Articles Posted in Class action

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Teva Pharmaceutical IndustriesPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Teva Pharmaceutical Industries (NYSE:TEVA) in connection to alleged violations of securities laws by TEVA. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Teva Pharmaceutical Industries between November 15, 2016 and August 2, 2017.

The class action complaint specifically alleges that during the period in question, TEVA might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company’s Unites States-based generics operations suffered performance problems, causing the company to record a goodwill impairment charge in connection to its acquisition of Actavis Generics, factors that contributed to the company’s dividend being reduced by 75%. The complaint alleges that when true details came to light, investors suffered losses.

According to the company’s website, Teva Pharmaceutical Industries is a pharmaceutical company “committed to increasing access to high-quality healthcare for people across the globe, at every stage of life.” The company’s description continues: “We do this by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients… Our dedication to quality in everything we do is uncompromising, and covers every stage of the development, production and marketing of our medicines: from the supply of materials through manufacturing and approval by the strictest authorities in the world. Our state-of-the-art manufacturing facilities feature the most advanced testing equipment to guarantee the quality of our products. Equipment is tested and certified, and every manufacturing process is validated. All supplier procedures are strictly supervised to ensure that only the highest grade materials are used in our products.”

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Top ShipsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Top Ships (NASDAQ:TOPS) in connection to alleged violations of securities laws by TOPS. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Top Ships between January 17, 2017 and August 22, 2017.

The class action complaint specifically alleges that during the period in question, TOPS might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company’s chief executive officer, Evangelos Pistiolis, caused the company to participate in manipulative share issuance and sales transactions with another company, Kalani Investments Limited, in which Top Ships sold Kalani Investments, at a substantial discount compared to market prices, common shares and securities convertible into common shares, and filed registration statements such that Kalani Investments would be able to resell said shares into the market. When TOPS declined in value as a result of Kalani’s sales, TOPS would engage in a reverse split of the stock, that is, it reduced the number of traded shares, merging outstanding shares into single units, effectively increasing the price of TOPS; at this point, Top Ships would begin the process anew by selling shares to Kalani. The complaint alleges that when TOPS was participating in these activities, the company did not disclose to the public the real purpose of the transactions and reverse splits—that is, to fund transactions that benefited the CEO and other companies and individuals associated with Top Ships. The complaint also alleges that when true facts came to light, investors suffered losses.

According to the company’s website, Top Ships is “an international owner of modern, fuel efficient ‘ECO’ MR tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.” The description continues: “We have established a reputation in the international ocean transport industry for operating and maintaining vessels with high standards of performance, reliability and safety. Our management team comprises of executives with extensive experience in managing and operating large and diversified fleets of vessels, and with strong ties to a number of national, regional and international oil companies, charterers and traders. Our strategy is to grow the company’s fleet via acquisitions of newbuilding, resale or secondhand vessels of superior ECO design.”

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DepomedPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Depomed (NASDAQ:DEPO) in connection to alleged violations of securities laws by DEPO. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Depomed between February 26, 2015 and August 7, 2017.

The class action complaint specifically alleges that during the period in question, DEPO might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company employed questionable sales and marketing activities with respect to its opioid products; that when and if said activities came to like, the company was likely to fall under increased scrutiny from regulatory and legal authorities; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts came to light, investors suffered losses.

According to the company’s website, Depomed is a “specialty pharmaceutical company focused on products to treat pain and other central nervous system (CNS) conditions.” The company’s description states further: “The company currently markets FDA-approved products: NUCYNTA® ER (tapentadol) extended release tablets indicated, CII for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate and in adult patients who have neuropathic pain associated with diabetic peripheral neuropathy (DPN) that is severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate; NUCYNTA® (tapentadol) an immediate release version of tapentadol, is indicated for the management of moderate to severe acute pain in adults; Gralise® (gabapentin) tablets for the management of postherpetic neuralgia (PHN); Cambia® (diclofenac potassium for oral solution) for acute treatment of migraine attacks with or without aura in adults 18 years of age or older; Lazanda® (fentanyl) nasal spray CII for the management of breakthrough pain in cancer patients; and Zipsor® (diclofenac potassium) liquid filled capsules for relief of mild to moderate acute pain.”

