RADNOR, PA / ACCESSWIRE / April 1, 2016 / Kessler Topaz Meltzer & Check, LLP reminds Insys Therapeutics, Inc. (NASDAQ: INSY) ("Insys" or the "Company") shareholders that a class action lawsuit has been filed on behalf of all purchasers of the Company's common stock between March 3, 2015 and January 25, 2016, inclusive (the "Class Period").
FINAL REMINDER: Shareholders who purchased Insys common stock during the Class Period may, no later than April 4, 2016, request that the Court appoint them as a lead plaintiff representative of the class. Insys shareholders who wish to discuss their legal rights or interests with respect to this action are encouraged to contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at firstname.lastname@example.org.
For additional information about this lawsuit, to view a copy of the filed complaint, or to request information about this action online, please visit https://www.ktmc.com/new-cases/insys-therapeutics-inc#join.
The class action complaint alleges that Insys and certain of its executive officers made a series of false and misleading statements and failed to disclose material adverse facts about the Company's business and operations to investors during the Class Period. Specifically, the defendants are alleged to have failed to disclose that: (i) the Company was engaged in the illegal and improper off-labeling marketing of Subsys; (ii) certain Insys employees--including Defendant Michael L. Babich, the President and Chief Executive Officer of Insys during much of the Class Period--were complicit in an illegal kickback scheme operated for the purpose of increasing prescriptions of Subsys; and (iii) as a result, the Company's financial statements were materially false and misleading at all relevant times.
As more fully detailed in the class action complaint, after the close of the market on April 24, 2015 the Southern Investigating Report Foundation ("SIRF") published an article reporting on patients who either died or suffered adverse events while being treated with Subsys, and detailed how Insys aggressively marketed Subsys. On this news, the price of the Company's shares declined $6.00 per share, or nearly 10%, to close at $56.42 per share on April 27, 2015.
Further, on January 25, 2016, SIRF published an article alleging that Insys's executives have continued to pressure Company employees to develop new schemes to promote the illegal and improper off-label marketing and sale of Subsys. On this news, the price of the Company's shares declined an additional $1.07 per share, or nearly 5%, to close at $21.58 per share on January 25, 2016.
Insys shareholders who purchased their securities during the Class Period (March 3, 2015 - January 25, 2016) may, no later than April 4, 2016, request that the Court appoint them as a lead plaintiff representative of the class.
Members of the purported class may petition the Court through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. 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. A class member's ability to share in any recovery is not affected by the decision of whether or not to petition the Court to be appointed 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). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE: Kessler Topaz Meltzer & Check, LLP