By PHILADELPHIA, Jan. 2, 2014 /PRNewswire/ -- Cohen, Placitella & Roth, PC ("CPR") is investigating claims on behalf of investors who purchased Insys Therapeutics, Inc. ("Insys" or the "Company") (NASDAQ: INSY) securities between May 1, 2013 and December 12, 2013, inclusive. The investigation concerns whether Insys and certain of its officers and/or directors disseminated material false and misleading information to investors in violation of Sections 10(b), and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder.
Insys describes itself as a commercial-stage specialty pharmaceutical company that develops and commercializes innovative supportive care products, with a focus on utilizing its proprietary formulation technologies to address the clinical shortcomings of existing commercial pharmaceutical products. According to the Company, it markets two products, including Subsys, a proprietary sublingual fentanyl spray for breakthrough pain in opioid-tolerant cancer patients. Sales of Subsys comprise the Company's principal source of revenues.
Specifically, CPR is investigating whether the Company and its officers and/or directors omitted to disclose that: (i) the Company engaged in illegal and/or unethical marketing of Subsys; (ii) the Company was exposed to potential fines and other disciplinary actions as a result of its Subsys marketing practices; and, (iii) as a result, the Company's financial statements were materially false and misleading at all relevant times.
On December 12, 2013, after the close of market, the Company revealed "that it has 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, the Company's stock fell from a closing price of $45.11 per share on December 12, 2013 to close at $38.06 per share on December 13, 2013, a one day drop of $7.05 or approximately 16%.
If you wish to discuss what rights you may have related to a loss in your investment in Insys or you have any information on the Company's potential violations involving HHS programs in connection with Insys' marketing and sales of Subsys, please contact Eduardo Texidor Jr. at etexidor@cprlaw.com or, toll free, at 1-888-375-7600. For those investors inquiring via email, please include "Insys" in the subject line, and, in the body of the email, the number of shares purchased and your mailing address and telephone number.
Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a testament to professional excellence." Since the inauguration of its "Best Law Firms"' edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth's as one of the top-tier class action law firms in the country.
Contact:
Eduardo Texidor Jr.
Cohen, Placitella & Roth, PC
Toll free: 1-888-375-7600
etexidor@cprlaw.com
SOURCE Cohen, Placitella & Roth, PC
