Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in OPKO Health (NASDAQ:OPK) in connection to alleged violations of securities laws by OPK. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in OPKO Health between September 26, 2013 and September 7, 2018.
The class action complaint specifically alleges that during the period in question, OPK might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company and its chairman Philip Frost, also its Chief Executive Officer, were participating in a “pump-and-dump” scheme in coordination with other individuals and entities, in which they took steps to artificially inflate the price of OPK’s stock and then sell the artificially inflated shares; that the scheme would result in regulatory scrutiny; and that consequently the company’s statements to the public during the relevant period were false and misleading and/or had on reasonable basis. The complaint alleges that when true facts emerged, investors suffered losses.
In September Securities and Exchange Commission charged Phillip Frost in connection to this alleged “pump-and-dump” scheme, as well as multiple other defendants. The complaint alleged that the group of defendants undertook illicit activities that created millions of dollars for themselves at the detriment of retail investors who were left “holding virtually worthless stock.” The SEC’s charges remain pending.
According to the company’s website, OPKO Health is a “multinational pharmaceutical & diagnostics company aiming to establish leading positions in large & rapidly growing medical markets.” It operates BioReference Laboratories, which it describes as the “third largest full service clinical diagnostic laboratory” in the United States, and which offers testing and other services to medical offices and other institutions. OPKO Health’s therapeutic offerings include Rayaldee, a vitamin D compound, and Alpharen, a “phosphate binder” used for treatment of chronic kidney diseases. The company acquired PROLOR Biotech, whose products include treatments for hemophilia, obesity, and human growth hormone deficiency, in 2013. It is also developing treatments for asthma, chronic obstructive pulmonary disease, parkinson’s disease, and chemotherapy-induced nausea and vomiting. It trades on the Nasdaq exchange under the symbol OPK.
A class action lawsuit has already been filed in connection with OPKO Health. If you wish to serve as lead plaintiff in the OPK lawsuit, you must move the Court no later than November 13, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.