According to the law firm press release, Uroplasty designs, develops, manufactures, and markets medical products primarily for the treatment of voiding dysfunctions. The Company's principal product is Urgent PC Neuromodulation System which is a system that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder. Uroplasty also offers Macroplastique, a bulking agent.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenues; (2) the Company made improper sales commission payments; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 14, 2013, the Company disclosed a delay in the filing of its annual report for the year ended March 31, 2013, until the completion of a review of its internal controls over reporting. Specifically, the review relates "to the recognition of orders and the payment of sales commissions at the end of fiscal quarters." Further, the Company placed its Chief Financial Officer "on administrative leave pending completion of the internal control review." On this news, Uroplasty securities declined $0.23 per share or over 10%, to close at $2.22 per share on June 14, 2013.
This case was voluntarily dismissed on August 16, 2013.