Case Page

 

Case Status:    DISMISSED    
On or around 07/29/2009 (Court's order of dismissal)

Filing Date: April 10, 2008

The original complaint charges Inverness Medical and certain of its officers and directors with violations of the Securities Act. Inverness Medical engages in the development, manufacture, and marketing of consumer and professional medical diagnostic products, as well as a range of vitamins and nutritional supplements worldwide.

Specifically the complaint alleges that on or about November 14, 2007, the Prospectus supplement to the Registration Statement (the "Registration Statement") with respect to the Secondary Offering, which forms part of the Registration Statement, became effective and more than 12 million shares of Inverness Medical common stock were sold to the public at $61.49 per share, thereby raising more than $737 million. The complaint alleges that the Registration Statement negligently failed to disclose the significant and severe integration issues that Inverness Medical was then experiencing and which were then impacting the Company's continuing operations.

On October 2, 2008, Judge Joseph L. Tauro allowed the plaintiff’s motion to appoint lead plaintiff and lead and liaison counsel. Institutional Investor International Brotherhood of Electrical Workers Local 98 is appointed Lead Plaintiff and Coughlin Stoia Geller Rudman & Robbins LLP as Lead Counsel and Shapiro Haber & Urmy LLP to serve as Liaison Counsel. On December 4, 2008, the lead plaintiff filed an Amended Class Action Complaint. On February 12, 2009, the defendants filed a motion to dismiss the Amended Class Action Complaint. On July 29, 2009, Judge Joseph L. Tauro entered the Memorandum and Order allowing the defendants’ motion to dismiss.

On August 27, 2009, the plaintiff filed a Notice of Appeal. On September 24, 2009, the Court entered the Judgment and Mandate from the U.S. Court of Appeals for the First Circuit. The parties voluntarily dismissed the appeal.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IMA
Company Market: American SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 08-CV-10615
JUDGE: Hon. Joseph L. Tauro
DATE FILED: 04/10/2008
CLASS PERIOD START: 11/14/2007
CLASS PERIOD END: 03/18/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  3. Shapiro Haber & Urmy LLP (Boston)
    53 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 08-CV-10615
JUDGE: Hon. Joseph L. Tauro
DATE FILED: 12/04/2008
CLASS PERIOD START: 11/14/2007
CLASS PERIOD END: 03/18/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3000 ·
No Document Title Filing Date
No Document Title Filing Date