According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that:
- defendants materially overstated its revenue and earnings by prematurely recognizing revenue in violation of U.S. Generally Accepted Accounting Principles (“GAAP”);
- the Company had material weaknesses in its internal control over financial reporting related to revenue recognition;
- the Company falsely represented demand for its products while it knowingly sold more product to its direct customers than could be sold to healthcare providers and end consumers;
- the Company disregarded regulatory rules at key production facilities in order to rapidly produce excess inventory that was used to pad the Company’s financial results through premature revenue recognition in violation of GAAP and/or stuffing its direct customers with this excess inventory.
- as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s financial performance, outlook and regulatory compliance during the Class Period.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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