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Blue Apron HoldingsPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Blue Apron Holdings (NYSE:APRN) in connection to alleged violations of securities laws by APRN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Blue Apron Holdings between June 26, 2017 and August 17, 2017.

The class action complaint specifically alleges that during its initial public offering (IPO), APRN might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company had chosen to substantially cut its ad spends in the second quarter of 2017, a move that would negatively impact future sales and profit margins; that the company’s customer retention was suffering due to issues in its on-time in-full rates, that is, customers were receiving orders that were both late and incomplete; and that the company was suffering delays with respect to a new factory in Linden, New Jersey in the second quarter of 2017. The complaint alleges that when true facts emerged, investors suffered losses.

According to the company’s website, Blue Apron Holdings is a meal delivery company whose “mission is to make incredible home cooking accessible to everyone.” The description continues: “Launched in 2012, Blue Apron is reimagining the way that food is produced, distributed, and consumed, and as a result, building a better food system that benefits consumers, food producers, and the planet. The company has developed an integrated ecosystem that enables the company to work in a direct, coordinated manner with farmers and artisans to deliver high-quality products to customers nationwide at compelling values. Blue Apron’s current products include Blue Apron Meals, Blue Apron Wine, the Blue Apron Market, and BN Ranch, a premium supplier of grass-fed beef and pasture-raised poultry.”

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Rayonier Advanced Materials

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Rayonier Advanced Materials (NYSE:RYAM) in connection

to alleged violations of securities laws by RYAM. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Rayonier Advanced Materials between October 29, 2014 and August 19, 2015.

The class action complaint specifically alleges that during the period in question, RYAM might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that Eastman Chemical Company, one of the company’s major customers, had caused a lengthy contract dispute between the two companies by asking that Rayonier address reductions in market prices evidenced by RYAM’s competitors; and that in spite of this, the company stated that it would “be able to maintain or increase [its] share of volume at each of [the company’s] top 10 customers.” The complaint alleges that when true facts came to light, investors suffered losses.

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TechnipFMC plc Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in TechnipFMC plc (NYSE:FTI) in connection to alleged violations of securities laws by FTI. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in TechnipFMC plc between April 27, 2017 and July 24, 2017.

The class action complaint specifically alleges that during the period in question, FTI might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that TechnipFMC was experiencing a material weakness affecting its internal systems governing the rates used in determining how foreign currency impacts certain projects; that TechnipFMC did not have adequate controls over the reporting of its finances; and that consequently, TechnipFMC’s statements to the public during the relevant period were false and misleading. When true details emerged, according to the complaint, investors suffered losses.

According to the company’s website, TechnipFMC plc is “a global leader in oil and gas projects, technologies, systems and services.” The company’s description continues: “With proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics across subsea, onshore/offshore and surface. We are uniquely positioned to deliver greater efficiencies across project lifecycles from concept to project delivery and beyond. We are driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions and rethinking how the best results are achieved.”

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The Advisory Board CompanyPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in The Advisory Board Company (NASDAQ:ABCO) in connection to alleged violations of securities laws by ABCO and certain of its officers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in The Advisory Board Company between January 21, 2015 and February 23, 2016.

The class action complaint specifically alleges that during the period in question, ABCO might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company was experiencing significant integration issues with respect to its acquisition of Royall; and that due to these issues, the company had no reasonable grounds to raise its revenue guidance for Royall during the period in question; and that consequently the statements made during the relevant period by the company’s Advisory Board were false and misleading. The complaint states that when these facts came to light, investors suffered losses.

