Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Omnicell, Inc.
March 20, 2015
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers (the “Class”) of common stock of Omnicell, Inc. (“Omnicell” or the “Company”) (NASDAQ: OMCL) during the period of May 2, 2014 and March 2, 2015 (the “Class Period”) alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that Omnicell 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 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, the Company disclosed that the filing of its Form 10-K with the Securities and Exchange Commission would be delayed. 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.”
On this news, Omnicell’s stock price fell $2.14, or over 6%, on extremely heavy volume, to close at $33.08 on March 3, 2015.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Omnicell common stock during the Class Period. If you invested in Omnicell common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 18, 2015.
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 Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Omnicell shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California.