November 14, 2016 (Shareholders Foundation) - An investor in shares of Alere Inc (NYSE:ALR) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by Alere in connection with certain allegedly false and misleading statements made between February 29, 2012 and November 4, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Alere Inc (NYSE:ALR) common shares between February 29, 2012 and November 4, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 29, 2012 and November 4, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Alere’s wholly-owned subsidiary, Arriva Medical, LLC (“Arriva”), was submitting claims to Medicare for deceased patients, that the foregoing conduct subjected Arriva to revocation of its Medicare enrollment, and that as a result, defendants’ statements about Alere’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On November 4, 2016, Alere Inc announced that the Centers for Medicare and Medicaid Services alleged that the Company’s subsidiary, Arriva Medical, submitted claims for 211 deceased patients over a five-year period, and thus revoked Arriva’s Medicare enrollment.

Shares of Alere Inc (NYSE:ALR) declined from as high as $45.25 per share in late October 2016 to as low as $34.88 per share on November 9, 2016.