By a News Reporter-Staff News Editor at Health & Medicine Week -- Rigrodsky & Long, P.A.: Do you, or did you, own shares of Insys Therapeutics, Inc. (NASDAQ GM: INSY)? Did you purchase your shares between May 1, 2013 and May 8, 2014, inclusive? Did you lose money in your investment in Insys Therapeutics, Inc.? Do you want to discuss your rights? Rigrodsky & Long, P.A. including former Special Assistant United States Attorney Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities that purchased the common stock of Insys Therapeutics, Inc. ("Insys" or the "Company") (NASDAQ GM: INSY) between May 1, 2013 and May 8, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint") (see also Pharmaceutical Companies).
If you purchased shares of Insys during the Class Period, or purchased shares prior to the Class Period and still hold Insys, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://www.rigrodskylong.com/investigations/insys-therapeutics-insy.
Insys is a commercial-stage specialty pharmaceutical company that develops and commercializes innovative supportive care products. The Company has two marketed products, Subsys and Dronabinol SG Capsule, which leverage its sublingual spray drug delivery technology and dronabinol formulation and manufacturing capabilities. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations, and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public, among other things, that: (i) the Company engaged in illegal and/or unethical off-label marketing of Subsys; (ii) the Company was exposed to potential fines and other disciplinary actions as a result of its Subsys marketing practices; and (iii) as a result, the Company's financial statements were materially false and misleading at all relevant times.
According to the Complaint, on December 12, 2013, the Company announced that it had received a subpoena from the Office of Inspector General of the Department of Health and Human Services ("HHS") in connection with an investigation of potential violations involving HHS programs. The subpoena requested documents regarding Subsys, including the Company's sales and marketing practices related to Subsys. On this news, the Company's shares fell by 17%.
On May 8, 2014, a local Michigan news source published an article detailing charges against a Michigan doctor who allegedly accounted for 20% of total nationwide Subsys prescriptions. The doctor was charged by federal prosecutors with defrauding Medicare and private insurers, and prescribing unnecessary medications to patients. Following this news, Insys's stock price declined 17% on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 14, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation, and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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Keywords for this news article include: Pharmaceutical Companies, Marketing, Advertising, Legal Issues, Insys Therapeutics, Rigrodsky & Long P.A., Finance and Investment, Government Agencies Offices and Entities.
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