PHILADELPHIA, Nov. 4, 2013 /PRNewswire/ -- Cohen, Placitella & Roth, PC is investigating claims on behalf of investors who purchased Unilife Corporation ("Unilife" or the "Company") (Nasdaq: UNIS) stock between July 13, 2011 and September 9, 2013, inclusive. The investigation concerns whether Unilife and certain of its officers and/or directors disseminated materially false and misleading information to investors in violation of Sections 10(b), and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder.
Unilife claims to design and manufacture medical devices. The Company claims that it produces retractable syringes. The Company markets its products to pharmaceutical manufacturers, suppliers of medical equipment to healthcare facilities, as well as patients who self-administer prescription medication. On August 30, 2013, a former Unilife employee named Talbot Smith filed a complaint against the Company, alleging that Unilife terminated his employment for reporting various regulatory violations to the appropriate authorities. For example, Smith alleges that the Company purposefully ran fake production at the Company's facility to lead visiting investors to believe that demand for the Company's products was high. Moreover, according to Smith, the Company purposefully suppressed internal reports demonstrating that the cost of developing the Company's syringes were higher than the price for which the Company was able to sell those syringes to customers. Further, Smith alleges that the Company also failed to comply with a validation system required by the Food and Drug Administration.
On September 3, 2013, Forbes published an article about the Company, concluding that the Company's main manufacturing facility was operating at 3% of capacity, or roughly 2 million syringes per annum. On this news, Unilife securities declined $0.52 per share or more than 14%, to close at $3.03 per share on September 4, 2013.
If you have any information about Unilife's compliance with FDA regulations and/or the demand for the Company's syringe product or you wish to discuss rights you may have related to a loss in your investment in Unilife, please contact Eduardo Texidor Jr. at etexidor@cprlaw.com or, toll free, at 1-888-375-7600. For those investors inquiring via email, please be sure to include "Unilife" in the subject line, the number of shares purchased, and your mailing address and telephone number.
Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a testament to professional excellence." Since the inauguration of its "Best Law Firms"' edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth as one of the top-tier class action law firms in the country.
Contact:
Eduardo Texidor Jr.
Cohen, Placitella & Roth, PC
Toll free: 1-888-375-7600
etexidor@cprlaw.com
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