SAN FRANCISCO, Aug. 12, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, reminds Inovalon Holdings, Inc. (NASDAQ:INOV) investors of the August 23, 2016 Lead Plaintiff deadline in the securities class action filed in the U.S. District Court for the Southern District of New York.
If you purchased or acquired shares of Inovalon pursuant to the February 12, 2015 initial public offering (“IPO”), including purchases of shares in the aftermarket, and suffered over $75,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/INOV
or contact Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000 or emailing INOV@hbsslaw.com.
The litigation concerns Defendants’ negligent statements and omissions related to Inovalon’s substantial revenues from doing business in New York City and New York State. This was important information because the IPO materials also omitted that New York State had implemented - and New York City was about to implement - substantial corporate tax reforms that would adversely impact Inovalon’s effective tax rate and earnings.
On August 5, 2015, Defendants finally disclosed the negative impact the New York State and New York City corporate tax reforms had on Inovalon’s fiscal 2015 earnings. They materially reduced 2015 earnings guidance due to an increased effective tax rate - 43%. On this news, the price of Inovalon’s shares declined over 23% to close at $19.53 per share on August 6, 2015.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.