According to the law firm press release, Omnicell, Inc. provides automation solutions for medication and supply management. The company operates in two segments, Acute Care and Non-Acute Care.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts pertaining to arrangements with certain customers. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) the existence of a "side letter" arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer; (2) that the Company lacked adequate internal controls over financial reporting; and (3) that as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On March 2, 2015, after the market closed, the Company disclosed in a regulatory filing that it would be unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2014. According to the Company, "additional time is required by the Company to investigate a notice received on February 27, 2015 from a Company employee alleging, among other matters, the existence of a 'side letter' arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer."
As a result of this news, shares of Omnicell fell $2.14, or over 6%, on extremely heavy volume, to close at $33.08 on March 3, 2015.
This case was voluntarily dismissed on May 20, 2015.