Kessler Topaz Meltzer & Check Announces Shareholder Lawsuit Filed Against Alere Inc. -- ALR


RADNOR, Pa., June 13, 2016 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Alere Inc. (NYSE:ALR) (“Alere” or the “Company”) on behalf of purchasers of the Company’s securities between May 9, 2013 and April 20, 2016, inclusive (the “Class Period”). 

Alere shareholders who purchased their securities during the Class Period may, no later than June 20, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. 

Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/alere-inc#join.

Alere provides point-of-care diagnostics and services for infectious disease, cardiometabolic disease, and toxicology in the United States and internationally.

According to the complaint, during the Class Period Alere and certain of its executive officers made false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects, including the following: (1) that the Company improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles; (2) that, as a result, the Company’s quarterly and annual SEC filings would be delayed; (3) that, as a result of the foregoing, the Company’s planned merger with Abbott Laboratories would be thrown into doubt; (4) that the Company lacked adequate internal controls over accounting and financial reporting; and (5) that, as a result of the foregoing, the Company’s financial statements, as well as defendants’ statements about Alere’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. 

On February 1, 2016, Alere and Abbott Laboratories (“Abbott”) announced that Abbott would acquire Alere for $56.00 per share.  On this news, shares of Alere’s stock increased $16.91 per share, or more than 45%, to close at $54.11 per share on February 1, 2016.

On March 15, 2015, Alere disclosed that it was unable to file its 2015 Annual Report with the SEC because it was “continuing to conduct an analysis of certain aspects of the timing of revenue recognition.”  On this news, shares of the Company’s stock declined $4.14 per share, or 7.7%, to close on March 15, 2016 at $49.32 per share.

Finally, on April 20, 2016, Abbott’s Chief Executive Officer refused to reaffirm Abbott’s commitment to the previously announced acquisition of Alere.  On this news, shares of the Company’s stock declined an additional $6.11 per share, or 12.3%, to close on April 20, 2016 at $43.36 per share.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country.  Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check.  For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.


            

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