Unilife Corp (NASDAQ: UNIS) Investor Securities Class Action Lawsuit 05/26/2016

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Company Name(s): 
Unilife
Case Name: 
Unilife Shareholder Class Action Lawsuit 05/26/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: UNIS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/26/2016
Class Period Begin: 
11/09/2011
Class Period End: 
11/14/2016
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/25/2016
Date Settled: 
09/22/2017
Settlement Amount: 
$4,400,000
Deadline to Participate in Settlement: 
02/20/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

September 22, 2017 - The court preliminarily approved the settlement.

March 22, 2017 - Parties filed a stipulation of settlement.

December 14, 2016 - The lead plaintiffs filed a second amended consolidated complaint.

October 24, 2016 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Unilife Corp (NASDAQ: UNIS) common shares between November 9, 2011 and July 28, 2016. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 9, 2011 and July 28, 2016.

May 26, 2016 - An investor in shares of Unilife Corp (NASDAQ: UNIS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Unilife Corp in connection with certain allegedly false and misleading statements made between February 3, 2014 and May 23, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Unilife Corp (NASDAQ: UNIS) common shares between February 3, 2014 and May 23, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 3, 2014 and May 23, 2016 defendants made false and/or misleading statements and/or failed to disclose that the Company’s former CEO and former Chairman of the Board of Directors had violated the Company’s policies and procedures and had engaged in violations of law and regulation, that the Company lacked adequate internal controls over accounting and financial reporting, that, as a result, the Company would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline, and that, as a result of the foregoing, the Company’s financial statements, as well as defendants’ statements about Unilife Corp’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Unilife Corp reported that its Total Revenue declined from $14.69 million for the 12 months period that ended on June 30, 2014 to $13.16 million for the 12 months period that ended on June 30, 2015 and that its Net Loss for those respective time periods increased from $57.90 million to $90.85 million.

On May 9, 2016, Unilife Corp announced that it was postponing its earnings call due to the discovery by the Company's current management team of violations of Company policies and procedures and possible violations of law and regulation by the Company's former Chief Executive Officer and by the former Chairman of the Company's Board of Directors who resigned in 2015.

Shares of Unilife Corp (NASDAQ: UNIS) split 1:10 on May 13, 2016.

On May 23, 2016, Unilife Corp announced that it has received a deficiency letter from NASDAQ for failing to file its financial reports within the required period.

On May 24, 2016, NASDAQ: UNIS shares declined to as low as $2.31 per share.