Unilife Corp Investor Lawsuit alleges Misleading Statements

Dec. 2, 2013 - PRLog -- An investor, who purchased shares of Unilife Corp , filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania over alleged violations of Federal Securities Laws by Unilife Corp in connection with certain allegedly false and misleading statements made between July 13, 2011 and September 9, 2013.

If you purchased a significant amount of shares of Unilife Corp  between July 13, 2011 and September 9, 2013, and / or if you purchased any NASDAQ-UNIS prior to 2012 and currently hold any of those shares, you have certain options and there are short and strict deadlines running. Deadline: December 31, 2013. NASDAQ-UNIS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Unilife Corp  between July 13, 2011 and September 9, 2013, that Unilife Corp and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that the defendants  made allegedly false and/or misleading statements and/or failed to disclose that Unilife Corp’s Unifill syringes failed to comply with the Food and Drug Administration's ("FDA") validation processes, that Unilife Corp’s Quality Management System failed to comply with FDA regulations, that Unilife Corp purposefully increased its purchases of Unifill component parts to make suppliers believe that Unilife Corp was producing at increased volumes despite the fact that there was no customer demand or manufacturing capacity to support such purchases, and that as a result of the foregoing, Unilife Corp’s statements were materially false and misleading at all relevant times.

Unilife Corp reported that its Total Revenue declined from $11.42 million for the 12 months period that ended on June 30, 2010 to $5.52 million for the 12 months period that ended on June 30, 2012 and that its Net Loss for those respective time periods increased from $29.75 million to $52.30 million.

Shares of Unilife Corp  declined from $7.42 per share in March 2010 to as $1.85 per share on May 9, 2013.

On May 9, 2013, Unilife Corp announced its financial results for its fiscal year 2013 third quarter.

NASDAQ-UNIS jumped from $1.85 per share on May 9, 2013, to $3.76 per share on May 13, 2013, respectively $$3.94 per share on May 21, 2013.

Then on September 4, 2013, an article raised questions about Unilife Corp and its CEO. On September, 9, 2013, an ex-employee of Unilife Corp, the former Vice President of Integrated Supply Chain, filed a whistleblower lawsuit against the Company alleging fraud and violations of the federal securities laws.

Shares of Unilife Corp  declined from $3.75 per share on Oct. 15, 2013, to $2.95 per share on Nov. 1, 2013.

Those who purchased shares of Unilife Corp have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554