According to the company’s website, The Advisory Board Company is “a best practices firm that uses a combination of research, technology, and consulting to improve the performance of health care organizations around the world.” The company’s description continues: “We forge and find the best new ideas and proven practices from across our vast network of leaders. Then we customize and hardwire them into every level of your organization, creating enduring value.”

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Electronics For ImagingPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Electronics For Imaging (NASDAQ: EFII) in connection to alleged violations of securities laws by EFII. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Electronics For Imaging between February 22, 2017 and August 3, 2017.

The class action complaint specifically alleges that during the period in question, EFII might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company employed improper practices with respect to revenue recognition; that it had inadequate controls over financial reporting practices; and that consequently its statements to the public during the relevant period were false and misleading. When true details concerning the company’s practices emerged, investors suffered damages, according to the complaint.

According to the company’s website, Electronics For Imaging is “leading the transformation from analog to digital imaging with scalable, digital, award-winning products.” The company’s description continues: “Based in Silicon Valley, California with offices around the world, EFI develops breakthrough technologies for the manufacturing of signage, packaging, textiles, ceramic tiles, and personalized documents, with a wide range of printers, inks, digital front ends, and a comprehensive business and production workflow suite that transforms and streamlines the entire production process, increasing your competitiveness and boosting productivity.”

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 Endo InternationalPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Endo International (NASDAQ: ENDP) in connection to alleged violations of securities laws by ENDP. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Endo International between November 30, 2017 and July 6, 2017.

The class action complaint specifically alleges that during the period in question, ENDP might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company’s pharmaceutical product, Reformulated Opana, did not have resistance to crushing; that Opana had a risk of being abused by such methods as injection, snorting, and grinding; that Opana was implicated in the national opioid crisis; and that the company planned to take Opana off the market.

According to the company’s website, Endo International is a “highly focused generics and specialty branded pharmaceutical company delivering quality medicines through excellence in development, manufacturing and commercialization.” The company’s description continues: “Through our operating companies – Endo Pharmaceuticals, Par Pharmaceutical, Paladin Labs and SOMAR– Endo is dedicated to serving patients in need. Endo commenced operations in 1997 by acquiring certain pharmaceutical products, related rights and assets from The DuPont Merck Pharmaceutical Company. Since that time, the company has expanded to include the following business segments: U.S. Branded Pharmaceuticals, U.S. Generic Pharmaceuticals and International Pharmaceuticals.”

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Intellipharmaceutics InternationalPublicly available records indicate that a class action lawsuit has been filed on behalf of investors in Intellipharmaceutics International Inc. (NASDAQ:IPCI) in connection to alleged violations of securities laws by IPCI. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Intellipharmaceutics International between January 14, 2016 and July 26, 2017.

The class action complaint specifically alleges that during the period in question, IPCI might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company failed to perform a study of human abuse liability in connection with its New Drug Application for Rexista; that the company failed to include in that application certain studies it performed to examine abuse of Rexista by various pathways; that the company did not provide adequate data in support of the NDA’s approval; and that consequently the company’s statements about its business, operations and prospects were false and misleading during the relevant period. When the Food and Drug Administration published a report on July 27, 2017 stating that “The safety information collected in the pharmacokinetic studies was of limited value,” IPCI declined more than 45%, closing at $1.36/share on that date.

According to the company’s website, Intellipharmaceutics International is a pharmaceutical company “engaged in the research, development, and commercialization of controlled-release and targeted pharmaceutical products.” The company’s description continues: “Controlled-release means releasing a drug into the bloodstream or at a target site in the body, over an extended period of time or at predetermined times. In some circumstances, controlled-release drug delivery can enhance efficacy and patient compliance as compared to immediate release formats for the same drug. Our proprietary Hypermatrix™ technology is at the core of our controlled-release drug delivery approach. The flexibility of the Hypermatrix™ technology allows for the intelligent and efficient design of drugs through the precise control of a number of key variables. This allows us to respond to varying drug attributes and patient requirements, producing a desired controlled-release effect in a time and cost-effective manner.”