Safeguard Scientifics, Inc (NYSE:SFE) Investor Investigation Concerning Potential Violations Of Securities Laws Announced

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Company Name(s): 
Safeguard Scientifics
Affected Securities: 

August 28, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Safeguard Scientifics, Inc (NYSE:SFE) shares over potential securities laws violations by Safeguard Scientifics and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Safeguard Scientifics, Inc (NYSE:SFE) concerning whether a series of statements by Safeguard Scientifics regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Safeguard Scientifics, Inc reported that its Net Loss declined from $35.52 million in 2013 to $5.15 million in 2014.

Shares of Safeguard Scientifics, Inc (NYSE:SFE) grew from $17.56 per share in May 2015 to $19.81 per in June 2015.

On July 24, 2015, Safeguard Scientifics, Inc announced its second quarter 2015 financial results. Among other things, Safeguard Scientifics, Inc disclosed that in June 2011, the Company's former partner company, Advanced BioHealing, Inc. was acquired by Shire plc and that prior to the expiration of the escrow period in March 2012, Shire plc filed a claim against all amounts held in escrow related to the sale based principally upon a United States Department of Justice false claims act investigation relating to Advanced BioHealing, Inc.
Safeguard Scientifics, Inc said that no further proceeds will be distributed to the Company or other former owners until the validity of such claims is determined and that Safeguard Scientifics, Inc presently views it as unlikely that it will receive any portion of such amount in the short or long-term.

Safeguard Scientifics, Inc also stated that in connection with the above-referenced investigation, in July 2015 the Company received a Civil Investigation Demand-Documentary Material from the United States Department of Justice regarding ABH and Safeguard’s relationship with Advanced BioHealing, Inc.

Shares of Safeguard Scientifics, Inc (NYSE:SFE) declined on July 27, 2015, to as low as $17.01 per share.