Archive for September, 2014

Class action has been filed against Altair Nanotechnologies, Inc.

ALTAIR NANOTECHNOLOGIES — Law Firm Announces Class Action Lawsuit Brought on Behalf of Shareholders of Altair Nanotechnologies, Inc. Encourages Shareholders With Losses in Excess of $100,000 to Contact Law Firm

September 29, 2014
New York, New York

Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been filed against Altair Nanotechnologies, Inc. (“Altair” or the “Company”) (OTC: ALTI) and certain of its officers. The class action, filed in United States District Court, Southern District of New York is on behalf of a class consisting of all persons or entities who purchased Altair securities between May 15, 2013 and September 4, 2014, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies, and internal controls over financial reporting. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing significant executive management and accounting level turnover in 2013 which led to a lack of segregation of duties throughout the Company and resulted in a lack of controls to perform a timely review of transactions at an appropriate level of precision; (2) the Company did not implement adequate procedures and controls over the 2013 year-end financial close and reporting process to ensure timely filings in compliance with its financial reporting requirements; (3) the Company did not implement adequate procedures and controls to appropriately evaluate routine and non-routine transactions, and as a result, did not detect the material misstatements that were identified by its auditor during its audit process; (4) the Company did not implement adequate procedures and controls to ensure accurate and timely communication with its subsidiaries in China; and as a result of the foregoing, (5) the Company did not implement adequate procedures and controls to ensure the completeness and accuracy of its consolidated financial statements and related subsequent events.

On September 4, 2014, the Company filed a Form 8-K with the SEC announcing that on August 28, 2014, Crowe Horwath LLP (“Crowe”), the independent registered public accounting firm of Altair, resigned as the Company’s independent registered public accounting firm. According to the Form 8-K, Crowe’s resignation letter to the Company’s management and the Audit Committee of the Company’s Board of Directors advised the Company that it was resigning due to its inability to complete the audit of the Company’s financial statements for the year ended 2013 in part due to its inability to perform sufficient procedures to determine the completeness of reporting of subsequent events transactions that may have occurred in China. Moreover, Crowe indicated that it was resigning in part due to the Company’s material weakness relative to implementing controls and procedures to ensure accurate and timely communications between the Company’s subsidiaries in China and its U.S.-based accounting team.

On this news, NASDAQ halted Altair’s shares during the trading day on September 4, 2014 at $4.30 per share. Shares of Altair resumed trading on September 24, 2014, and as a result of this news, immediately fell $3.35 per share, a drop of nearly 78% from the halted price of $4.30 on September 4, 2014, to close at $0.95 on September 24, 2014.

If you are a shareholder of Altair and purchased your shares during the Class Period and suffered losses on your investment in excess of $100,000 and would like additional information as to how you can participate as a Lead Plaintiff for the class, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

Investigating Pacira Pharmaceuticals, Inc.

PACIRA SHAREHOLDER ALERT: National Securities Law Firm Investigates Claims on Behalf of Shareholders

September 26, 2014
New York, New York

Tripp Levy PLLC, a leading national securities and shareholder rights law firm, is investigating claims on behalf of investors of Pacira Pharmaceuticals, Inc. (“Pacira” or the “Company”) (NASDAQ: PCRX).

On September 25, 2014, the Company announced that it received a Warning Letter from the U.S. Food and Drug Administration’s (“FDA”) Office of Prescription Drug Promotion referencing certain promotional materials for EXPAREL® (bupivacaine liposome injectable suspension), an injectable drug that numbs post-surgical pain.

In the letter, the FDA said Pacira promotes its drug EXPAREL as being able to work for up to 72 hours when it has only been approved for 24-hour pain relief. “These claims overstate Exparel’s efficacy and are misleading,” the FDA said in the letter.

On this news, shares of Pacira fell $11.66 per share to $94.62, or more than 12%, on September 25, 2014.

If you purchased shares of Pacira, and wish to discuss this matter at no cost or expense, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

Class action has been filed against PDL BioPharma

PDL BIOPHARMA — Law Firm Announces Class Action Lawsuit Brought on Behalf of Shareholders to Recover Losses

September 19, 2014
New York, New York

Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that a class action lawsuit against PDL BioPharma, Inc. (“PDL BioPharma” or the “Company”) (Nasdaq:PDLI) and certain of its officers has been filed. The class action, filed in United States District Court, District of Nevada, and docketed under 14-cv-01526, is on behalf of a class consisting of all persons or entities who purchased PDL BioPharma securities between November 6, 2013 and September 16, 2014, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was overstating its: (i) total revenues; (ii) royalty revenues; (iii) net income; and (iv) net cash provided by operating activities; (2) the Company was understating its operating expenses; (3) the Company failed to properly classify royalty and milestone payments due under an agreement with Depomed; and (4) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.

