Misonix Inc (NASDAQ: MSON) Investor Securities Class Action Lawsuit 09/19/2016

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Company Name(s): 
Misonix
Case Name: 
Misonix Shareholder Class Action Lawsuit 09/19/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: MSON
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/19/2016
Class Period Begin: 
11/05/2015
Class Period End: 
09/14/2016
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
11/18/2016
Date Settled: 
09/07/2017
Settlement Amount: 
$500,000
Deadline to Participate in Settlement: 
11/02/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

September 7, 2017 - The court preliminarily approved the settlement.

June 23, 2017 - Parties filed a stipulation of settlement.

March 24, 2017 - Lead plaintiffs and lead counsel were appointed.

November 18, 2016 - Lead plaintiff motions were filed.

September 19, 2016 - An investor in shares of Misonix Inc (NASDAQ: MSON) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Misonix Inc in connection with certain allegedly false and misleading statements made between November 5, 2015 and September 14, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Misonix Inc (NASDAQ: MSON) common shares between November 5, 2015 and September 14, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 5, 2015 and September 14, 2016 the defendants made false and/or misleading statements and/or failed to disclose that deficiencies existed in Misonix Inc's internal controls over financial reporting, and that as a result, defendants' statements about Misonix Inc's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Misonix Inc reported that its Total Revenue rose from $17.06 million for the 12 months period that ended on June 30, 2014 to $22.20 million for the 12 months period that ended on June 30, 2015 and that its Net Income for those time periods increased from $1.13 million to $5.30 million.

On September 14, 2016, Misonix Inc disclosed that the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2016 will be delayed pending the completion of an investigation by Misonix Inc’s Audit Committee relating to deficiencies that existed in the Misonix Inc’s internal control over financial reporting at June 30, 2016. Shares of Misonix Inc (NASDAQ: MSON) declined on September 15, 2016 to as low as $4.95 per share.

On September 19, 2016, NASDAQ: MSON shares closed at $5.32 per share.