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Case Status:    DISMISSED    
On or around 02/09/2016 (Notice of voluntarily dismissal)

Filing Date: December 01, 2015

According to the law firm press release, ERBA develops, manufactures, and markets diagnostic test kits or assays, and automated systems that are used to aid in the detection of disease markers primarily in the areas of autoimmune, infectious diseases, clinical chemistry, hematology, and diabetes testing. The Company also develops, manufactures, and markets autoimmune reagents and research products for use by research laboratories and commercial diagnostic manufacturers. The Company markets its products through its sales force to hospitals, reference laboratories, clinical laboratories, and research laboratories, as well as to other commercial companies that manufacture diagnostic products in the United States; and through sales representatives and independent agents in Italy, as well as through independent distributors internationally.

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: (i) the Company lacked adequate controls over financial reporting; (ii) the Company’s financial statements during the Class Period were materially false and misleading; and (iii) as a result of the foregoing, Defendants’ statements regarding ERBA’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On November 20, 2015, post-market, ERBA disclosed that the Company’s previously issued financial statements for each of the years ended December 31, 2014 and 2013 and for each of the interim periods ended March 31, 2015 and June 30, 2015 (collectively, the “Non-Reliance Periods”) should no longer be relied upon. ERBA further disclosed that it intends to restate its financial statements for the Non-Reliance Periods.

On this adverse news, ERBA’s shares fell $0.30, or over 17%, to close at $1.44 on November 23, 2015.

This case was voluntarily dismissed on Feburary 9, 2016.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ERB
Company Market: New York 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: S.D. Florida
DOCKET #: 15-CV-24425
JUDGE: Hon. Cecilia M. Altonaga
DATE FILED: 12/01/2015
CLASS PERIOD START: 04/14/2014
CLASS PERIOD END: 11/23/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date