On August 8, 2014, the Company issued a press release announcing that it had filed a Form 12b-25 Notification of Late Filing with the SEC allowing for a five-day extension to file its Quarterly Report on Form 10-Q for the period ended June 30, 2014. According to the press release, the Company could not finalize its financial statements for the quarter ended June 30, 2014, due to additional time necessary to address SEC comments and finalize its review related to the change in the accounting treatment of the acquisition of Depomed royalty rights. As a result of the delay in filing the quarterly report, PDL BioPharma postponed its second quarter earnings release call, originally scheduled for Monday, August 11, 2014.

On September 16, 2014, after the market closed, the Company filed a Form 8-K with the SEC announcing that on September 11, 2014, PDL BioPharma was orally notified by its independent registered accounting firm, Ernst & Young LLP (“EY”), that it was resigning effective September 11, 2014. The resignation was confirmed in a letter delivered to the Company on September 15, 2014.

On this news, PDL BioPharma’s stock plummeted $1.17 per share to close at $8.48 per share on September 17, 2014, a one-day decline of over 12% on heavy trading volume.

If you are a shareholder of PDL BioPharma and purchased your shares during the Class Period and suffered losses on your investment and would like additional information as to how to recover your losses, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

Investigating Bankrate, Inc.

Bankrate Shareholder Alert- National Securities Law Firm Announces Investigation Of Bankrate, Inc. For Potential Violation Of Federal Securities Laws

September 15, 2014
New York, New York

Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating potential violations of the federal securities laws by Bankrate, Inc. (NYSE: RATE) and certain of its officers.

On September 15, 2014, Bankrate disclosed that the Securities and Exchange Commission (the “SEC”) has requested documents related to its financial reporting during 2012 and that Chief Financial Officer, Edward DiMaria has resigned. Bankrate stated that the SEC’s investigation relates to the Company’s financial reporting during 2012, with the primary focus on the quarters ending March 31, 2012 and June 30, 2012. The investigation will examine three accruals of revenue totaling approximately $781,000 and two adjustments to reduce accrued expenses totaling approximately $850,000. Bankrate also revealed that the investigation includes other accounting entries and whether entries improperly impacted the Company’s reported results.

Following this announcement, Bankrate’s shares fell $2.20 (or 15.92%) in intraday trading on September 15, 2014.

If you purchased shares of Bankrate and suffered significant losses on your investment, and wish to discuss this matter at no cost or expense, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

Class Action Lawsuit Against SeaWorld Entertainment, Inc.

SeaWorld Shareholder Alert — National Securities Law Firm Announces Class Action Lawsuit on Behalf of Shareholders of SeaWorld Entertainment, Inc. – SEAS

September 10, 2014
New York, New York

Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been filed against SeaWorld Entertainment, Inc. (“SeaWorld”) (NYSE:SEAS), and certain of its officers, in the United States District Court for the Southern District of California, on behalf of all persons who purchased shares of SeaWorld common stock on or in connection with its April 18, 2013, initial public offering as well as for those shareholders who purchased shares from April 18, 2013 through August 13, 2014 (the “Class Period”). The lawsuit seeks to recover damages for SeaWorld shareholders under the federal securities laws.

According to the lawsuit, Sea World failed to disclose in its IPO documents that it (a) had improperly cared for and mistreated its Orca population which adversely impacted trainer and audience safety; (b) continued to feature and breed an Orca that had killed and injured numerous trainers; and (c) consequently created material uncertainties and risks existing at the time of IPO that could adversely impact attendance at its family oriented parks. The lawsuit claims that when details of the Company’s improper practices were revealed by the documentary film Blackfish, SeaWorld misled investors by claiming the decrease in attendance at its parks was caused by Easter holiday and other factors. The complaint asserts that the decline in attendance was really caused by the mounting negative publicity from the improper practices at SeaWorld that were revealed by the Blackfish film.

On August 13, 2014, the price of SeaWorld Stock dropped by $9.25 per share, or 32.9%. This drop followed SeaWorld’s announcement of earnings for the second quarter of 2014, where it revealed that revenues fell year over year and acknowledged for the first time that its earnings difficulties were related to negative publicity it has received in connection with its treatment of animals.

If you purchased shares of SeaWorld during the Class Period and suffered significant losses on your investment, and wish to discuss this matter at no cost or expense, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

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