NEW YORK, Nov. 7, 2018 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against OPKO Health, Inc. ("OPKO" or the "Company") (NASDAQ: OPK) and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, and indexed under 18-cv-23924, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired OPKO securities between September 26, 2013 and September 7, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased OPKO securities between September 26, 2013, and September 7, 2018, both dates inclusive, you have until November 13, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
OPKO purports to be a healthcare company that engages in the diagnostics and pharmaceuticals business.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that: (i) OPKO and its Chairman and Chief Executive Officer ("CEO"), Phillip Frost ("Frost"), were participants in a "pump-and-dump" scheme designed, in part, to artificially inflate the price of various stocks, allowing Defendant Frost, among others, to reap millions of dollars in unlawful profits; and (ii) as a result, OPKO's public statements were materially false and misleading at all relevant times.
On September 7, 2018, the SEC issued a press release entitled "SEC Charges Microcap Fraudsters for Roles in Lucrative Market Manipulation Schemes". The press release stated, in part, that the SEC had "charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock." The press release named both OPKO and Frost as defendants.
Following this news, OPKO's stock price fell $1.01 per share, or more than 18%, before NASDAQ halted the trading of OPKO stock on September 7, 2018, at 2:34 p.m. EDT at $4.58 per share.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP