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 - EconoTimes)
NEW YORK, Dec. 02, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against ERBA Diagnostics, Inc. (“ERBA” or the “Company”) (NYSE:ERB) and certain of its present and former officers in the United District Court for the Southern District of Florida on behalf of a class consisting of all persons or entities who purchased ERBA securities between April 14, 2014 and November 23, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked adequate controls over financial reporting; (ii) the Company’s financial statements during the Class Period were materially false and misleading; and (iii) as a result of the foregoing, Defendants’ statements regarding ERBA’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On November 20, 2015, ERBA disclosed that the Company’s previously issued financial statements for each of the years ended December 31, 2014 and 2013 and for each of the interim periods ended March 31, 2015 and June 30, 2015 (collectively, the “Non-Reliance Periods”) should no longer be relied upon. ERBA further disclosed that it intends to restate its financial statements for the Non-Reliance Periods.
On this adverse news, ERBA’s shares fell $0.30, or over 17%, to close at $1.44 on November 23, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than February 1, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
