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Insys Therapeutics Inc (NASDAQ: INSY) Investor Securities Class Action Lawsuit 03/17/2017

  • If you purchased shares of Insys Therapeutics Inc (NASDAQ: INSY), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Insys Therapeutics Inc
Security
NASDAQ: INSY

Case Name
Insys Therapeutics Shareholder Class Action Lawsuit 03/17/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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

March 4, 2021 - The case was voluntarily dismissed.

June 10, 2019 - The defendants filed a notice of bankruptcy.

June 12, 2018 - The court granted in part and denied in part defendants' motion to dismiss.

November 3, 2017 - A motion to dismiss the second amended complaint was filed.

October 27, 2017 - A second amended complaint was filed. 

July 31, 2017 - An amended complaint was filed. 

March 17, 2017 - An investor in shares of Insys Therapeutics Inc (NASDAQ: INSY) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Insys Therapeutics Inc in connection with certain allegedly false and misleading statements made between February 23, 2016 and March 15, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Insys Therapeutics Inc (NASDAQ: INSY) common shares between February 23, 2016 and March 15, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 23, 2016 and March 15, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Insys Therapeutics Inc had overstated its 2015 net revenue, that Insys Therapeutics Inc had misstated its sales allowances for 2016, that accordingly, Insys Therapeutics Inc lacked effective internal controls over financial reporting, and that as a result, Insys Therapeutics Inc’s public statements were materially false and misleading at all relevant times. Insys Therapeutics Inc reported that its annual Total Revenue rose from $222.12 million in 2014 to $330.80 million in 2015 and that its Net Income increased from $37.98 million in 2014 to $58.48 million in 2015.

On March 15, 2017, Insys Therapeutics Inc disclosed that it would delay the release of its financial results for the fourth quarter and full year 2016 in order to complete an independent review of its processes related to certain sales allowances and extended payment terms, which could result in a reduction of 2015 net revenue and pre-tax income. Insys Therapeutics Inc further disclosed that it would not timely file its 2016 annual financial statements.

Shares of Insys Therapeutics Inc (NASDAQ: INSY) declined to as low as $9.80 per share on March 16, 2017.