STEVENSON, Md., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Pennsylvania on behalf of purchasers of Unilife Corporation ("Unilife" or the "Company") (Nasdaq:UNIS) securities during the period between July 13, 2011 and September 9, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Unilife Corporation securities purchased on or after July 13, 2011, and held through any of the revelations of negative information on September 4, 2013 and/or September 9, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 31, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's syringes failed to comply with the U.S. Food and Drug Administration's validation processes and that the Company purposefully increased its purchases of component parts to make suppliers believe that Unilife was producing at increased volumes despite the fact that there was no customer demand or manufacturing capacity to support such purchases. According to the complaint, following a September 4, 2013 article in Forbes, entitled "How Is A $329M Syringe Company Still Unprofitable After 11 Years?", and a September 9, 2013 article in Forbes, entitled "Unilife: Former Executive's New Lawsuit Alleges Investor Fraud, SEC Violations," the value of Unilife shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
hoffman@browerpiven.com
