SAN FRANCISCO, June 07, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP:
To: All persons or entities who purchased or otherwise acquired securities of Alere Inc. (NYSE:ALR) (“Alere” or the “Company) between May 9, 2013 and April 20, 2016.
You have until June 20, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
If you suffered $500,000 or more in losses in Alere, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing ALR@hbsslaw.com or visiting https://www.hbsslaw.com/cases/ALR .
On February 1, 2016, Alere announced its merger agreement with Abbott Laboratories. In it, the Company certified it had been in compliance with the U.S. Foreign Corrupt Practices Act (“FCPA”) since 2014. In response to the announcement, Alere’s share price rose from $37.20 per share to close at $54.11 per share that day – an increase of more than 45%.
Since then, Alere announced it would not timely file its 2015 Form 10-K, the SEC had served a subpoena concerning Alere’s revenue recognition, and the DOJ served it with a grand jury subpoena concerning potential FCPA violations.
Alere has not filed its Form 10-K for the year ended December 31, 2015 or its Form 10-Q for the quarter ended March 31, 2016 due to the ongoing investigations by it and the SEC into improper revenue recognition for the years ended December 31, 2013 - 2015, including each of the interim quarters.
Abbott expressed its “serious concerns about, among other things, the accuracy of various representations, warranties and covenants made by Alere” in the merger agreement, attempted to terminate the merger, and has exercised its contractual rights to audit Alere’s books and records.
Alere’s stock closed at $42.83 per share on June 3, 2016 – a drop of almost 21% since the merger announcement.
“Abbott’s attempt to terminate the acquisition of Alere highlights the serious nature of these government investigations,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Alere should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ALR@hbsslaw.com.
About Hagens Berman
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