Pomerantz Law Firm Announces the Filing of a Class Action Against Omnicell, Inc. and Certain Officers -- OMCL
March 19 2015 - 12:24PM
Pomerantz LLP has filed a class action lawsuit against Omnicell,
Inc. ("Omnicell" or the "Company") (Nasdaq:OMCL) and certain of its
officers. The class action, filed in United States District Court,
Northern District of California, and docketed under 15-cv-01280, is
on behalf of a class consisting of all persons or entities who
purchased Omnicell securities between May 2, 2014 and March 2,
2015, inclusive (the "Class Period"). This class action seeks to
recover damages against Defendants for alleged violations of the
federal securities laws under the Securities Exchange Act of 1934
(the "Exchange Act").
If you are a shareholder who purchased Omnicell securities
during the Class Period, you have until May 18, 2015 to ask the
Court to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Omnicell, Inc. provides automation solutions for medication and
supply management. The company operates in two segments, Acute Care
and Non-Acute Care.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts pertaining to
arrangements with certain customers. Specifically, defendants made
false and/or misleading statements and/or failed to disclose: (1)
the existence of a "side letter" arrangement 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; (2) that the Company lacked adequate
internal controls over financial reporting; and (3) that as a
result of the foregoing, the Company's financial statements were
materially false and misleading at all relevant times.
On March 2, 2015, after the market closed, the Company disclosed
in a regulatory filing that it would be unable to timely file its
Annual Report on Form 10-K for the year ended December 31, 2014.
According to the Company, "additional time is required by the
Company to investigate a notice received on February 27, 2015 from
a Company employee alleging, among other matters, the existence of
a 'side letter' arrangement 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."
As a result of this news, shares of Omnicell fell $2.14, or over
6%, on extremely heavy volume, to close at $33.08 on March 3,
2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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