MERION, Pa., Feb. 29, 2016
/PRNewswire/ -- The Law Offices of Marc S. Henzel (www.henzellaw.com), a firm
focusing on shareholder litigation, gives notice to shareholders of
investigation into the following securities for violations of the
Federal Securities Laws:
Cardiovascular Systems Inc. (Nasdaq: CSII)
9/12/11 thru 1/21/16
The prices of Cardiovascular Systems securities began to fall
beginning in May 2014, when the
Company disclosed it had received the letter from the U.S.
Attorney's Office for the Western District of North Carolina stating that it was
investigating the Company in connection with the possible
submission of false claims to federal and state health care
programs. In October 2015,
Cardiovascular Systems reported disappointing financial results due
to the continued reformation of its sales force as a result of the
U.S. Attorney's investigation of the Company. Then on January 21, 2016, the Company again reported
disappointing results due to the continued effects of the sale
force transition. On this news, the price of Cardiovascular Systems
shares fell $3.72 per share, or 30%,
to close at $8.74 per share on
January 22, 2016, a decline of over
75% from the stock's Class Period high price.
Ingram Micro Inc. (NYSE: IM)
2/19/16
The firm is investigating the Board of Directors of Ingram Micro
Inc. ("Ingram" or the "Company") (IM) for potential breaches of
fiduciary duties in connection with the sale of the Company to
Tianjin Tianhai Investment Company, Ltd. for approximately
$6.0 billion in an all-cash
transaction. The Company's stockholders will only receive
$38.90 for each share of Company
common stock they own.
The investigation focuses on whether Ingram's Board of Directors
breached their fiduciary duties to the Company's stockholders by
failing to conduct a fair sales process and whether and by how much
this proposed transaction undervalues the Company to the detriment
of Ingram's shareholders.
Navient Corporation (Nasdaq: NAVI) 4/17/14 thru 12/28/15
The firm is investigating whether defendants materially
misstated the Company's business metrics and financial prospects by
failing to disclose that: (a) an increased number of higher risk
Private Education Loan borrowers were not timely repaying their
loans; (b) Navient's loan loss reserves were materially
understated; (c) the Company was engaged in unsound business
practices; (d) the Company's operating structure was bloated; (e) a
significant portion of the Company's low-rate credit facilities
were at risk of being reduced or eliminated, which would cause the
Company to face higher borrowing costs; and (f) based on the
foregoing, defendants lacked a reasonable basis for their positive
statements about the Company's prospects and growth, including its
ability to report core earnings of $2.10 per share and $2.20 per
share in 2014 and 2015, respectively. As the truth about the
Company's business and prospects was revealed through a series of
partial disclosures, the price of Navient's publicly traded
securities declined precipitously, erasing hundreds of millions of
dollars in market capitalization.
Skullcandy Inc. (Nasdaq: SKUL)
8/7/15 thru 1/11/16
On January 11, 2016, Skullcandy
issued a press release updating the company's financial outlook for
the fourth quarter of 2015 and announced that the company had
missed its quarterly net sales projections. Following this news,
Skullcandy stock fell $1.29, more
than 28%, to close at $3.26 per share
on January 12, 2016.
The firm is investigating whether defendants issued materially
false and misleading statements to investors and failed to
disclose that: (1) Skullcandy's revenue and net income guidance for
the third quarter and full year 2015 were unattainable; (2)
Skullcandy's revenue and net income guidance for the fourth quarter
and full year 2015 were unattainable; (3) Skullcandy faced
challenges with its largest Chinese distributor; (4) defendant
Rick Alden and Ptarmagin, an entity
controlled by Alden, engaged in insider selling and realized
proceeds in excess of $4 million with
knowledge of undisclosed materially adverse facts; and (5) as a
result, defendants' statements about Skullcandy's business,
operations, and prospects were potentially false and misleading and
lacked a reasonable basis.
Primero Mining Corp. (NYSE: PPP)
10/5/12 thru 2/3/16
The firm is investigating whether defendants issued false and
misleading statements and/or failed to disclose material facts
about PEM's tax compliance, including that PEM was inappropriately
recording revenues and taxes from sales under its silver purchase
agreement with Silver Wheaton. As a result of these potential false
statements and/or omissions, Primero securities traded at
artificially inflated prices during the Class Period, with its
shares reaching a high price of over $8 per share.
On February 3, 2016, Primero
disclosed that PEM had received a legal claim from the Mexican tax
authorities seeking to nullify the APA issued in 2012. On this
news, the price of Primero shares fell $0.74 per share or over 28% to close at
$1.89 per share on February 4, 2016.
Newport Corp. (Nasdaq: NEWP) 2/23/16
The firm has commenced an investigation into the fairness of the
sale of Newport Corp. to MKS Instruments, Inc. (NASDAQ:MKSI) for
$23.00 in cash per share. On
February 23, 2016, Newport announced it had signed a definitive
merger agreement with MKS. Under the terms of the agreement, MKS
will acquire all of the outstanding shares of common stock of
Newport for $23.00 per share in an all cash transaction.
The investigation concerns whether Newport's board failed to satisfy their duties
to the Company shareholders, including whether the board adequately
pursued alternatives to the acquisition and whether the board
obtained the best price possible for Newport's shares of common stock.
If you would like to learn more about the investigation of these
companies, would like to learn more about any potential claims or
you wish to discuss these matters and have any questions concerning
this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at
Mhenzel@Henzellaw.com, or to sign up online, visit the firm's
website at www.henzellaw.com.
The Law Offices of Marc S. Henzel
is a national shareholder litigation firm representing shareholders
& investors in various areas of securities laws including but
not limited to: class actions, derivatives, transactional
(buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
Contact:
Law Offices of Marc S. Henzel
Marc S. Henzel
Email: Mhenzel@Henzellaw.com
Phone 610-660-8000
Website: www.henzellaw.com
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SOURCE Law Offices of Marc S.
Henzel