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Inverness Medical Innovations may have misrepresented to investors the problems it was having integrating multiple acquisitions.
Investigation Source (Case #08-cv-10615)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Drug Or Medical Device Problem
- Registration Statement
Product or Service
- Common Stock
Injury Type
- Monetary Loss
Investigation Details
This is a securities class action lawsuit against Inverness Medical Innovations Inc. and certain of its officers and directors.
Inverness Medical engages in the development, manufacture, and marketing of consumer and professional medical diagnostic products, as well as a range of vitamins and nutritional supplements worldwide.
The class action complaint alleges that on or about November 14, 2007, the Prospectus supplement to the Registration Statement (the "Registration Statement") with respect to the Secondary Offering, which forms part of the Registration Statement, became effective and more than 12 million shares of Inverness Medical common stock were sold to the public at $61.49 per share, thereby raising more than $737 million. The complaint alleges that the Registration Statement negligently failed to disclose the significant and severe integration issues that Inverness Medical was then experiencing with the many acquisitions Inverness Medical had made in the past and which were then impacting the Company's continuing operations.
Inverness Medical engages in the development, manufacture, and marketing of consumer and professional medical diagnostic products, as well as a range of vitamins and nutritional supplements worldwide.
The class action complaint alleges that on or about November 14, 2007, the Prospectus supplement to the Registration Statement (the "Registration Statement") with respect to the Secondary Offering, which forms part of the Registration Statement, became effective and more than 12 million shares of Inverness Medical common stock were sold to the public at $61.49 per share, thereby raising more than $737 million. The complaint alleges that the Registration Statement negligently failed to disclose the significant and severe integration issues that Inverness Medical was then experiencing with the many acquisitions Inverness Medical had made in the past and which were then impacting the Company's continuing operations.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Inverness Medical Innovations Inc. (IMA) | Inverness Medical Innovations, Inc. manufactures medical devices and diagnostics. It also is an HMO. |