Company Website:
http://www.ksfcounsel.com
NEW ORLEANS -- (Business Wire)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces
that KSF has commenced an investigation into Alere Inc. (NYSE: ALR).
In February 1, 2016, Alere announced that it had agreed to be bought by
Abbott Laboratories for about $5.8 billion. Four weeks later, Alere
disclosed that it would be delaying the filing of its annual report
while it analyzed how it recognized revenue in Africa and China. When
the report was submitted five months later, Alere admitted to internal
control failures that required it to restate its 2013-15 financials.
Then, on March 11, 2016, Alere announced that it had received a grand
jury subpoena from the DOJ requiring it to produce documents relating to
its sales practices in Africa, Asia, Latin America and other Foreign
Corrupt Practices Act issues. In November, Alere lost Medicare
reimbursement privileges for its diabetes division subsidiary for
seeking reimbursement for 211 deceased people. Then, on December 7,
2016, Abbott sued Alere, seeking to terminate the buyout.
Alere and certain of its executives have also been sued in a securities
class action lawsuit, which charged them with failing to disclose
material information to shareholders, violating federal securities laws.
KSF’s investigation is focusing on whether Alere’s officers and/or
directors breached their fiduciary duties to Alere’s shareholders or
otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or
have been a long-term holder of Alere shares and would like to discuss
your legal rights, you may, without obligation or cost to you, call
toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com).
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, antitrust and
consumer class actions, along with merger & acquisition and breach of
fiduciary litigation against publicly traded companies on behalf of
shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161209005800/en/
Contacts:
Kahn Swick & Foti, LLC
Lewis Kahn, 1-877-515-1850
Managing
Partner
lewis.kahn@ksfcounsel.com
Source: Kahn Swick & Foti, LLC
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