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ERBA Diagnostics Inc (NYSEMKT:ERB) Investor Securities Class Action Lawsuit 12/01/2015

  • If you purchased a significant amount of shares of ERBA Diagnostics Inc (NYSEMKT:ERB) between April 14, 2014 and November 23, 2015, and / or if you purchased any NYSEMKT:ERB shares prior to April 2014 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadlin

  • 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

Company
ERBA Diagnostics Inc
Security
NYSEMKT: ERB

Case Name
ERBA Diagnostics Shareholder Class Action Lawsuit 12/01/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

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Class Period End
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Summary

December 01, 2015 (Shareholders Foundation) - An investor in shares of ERBA Diagnostics Inc (NYSEMKT:ERB) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by ERBA Diagnostics Inc in connection with certain allegedly false and misleading statements made between April 14, 2014 and November 23, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of ERBA Diagnostics Inc (NYSEMKT:ERB) common shares between April 14, 2014 and November 23, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 14, 2014 and November 23, 2015 Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that ERBA Diagnostics Inc lacked adequate controls over financial reporting, that ERBA Diagnostics Inc’s financial statements between April 14, 2014 and November 23, 2015 were materially false and misleading, and that 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.

ERBA Diagnostics Inc reported that its annual Total Revenue declined from $28.26 million in 2013 to $26.39 million in 2014 and that its Net Income decreased from $0.68 million 2013 to $0.45 million in 2014.

Shares of ERBA Diagnostics Inc (NYSEMKT:ERB) grew from $1.54 per share in May 2014 to as high as $3.98 per share in March 2015.

On November 20, 2015, ERBA Diagnostics Inc announced that the Audit Committee of the Company's Board of Directors concluded that the Company's 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 should no longer be relied upon. In addition, ERBA Diagnostics Inc stated that the Company intends to restate its 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 by filing amendments to its Annual Report on Form 10-K for the year ended December 31, 2014, which will also include details regarding adjustments in the portion of the Non-Reliance Period occurring during the year ended December 31, 2013, and its Quarterly Reports for the periods ended March 31, 2015 and June 30, 2015 as soon as practicable.