NEW YORK, May 9, 2015 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds shareholders of the imminent lead plaintiff deadline in the securities class action pending in the Northern District of California against Omnicell, Inc. (“Omnicell” or the “Company”) (Nasdaq:OMCL). Investors who wish to become proactively involved in the litigation have until May 15, 2015 to seek appointment as lead plaintiff.
The action alleges that the Company and its executives violated federal securities laws by failing to disclose that (1) a “side letter” arrangement existed between Omnicell and a key customer for certain discounts and Company products that were provided at no cost, but which were not reflected in final invoices paid by the customer; and (2) the Company lacked adequate internal controls over its financial reporting.
After market close on March 2, 2015, Omnicell disclosed that it would be unable to file its Annual Report Form 10-K the year ended December 31, 2014 as “additional time is required by the Company to investigate a notice received on February 27, 2015 from a Company employee alleging, among other things, the existence of a ‘side letter’ agreement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer.”
On this unexpected news, Omnicell shares dropped by over 6% to close at $33.08 per share on March 3, 2015.
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Take Action
If you invested in Omnicell stock or options between May 2, 2014 and March 2, 2015 and would like to discuss your legal rights, please visit www.faruqilaw.com/OMCL. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Omnicell’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
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