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WILMINGTON, Del., March 28, 2016 -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced that a securities fraud class action lawsuit has been filed in the U.S. District Court, District of Arizona, Case No. 2:16-cv-00302, on behalf of investors of Insys Therapeutics, Inc. (NASDAQ:INSY) (“Insys” or the “Company”) that purchased Insys securities between March 3, 2015 and January 25, 2016, inclusive (the "Class Period").
A copy of the complaint is available from Andrews & Springer LLC or the Court. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, during the Class Period, Insys and certain of its senior executives misrepresented and failed to disclose that Insys was engaged in off-label marketing of the Company's core product, Subsys, that certain Insys employees were complicit in an illegal kickback scheme pursuant to which Insys paid millions of dollars to medical professionals in exchange for prescribing Subsys to patients, and, as a result of the foregoing, Insys's financial results and guidance were materially false and misleading.
On April 24, 2015, the Southern Investigative Reporting Foundation ("SIRF") reported an increasing number of patient deaths from off-label uses of Subsys. Following this article, the price of Insys stock fell $6.00 per share, to close at $56.42 per share on the next trading day, April 27, 2015.
On June 25, 2015, The New York Times reported that a nurse who was a top prescriber of Subsys pled guilty to federal charges of accepting kickbacks from Insys. On this news, Insys's stock price fell $3.00 per share, to close at $35.74 on June 25, 2015.
On December 3, 2015, SIRF reported that Insys's prior authorization unit routinely changed insurance codes for patients' diagnoses to ones for "cancer" and engaged in other misconduct to deceive insurers. Following this news, Insys stock price fell $5.93 per share, to close at $26.06 on December 3, 2015.
On January 25, 2016, SIRF reported that Insys executives have continued to pressure the Company's employees to develop new schemes to promote Subsys for off-label uses. On this news, Insys stock price fell $1.07 per share, to close at $21.58 on January 25, 2016.
If you currently own shares of Insys and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/insys-therapeutics-securities-fraud-class-action or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. [email protected] Toll Free: 1-800-423-6013
