIS) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Unilife Corporation (NASDAQGM: UNIS) in the U.S. District Court for the Southern District of New York. The complaint is brought on behalf of all purchasers of Unilife securities between February 3, 2014 and May 23, 2016, for alleged violations of the Securities Exchange Act of 1934 by Unilife’s officers and directors. Unilife designs, manufactures, and supplies injectable drug delivery systems in the United States and internationally.
Unilife Accused of Misrepresenting Its Financial Condition
According to the complaint, throughout the class period, Unilife submitted several filings with the U.S. Securities and Exchange Commission (“SEC”) that reported strong financial results and attested that the information presented was accurate. Unilife also issued multiple press releases touting the company’s stellar financial position and emphasizing its rapid growth in revenue, customers, and supply agreements. However, the complaint alleges that Unilife failed to disclose that the company’s former Chief Executive Officer (“CEO”) and former Chairman of the Board of Directors (“COB”) had violated the company’s policies and procedures and applicable laws and regulations, that Unilife lacked adequate internal controls over accounting and financial reporting, and that as a result, the company would be unable to timely file its Quarterly Report for the period ended March 31, 2016.
On May 11, 2016, Unilife filed a Notification of Late Filing with the SEC disclosing that it discovered violations of company policies and possible violations of law by the company’s former CEO and former COB, as well as possible impacts on its financial reporting. The company also disclosed that it was therefore unable to file its Quarterly Report on time. On May 23, 2016, Unilife disclosed that it received a letter from The NASDAQ Stock Market LLC notifying it that it was not in compliance with NASDAQ Listing Rule 5250(c)(1) because it had not timely filed its Form 10-Q. Since news of Unilife’s troubles were made public, its stock declined by $2.46 per share, or over 48%, to close at $2.64 per share on May 24, 2016.
Unilife 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.