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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of January 30, 2019 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
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September 4, 2018 - The court preliminarily approved the settlement.
June 5, 2018 - A stipulation of settlement was filed by the parties.
April 6, 2018 - An amended complaint was filed.
November 24, 2015 - An investor in shares of Osiris Therapeutics Inc (NASDAQ: OSIR) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Osiris Therapeutics Inc in connection with certain allegedly false and misleading statements made between May 12, 2014 and November 20, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Osiris Therapeutics Inc (NASDAQ: OSIR) common shares between May 12, 2014 and November 20, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 12, 2014 and November 20, 2015 defendants issued false and misleading statements to investors and/or failed to disclose that Osiris Therapeutics Inc improperly recognized revenue under contracts it had with its distributors, that Osiris Therapeutics Inc’s disclosure controls and procedures were not effective as of December 31, 2014, March 31, 2015, and June 30, 2015, and that as a result, defendants’ statements about Osiris Therapeutics Inc’s business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 5, 2015, Osiris Therapeutics Inc (NASDAQ: OSIR) announced its fourth quarter and full year 2014 financial results. Osiris Therapeutics Inc reported that its annual Total Revenue rose from $24.31 million in 2013 to $59.87 million in 2014. Shares of Osiris Therapeutics Inc (NASDAQ: OSIR) rose from $12.05 per share in October 2014 to as high as $22.32 per share in July 2015.
On November 16, 2015, Osiris Therapeutics Inc (NASDAQ: OSIR) filed its 10-Q Quarterly Report, disclosing multiple restatements in prior financial results, including three restatements made related to distributor relationships. As a result of these adjustments, Osiris Therapeutics Inc (NASDAQ: OSIR) missed revenue targets in three of the last four quarters.
Shares of Osiris Therapeutics Inc (NASDAQ: OSIR) declined to as low as $9.80 per share on November 17, 2015.
On November 24, 2015, NASDAQ: OSIR shares closed at $10.46 per share.