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Case Status:    ONGOING    
On or around 10/24/2017 (Ongoing date of last review)

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.

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.
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
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