San Diego, CA -- (ReleaseWire) -- 06/23/2014 -- A deadline is coming up on July 14, 2014 in the lawsuit filed for investors of Insys Therapeutics Inc (NASDAQ:INSY) over alleged securities laws violations by Insys Therapeutics.
Investors who purchased shares of Insys Therapeutics Inc (NASDAQ:INSY) have certain options and there are strict and short deadlines running. Deadline: July 14, 2014. Insys Therapeutics Inc (NASDAQ:INSY) stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the District of Arizona the plaintiff alleges on behalf of purchasers of Insys Therapeutics Inc (NASDAQ:INSY) between May 1, 2013 and May 8, 2014, that the defendants violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims defendants made allegedly false and/or misleading statements concerning, and/or failed to disclose, among other things that Insys Therapeutics Inc engaged in illegal and/or unethical off label marketing of Subsys®, that Insys Therapeutics Inc was exposed to potential fines and other disciplinary actions as a result of its Subsys marketing practices, and that as a result, the Insys Therapeutics Inc's financial statements were materially false and misleading at all relevant times.
Oon December 12, 2013, after the market closed, Insys Therapeutics Inc announced that, "it has received a subpoena from the Office of Inspector General of the Department of Health and Human Services ("HHS") in connection with an investigation of potential violations involving HHS programs. The subpoena requests documents regarding Subsys, including INSYS' sales and marketing practices relating to this product."
On May 8, 2014, a local Michigan news source published an article detailing charges against a Michigan doctor who allegedly accounted for 20% of total nationwide Subsys prescriptions. The doctor was charged by federal prosecutors with defrauding Medicare, private insurers, and prescribing unnecessary medications to patients. Then on May 11, 2014, an analyst firm published a report further highlighting the claims against the Michigan doctor, and the problems attendant to Insys Therapeutics Inc's marketing of Subsys, including allegedly illegal off-label marketing.
Shares of Insys Therapeutics Inc declined from $41.99 per share on May 6, 2014 to $20.63 per share on May 15, 2014.
On June 20, 2014, NASDAQ:INSY shares closed at $29.16 per share.
Those who purchased shares of Insys Therapeutics Inc (NASDAQ:INSY) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego