NEW YORK (Legal Newsline) – A New York investor is suing a pharmaceutical company, alleging it violated Securities and Exchange Commission rules, damaging the value of the stock he purchased.
Manuel A. Quintero Gomez, individually and on behalf of others similarly situated, filed a class action lawsuit May 27 in U.S. District Court for the Southern District of New York against Unilife Corp., former chairman and chief executive officer Alan Shortall, secretary and general counsel John Ryan, chief financial officers R. Richard Wielan II and David C. Hastings, controller and chief accounting officer Dennis P. Pyers and director and board chairman Jim Bosnjak, alleging violations of federal securities laws.
According to the complaint, the chairman and CEO of Unilife, a manufacturer of injectable drug delivery systems, resigned in 2016, amid allegations of financial reporting fraud. Specifically, the suit says, there were inadequate financial and accounting controls within the company, and the misconduct invalidated the company’s financial statements. As news of the alleged difficulties surfaced, the stock price dropped from $5.10 per share to 2.64 per share, the lawsuit states.
The plaintiffs seek a jury trial and damages. They are represented by Pomerantz LLP attorneys Jeremy A. Lieberman, J. Alexander Hood II and Marc Gorrie in New York, and Patrick V. Dahlstrom in Chicago, and by Peretz Bronstein of Bronstein, Gewirtz & Grossman LLC in New York.
U.S. District Court for the Southern District of New York Case number 1:16-cv-03986