INVESTOR ALERT: Former Attorney General of Louisiana and Kahn Swick & Foti, LLC Investigate BioDelivery Sciences International, Inc., Following Notice of Non-Reliance of Financial Statements and Restatement
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. and the
law firm of Kahn Swick & Foti, LLC announce that KSF has commenced an
investigation into BioDelivery Sciences International, Inc. (Nasdaq:
BDSI).
KSF’s investigation is focusing on whether BioDelivery Sciences and/or
its officers and directors violated state or federal securities laws.
If you have information that would assist KSF in its investigation, or
would like to discuss your legal rights, you may, without obligation or
cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com),
toll free, 877-515-1850, or via cell phone any time at 504-301-7900.
The current investigation focuses on BioDelivery’s announcement that it
will restate its prior reported financial results, previously certified
and filed with the Securities Exchange Commission.
According to the Company, $14.4 million of the $30 million
non-refundable upfront license fee received in January 2012 had been
prematurely recorded as revenues. Accordingly, BioDelivery Sciences
would be forced to restate its unaudited financial statements for the
first three quarters of fiscal year 2012.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General
Charles C. Foti, Jr., is a law firm focused on securities class action
and shareholder derivative litigation with offices in New York and
Louisiana. KSF's lawyers have significant experience litigating complex
securities class actions nationwide on behalf of both institutional and
individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
