INVESTOR ALERT: Investigation of Safeguard Scientifics, Inc. Announced by The Law Offices of Howard G. Smith
August 04 2015 - 12:33PM
Business Wire
Law Offices of Howard G. Smith announces an investigation on
behalf of investors of Safeguard Scientifics, Inc. (“Safeguard” or
the “Company”) (NYSE:SFE) securities. The investigation focuses on
whether the Company and its officers violated securities laws by
issuing misleading information to investors related to one of its
partner companies.
On July 24, 2015, Safeguard revealed in its Form 10-Q that the
Company and one of its partners had allegedly engaged in a
corruption scandal involving false claims to the federal
government. The Company stated in relevant part the following, “In
June 2011, the Company's former partner company, Advanced
BioHealing, Inc. (“ABH”) was acquired by Shire plc. Prior to the
expiration of the escrow period in March 2012, Shire plc filed a
claim against all amounts held in escrow related to the sale based
principally upon a United States Department of Justice (“DOJ”)
false claims act investigation relating to ABH. No further proceeds
will be distributed to the Company or other former owners until the
validity of such claims is determined. The Company presently views
it as unlikely that we will receive any portion of such amount in
the short or long-term. In connection with the above-referenced
investigation, in July 2015 the Company received a Civil
Investigation Demand-Documentary Material from the DOJ regarding
ABH and Safeguard’s relationship with ABH. Safeguard intends to
cooperate with the investigation.” On news of the DOJ
investigation, and alleged corruption, the Company’s securities
declined sharply in value, thereby injuring investors.
If you purchased or otherwise acquired Safeguard securities,
have information or would like to learn more about these claims, or
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150804006535/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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