WAYNE, Pa., Feb. 5, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP that a class action lawsuit has been filed in United
States District Court for the District of Massachusetts on behalf of all persons or
entities that purchased Imprivata, Inc. ("Imprivata" or the
"Company") (NYSE: IMPR) common stock during the period between
July 30, 2015 and November 2, 2015, inclusive (the "Class
Period").
Imprivata shareholders may, no later than April 4, 2016, move the Court for appointment as
a lead plaintiff of the Class. If you purchased shares of
Imprivata and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/impr.
The complaint charges Imprivata, certain of its officers and
directors and certain of its controlling shareholders with
violations of the Securities Exchange Act of 1934. Imprivata is an
IT security company that provides authentication and access
management technology solutions for the healthcare industry in
the United States, the
United Kingdom, and
internationally.
The complaint alleges that during the Class Period, defendants
materially misled the investing public about demand for the
Company's IT security offerings and its sales trends, thereby
inflating the price of Imprivata common stock, by publicly issuing
false and misleading statements and omitting to disclose material
facts necessary to make defendants' statements about the Company,
its business and operations not misleading. According to the
complaint, these material misstatements and omissions had the cause
and effect of creating in the market an unrealistically positive
assessment of Imprivata and its business, prospects and operations,
thus causing Imprivata common stock to be overvalued and
artificially inflated, and then, with the price of the common stock
artificially inflated, certain Imprivata executives and insiders
cashed in, selling more than $72
million worth of their personally held Imprivata stock at
fraud-inflated prices.
Then on October 14, 2015,
Imprivata issued a press release preliminarily announcing its third
quarter 2015 ("3Q15") financial results for the period ended
September 30, 2015. The
complaint alleges that rather than the revenues of $31-$31.5 million and losses of $0.20 per share that the Company had stated it
was on track to achieve at the start of the Class Period, Imprivata
reported that its 3Q15 sales would come in at or below $29.2 million and that its losses would exceed
$0.22 per share. According to the
complaint, the Company also disclosed several negative sales trends
that had been adversely affecting sales in 3Q15. On this
news, the market price of Imprivata common stock declined
precipitously, falling more than $5
per share on extremely high trading volume.
Finally, on November 2, 2015, the
Company issued a press release disclosing 3Q15 financial results
along the same lines preliminarily announced on October 14, 2015. The complaint alleges
that defendants disclosed additional detail concerning the adverse
sales trends the Company had experienced during the 3Q15, announced
reduced fiscal 2015 guidance and disclosed that the negative sales
trends would continue to diminish sales into fiscal 2016.
According to the complaint, on this news, the price of Imprivata
common stock declined further, falling another approximately
$2 per share, again on unusually high
trading volume.
If you are a member of the class, you may, no later than
April 4, 2016, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff
is a representative party that acts 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. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is
not, however, affected by the decision whether or not to serve as a
lead plaintiff. You may retain Ryan & Maniskas, LLP or
other counsel of your choice, to serve as your counsel in this
action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/impr. For more information about
class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/impr
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP