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Osiris Therapeutics, Inc.

Case Summary

Osiris Therapeutics, Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 06/12/2018 (Date of stipulation and/or agreement of settlement)

Filing Date: November 23, 2015

According to the law firm press release, the Complaint alleges throughout the Class Period defendants made materially false and misleading statements regarding the Company's business, operational and financial information. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company overstated revenues from several contracts and failed to follow GAAP standards, fixing its financial statements only a year and half later and causing millions in losses to the Company and Investors; and (ii) as a result of the foregoing, Osiris's public statements were materially false and misleading at all relevant times.

It is alleged that on November 16, 2015, Osiris surprised investors by disclosing that it has "determined to correct the revenue recognition for three contracts which will result in a decrease in product revenues of $1.8 million in the first quarter of 2015, a decrease in product revenue of $1.0 million in the second quarter, an increase in product revenues of $0.8 million in the third quarter of 2015 and a decrease in product revenues of $1.1 million in 2014." Thus, three restatements were made related to distributor relationships, which completely removed about $3.1 million of sales and shifted about $3.9 million of sales between quarters. As a result of these errors, Osiris missed its revenue targets in three of the last four quarters.

Following this news, Osiris shares fell sharply. They dropped $3.02, or 21.53%, to close at $10.97 on November 17, 2015, damaging investors.

On March 21, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. On April 6, 2018, Lead Plaintiff filed an amended Complaint.

The parties entered into a Stipulation of Settlement on June 5, 2018.

Company & Securities Information

Defendant: Osiris Therapeutics, Inc.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: OSIR
Company Market: NASDAQ
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.

First Identified Complaint

Kiran Kumar Nallagonda, et al. v. Osiris Therapeutics, Inc., et al.

COURT: D. Maryland
DOCKET #: 15-CV-03562
JUDGE: Hon. J. Frederick Motz
DATE FILED: 11/23/2015
CLASS PERIOD START: 05/12/2014
CLASS PERIOD END: 11/16/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violation of the Federal Securities Laws 11/23/2015
2 U.S. District Court Civil Docket 11/24/2015
3 Order Appointing Dr. Mirzayan as Lead Plaintiff and Approving His Selection of Lead and Liaison Counsel 03/21/2016
4 Settlement Order (Local Rule 111) 03/29/2018

Reference Complaint

Dr. Raffy Mirzayan, et al. v. Osiris Therapeutics, Inc., et al.

COURT: D. Maryland
DOCKET #: 15-CV-03562
JUDGE: Hon. J. Frederick Motz
DATE FILED: 04/06/2018
CLASS PERIOD START: 05/12/2014
CLASS PERIOD END: 11/16/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (New Seattle)
    1918 Eighth Ave. Suite 3300, Hagens Berman Sobol Shapiro LLP (New Seattle), WA 98101
    206.623.7292 206.623.0594 ·
  2. Hirschler Fleischer A Professional Corporation
    2100 East Cary Street Post Office Box 500, Hirschler Fleischer A Professional Corporation, VA 23218-0500
    804.771.9500 804.644.0957 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Complaint for Violations of Federal Securities Laws 04/06/2018
2 U.S. District Court Civil Docket 06/12/2018
3 Stipulation and Settlement Agreement 06/12/2018
4 [Proposed] Notice of Pendency and Proposed Settlement of Class Action 06/12/2018
 
 

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