NEW YORK, May 28, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC remind investors that they have until July 23, 2013 to file lead plaintiff applications in a securities class action lawsuit against Invacare Corporation (IVC), if they purchased the Company's securities during the period between July 22, 2010 and December 7, 2011, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of Ohio.
The Complaint charges Invacare and certain of its senior executives with violations of the Securities Exchange Act of 1934. The Complaint alleges that Company and certain of its senior executives misled investors regarding Invacare's noncompliance with Food and Drug Administration ("FDA") guidelines and Current Good Manufacturing Practices ("CGMP"). On January 4, 2011, the FDA released to the public a Warning Letter it sent to the Company. The Warning Letter identified a litany of CGMP violations and "recurring" consumer complaints concerning the safety of Invacare's medical beds, including incidents of death caused by entrapment and fire. In the Warning Letter, the FDA admonished Invacare for failing to take preventative action, document and evaluate serious complaints, and complete risk assessments to ensure the safety of its products. Then on December 8, 2011, Invacare announced that the FDA has requested that the Company negotiate and agree to a consent decree of injunction relating to previously disclosed inspectional observations at Invacare's corporate facility and its wheelchair manufacturing facility in Elyria, Ohio. Invacare said that the FDA has proposed a consent decree that would require suspension of certain operations at the facilities until they are determined by the FDA to be in compliance. On this news, shares of the company dropped $5.88 or 28.6% to close at $14.70 per share.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. July 23, 2013 is the deadline for investors to seek a lead plaintiff appointment. 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 Eitan Kimelman 212-697-6484
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