Epocrates Inc (NASDAQ: EPOC) Investor Securities Class Action Lawsuit 03/01/2013

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Company Name(s): 
Epocrates
Case Name: 
Epocrates Shareholder Class Action Lawsuit 03/01/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: EPOC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/01/2013
Class Period Begin: 
02/01/2011
Class Period End: 
08/09/2011
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
05/07/2013
Date Settled: 
12/15/2015
Settlement Amount: 
$5,100,000
Deadline to Participate in Settlement: 
05/13/2016
Settlement Notice: 
Settlement Proof: 
Summary: 

May 17, 2016 - The court approved the settlement.

May 12, 2016 - The court held a final settlement hearing.

December 15, 2015 - The court preliminarily approved the settlement.

October 30, 2015 - Parties filed a stipulation of settlement.

March 13, 2015 - The court denied the defendants' motion to dismiss.

December 18, 2014 - The defendants filed a motion to dismiss.

October 23, 2014 - The lead plaintiff filed a third amended complaint on behalf of investors who purchased Epocrates Inc (NASDAQ: EPOC) common shares between February 1, 2011 and August 9, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 1, 2011 and August 9, 2011.

June 4, 2014 - The court granted defendants' motion to dismiss with leave to amend.

December 9, 2013 - Defendants filed a motion to dismiss.

October 8, 2013 - The lead plaintiff filed a notice of voluntary dismissal of certain defendants without prejudice and filed an amended consolidated complaint.

August 9, 2013 - Lead plaintiff and lead counsel were appointed.

May 7, 2013 - Lead plaintiff motion was filed.

March 1, 2013 - An investor in shares of Epocrates Inc (NASDAQ: EPOC) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 2, 2011 and August 9, 2011.

The lawsuit was filed on behalf of those persons and entities who purchased or otherwise acquired Epocrates Inc (NASDAQ: EPOC) securities between February 2, 2011 and August 9, 2011, and those who purchased or otherwise acquired Epocrates Inc (NASDAQ: EPOC) securities pursuant and/or traceable to Epocrates Inc's Registration Statement and Prospectus issued in connection with Epocrates Inc's February 2, 2011 initial public offering.

The plaintiff alleges that between February 2, 2011 and August 9, 2011 or in Epocrates Inc's February 2, 2011 initial public offering the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Epocrates Inc's business, operations and prospects.

Epocrates Inc reported that its annual Total Revenue increased from $83.34 million in 2008 to $93.65 million in 2009 and that its Net Income rose from $7.43 million in ’08 to $7.66 million in ’09.

Then on February 2, 2011, Epocrates Inc announced the pricing of the initial public offering of 5,360,000 shares of its common stock at a price to the public of $16.00 per share.

On March 29, 2011, Epocrates Inc reported its 2010 fourth quarter and fully year financial results. While its annual Total Revenue rose to $103.99million in 2010 compared to $93.65 million in 2009, its Net Income declined from $7.66 million in 2009 to $3.80 million in 2010. Among other things, Epocrates Inc also issued its 2011 Full Year outlook.

On May 20, 2011 Epocrates Inc reported financial results for its fiscal first quarter of 2011. Among other things, Epocrates Inc reaffirmed its 2011 Full-Year outlook.

Then on August, 9, 2011 Epocrates Inc reported its financial results for its fiscal second quarter of 2011 and provided updated financial guidance for 2011.

Shares of Epocrates Inc (NASDAQ: EPOC) declined from $26.51 in February 2011 to slightly above $10 in August 2011.

On Jan. 7, 2013, athenahealth Inc, announced that it has signed an agreement to acquire Epocrates Inc. The board of directors of each of athenahealth Inc and Epocrates Inc has agreed to a price of $11.75 per share, in cash, for an aggregate purchase price of approximately $293 million.