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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 26, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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February 26, 2019 - The court preliminarily approved the settlement.
January 31, 2019 - A stipulation of settlement was filed by the parties.
August 23, 2017 - The court granted in part and denied in part defendants' motion to dismiss.
January 4, 2017 - An amended consolidated complaint was filed.
November 8, 2016 - Defendants filed a motion to dismiss.
September 23, 2016 - A consolidated complaint was filed.
April 21, 2016 - An investor in shares of Alere Inc (NYSE: ALR) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Alere Inc in connection with certain allegedly false and misleading statements made between May 9, 2013 and April 20, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Alere Inc (NYSE: ALR) common shares between May 9, 2013 and April 20, 2016 , that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between May 9, 2013 and April 20, 2016, the Defendants made allegedly false and/or misleading statements and/or failed to disclose that Alere Inc improperly recognized and reported revenue in violation of Generally Accepted Accounting Principles (“GAAP”), that, as a result, Alere Inc’s quarterly and annual SEC filings would be delayed, that, as a result of the foregoing, Alere Inc’s planned merger with Abbott Laboratories would be thrown into doubt, that Alere Inc lacked adequate internal controls over accounting and financial reporting, and that, as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about Alere Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On or around March 15, 2016, Alere Inc announced that it would delay the filing of its 2015 Annual Report, and would need to restate the financial reports for the years 2013, 2014 and 2015 due to issues with its revenue recognition practices, and had also received a subpoena from the U.S. Department of Justice relating the Company’s sales practices and compliance with the U.S. Foreign Corrupt Practices Act.
On March 15, 2016, Alere Inc disclosed receipt of a grand jury subpoena from the U.S. Department of Justice, relating to the U.S. Foreign Corrupt Practices Act (“FCPA”), seeking documents relating to the Company's sales practices in Africa, Asia and Latin America. Alere Inc also said it would be unable to timely file its annual report for 2015 and that it would need to restate the financial reports for the years 2013, 2014 and 2015 due to issues with its revenue recognition practices. Alere Inc reported that its annual Total Revenue declined from over $2.61 billion in 2013 to over $2.58 billion in 2014 and that its Net Loss declined from $72.71 million in 2013 to $37.74 million in 2014.
Shares of Alere Inc (NYSE: ALR) declined on April 20, 2016 to as low as $40.50 per share.