SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against INSYS Therapeutics, Inc. (INSYS) and Lead Plaintiff Deadline: April 4, 2016
Insys is a commercial-stage specialty pharmaceutical company that focuses on the development and marketing of supportive care products, designed to help patients with pain management attributable to their disease, treatment, or therapy. Insys’s main product and source of revenue is Subsys, a sublingual fentanyl spray designed to treat breakthrough cancer pain (“BTCP”) in opioid-tolerant patients.
The Complaint alleges that Insys made materially false and misleading statements to investors and/or failed to disclose that: (i) the Company was engaged in the illegal and improper off-labeling marketing of Subsys; (ii) certain Insys employees—including Defendant Michael L. Babich, the President and Chief Executive Officer of Insys during much of the Class Period—were complicit in an illegal kickback scheme operated for the purpose of increasing prescriptions of Subsys; and (iii) as a result, the Company’s financial statements were materially false and misleading at all relevant times.
On January 25, 2016, the Southern Investigating Report Foundation (“SIRF”) published an article entitled “The Brotherhood of Thieves: Insys Therapeutics,” alleging that Insys pressured employees to develop new schemes to promote the illegal and inappropriate off-label use and sale of Subsys. This article follows a June 25, 2015 New York Times article that published the guilty conviction of a Connecticut nurse who accepted over $83,000 in inducements from Insys as payment for prescribing over $1 million of Subsys prescriptions.
Following this news, Insys shares fell $1.07 per share, or nearly 5%, to close at $21.58 per share on January 25, 2016.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint and to join this action, please visit the firm’s site:http://www.bgandg.com/#!insys/nxzea. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected] Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Insys, you have until April 4, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]