Ryan & Maniskas, LLP Announces Class Action Lawsuit Against INSYS Therapeutics, Inc. - WTRF 7 News Sports Weather - Wheeling Steubenville

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against INSYS Therapeutics, Inc.

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SOURCE Ryan & Maniskas, LLP

WAYNE, Pa., May 16, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of purchasers of the common stock of INSYS Therapeutics, Inc. ("INSYS" or the "Company") (NASDAQ: INSY) between May 1, 2013 and May 8, 2014, inclusive (the "Class Period").

Ryan & Maniskas, LLP

INSYS shareholders may, no later than July14, 2014, move the Court for appointment as a lead plaintiff of the Class.  If you purchased shares of INSYS and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/insy. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com.

INSYS is a commercial-stage specialty pharmaceutical company that develops and commercializes innovative supportive care products, primarily intended to assist cancer patients in coping with the symptoms of their disease and treatment or therapy.  The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business and operations. Specifically, Defendants failed to disclose the following: (1) the Company had engaged in illegal and/or unethical off label marketing of Subsys®; (2) the Company was exposed to potential fines and other disciplinary actions as a result of its Subsys marketing practices; and (3) as a result, the Company's financial statements were materially false and misleading at all relevant times.

On December 12, 2013, after the market closed, the Company announced that "it had received a subpoena from the Office of Inspector General of the Department of Health and Human Services ("HHS") in connection with an investigation of potential violations involving HHS programs.  The subpoena requests documents regarding Subsys, including INSYS' sales and marketing practices relating to this product."  On this news, Insys shares fell $7.73 per share to close at $37.55 per share, a one-day drop of over 17%, on high volume.

On May 8, 2014, a local Michigan news source published an article detailing charges against a Michigan doctor who allegedly accounted for 20% of total nationwide Subsys prescriptions.  The doctor was charged by federal prosecutors with defrauding Medicare, private insurers, and prescribing unnecessary medications to patients.  On this news, Insys shares fell $6.64 per share, or over 16%, to close on May 9, 2014 at $32.67 per share, on extremely high volume.

On May 11, 2014, Bronte Capital, an analyst firm, published a report further highlighting the claims against the Michigan doctor and the problems attendant to INSYS' marketing of Subsys, including allegedly illegal off-label marketing.  On this news, INSYS shares fell a further $5.04 per share, or 15%, to close on May 12, 2014 at $27.63 per share.

If you are a member of the class, you may, no later than July 14, 2014, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.  To learn more about the class action process, please visit: www.rmclasslaw.com.

CONTACT:

Ryan & Maniskas, LLP


Richard A. Maniskas, Esquire


995 Old Eagle School Rd., Suite 311


Wayne, PA 19087


484-588-5516


877-316-3218


www.rmclasslaw.com/cases/insy       


rmaniskas@rmclasslaw.com

 

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