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Omnicell Inc (NASDAQ: OMCL) Investor Securities Class Action Lawsuit 03/19/2015

  • If you purchased shares of Omnicell Inc (NASDAQ: OMCL), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Omnicell, Inc.
Security
NASDAQ: OMCL

Case Name
Omnicell Shareholder Class Action Lawsuit 03/19/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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

May 21, 2015 - The plaintiff filed a notice of voluntary dismissal.
March 19, 2015 - An investor in shares of Omnicell Inc (NASDAQ: OMCL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Omnicell Inc in connection with certain allegedly false and misleading statements made between May 2, 2014 and March 2, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Omnicell Inc (NASDAQ: OMCL) common shares between May 2, 2014 and March 2, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 2, 2014 and March 2, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose the existence of a side letter arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer, that Omnicell Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, Omnicell Inc’s financial statements were materially false and misleading at all relevant times.

Omnicell Inc reported that its annual Total Revenue rose from $245.53 million in 2011 to $440.90 million in 2014 and that its respective Net income increased from $10.39 million to $30.52 million. Shares of Omnicell Inc (NASDAQ: OMCL) grew from $12.88 per share in October 2012 to as high as $35.75 per share in late February 2015.

Then on March 2, 2015, Omnicell Inc disclosed that it is unable to file its Annual Report for the year ended December 31, 2014 within the prescribed time period without unreasonable effort or expense because additional time is required by the Company to investigate a notice received on February 27, 2015 from a Company employee alleging, among other matters, the existence of a “side letter” arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer.

Shares of Omnicell Inc (NASDAQ: OMCL) declined to as low as $30.74 per share on March 17, 2015.