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Uroplasty Inc (NASDAQ: UPI) Investor Securities Class Action Lawsuit 07/01/2013

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

  • 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
Uroplasty, Inc.
Security
NASDAQ: UPI

Case Name
Uroplasty Shareholder Class Action Lawsuit 07/01/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

August 16, 2013 - The plaintiff filed a notice of voluntary dismissal without prejudice.
July 1, 2013 - An investor in shares of Uroplasty Inc (NASDAQ: UPI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Uroplasty Inc in connection with certain allegedly false and misleading statements that were made between July 26, 2012 and June 13, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Uroplasty Inc (NASDAQ: UPI) between July 26, 2012 and June 13, 2013, that Uroplasty Inc and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Uroplasty Inc improperly recognized revenues, that Uroplasty Inc made improper sales commission payments, that Uroplasty Inc lacked adequate internal and financial controls, and that as a result of the foregoing Uroplasty Inc’s statements were materially false and misleading at all relevant times.

On June 14, 2013, Uroplasty Inc announced that it will delay the filing of its Annual Report on Form 10-K for the year ended March 31, 2013, until the completion of a review of its internal control over financial reporting.

On July 1, 2013, NASDAQ: UPI shares closed at $2.02 per share.