Securities Class Action Filed Against Omnicell, Inc.
Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts pertaining to arrangements with certain customers. Specifically, the Complaint states that Defendants made false and/or misleading statements and/or failed to disclose: (1) the existence of a “side letter” arrangement with an Omnicell customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer; (2) that the Company lacked adequate internal controls over financial reporting; and (3) that, as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times. On March 2, 2015, after the market closed, the Company disclosed in a regulatory filing that it would be unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2014. According to the Complaint, Omnicel stated that “additional time is required by the Company to investigate a notice received on February 27, 2015 from a Company employee alleging, among other matters, the existence of a ‘side letter’ arrangement with a Company customer for certain discounts and Company products that were to be provided at no cost, but which were not reflected in the final invoices paid by the customer.” As a result of this news, shares of Omnicell fell $2.14, or by more than 6%, on extremely heavy volume, to close at $33.08 on March 3, 2015. Filed in N.D. Cal.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 5/18/2015.
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