BIO-TECHNE Corp (NASDAQ:TECH) Investor Investigation Concerning Possible Securities Laws Violations Announced

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Company Name(s): 
BIO-TECHNE
Affected Securities: 
NASDAQ: TECH

September 1, 2017 (Shareholders Foundation) - An investigation on behalf of investors of BIO-TECHNE Corp (NASDAQ:TECH) shares over potential securities laws violations by BIO-TECHNE and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of BIO-TECHNE Corp (NASDAQ:TECH) concerning whether a series of statements by BIO-TECHNE Corp regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Minneapolis, MN based Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. BIO-TECHNE Corp reported that its Total Revenue rose from $499.02 million for the 12 months period that ended on June 30, 2016 to $563 million for the 12 months period that ended on June 30, 2017 and that its Net Income for those respective time periods declined from $104.48 million to $77.29 million.

On August 29, 2017, BIO-TECHNE Corp announced that the Company would be unable to timely file its Annual Report for the fiscal year ended June 30, 2017, citing the "greater-than-anticipated time, resources and effort required to complete work related to the assessment of the Company's internal control over financial reporting." Having identified material weaknesses in internal controls at the end of the prior fiscal year, Bio-Techne advised investors that "[t]he Company believes it has made significant progress in changing the design of our controls as of June 30, 2017; however, the Company believes that material weaknesses still remain within some aspects of its internal control framework."