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InfuSystem Holdings Inc (NYSEMKT: INFU) Investor Securities Class Action Lawsuit 11/08/2016

  • If you purchased shares of InfuSystem Holdings Inc (NYSEMKT: INFU), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
InfuSystem Holdings Inc
Security
NYSEMKT: INFU

Case Name
InfuSystem Shareholder Class Action Lawsuit 11/08/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 13, 2018 - The plaintiff dismissed their appeal.
February 28, 2018 - A notice of appeal was filed.

January 29, 2018 - The complaint was not amended. The case was dismissed.

December 15, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 19, 2017 - A motion to dismiss the amended complaint was filed.

April 18, 2017 - An amended complaint was filed..

November 8, 2016 - An investor in shares of InfuSystem Holdings Inc (NYSEMKT: INFU) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by InfuSystem Holdings Inc in connection with certain allegedly false and misleading statements made between May 12, 2015 and November 7, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of InfuSystem Holdings Inc (NYSEMKT: INFU) common shares between May 12, 2015 and November 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 12, 2015 and November 7, 2016 the defantdants made false and/or misleading statements and/or failed to disclose that InfuSystem Holdings Inc lacked effective internal control over financial reporting, that InfuSystem Holdings Inc’s financial statements dating back to the beginning of 2015 overstated the estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount, that InfuSystem Holdings Inc’s financial statements dating back to the beginning of 2015 could no longer be relied upon, and that as a result of the foregoing, the InfuSystem Holdings Inc’s financial statements were materially false and misleading at all relevant times.

InfuSystem Holdings Inc reported that its annual Total Revenue rose from $66.49 million in 2014 to $72.12 million in 2015 and that its Net Income grew from $3.36 million in 2014 to $3.74 million in 2015.

On November 7, 2016, InfuSystem Holdings Inc revealed that “the Company's audited financial statements for the fiscal year ended December 31, 2015, and the Company's unaudited financial statements for each of the fiscal quarters ended March 31, 2015 through June 30, 2016 should no longer be relied upon, citing an error related to an overstatement of estimated accounts receivable collections which in turn overstated revenues and pre-tax income by a corresponding amount.

InfuSystem Holdings Inc also said that its Audit Committee believes that material adjustments to the Financial Statements are required and that the Company will need to restate the Financial Statements.

Shares of InfuSystem Holdings Inc (NYSEMKT: INFU) declined on November 7, 2016 to as low as $1.55 per share.

On November 8, 2016, NYSEMKT: INFU shares closed at $1.78 per share.