NEW YORK, Nov. 8, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Middle District of Pennsylvania on behalf of all persons or entities that purchased the securities of Unilife Corporation ("Unilife" or the "Company") (Nasdaq:UNIS) during the period from July 13, 2011 through September 9, 2013 (the "Class Period") alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers.
If you purchased Unilife during the class period, you may, no later than December 31, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
According to the Complaint, on August 30, 2013, a former Unilife employee filed a complaint against the Company alleging that Unilife terminated his employment for reporting various regulatory violations to the appropriate authorities. Among other things, it was alleged that the Company purposefully ran fake production at its facility in order to lead visiting investors to believe that demand for the Company's products was high. In addition, it was alleged that the Company purposefully suppressed internal reports demonstrating that the cost of developing the Company's syringes was higher than the price the Company was able to sell to customers. Further, it alleged that the Company failed to comply with the FDA's required validation process.
On September 3, 2013, Forbes published an article concluding that the Company's main manufacturing facility is operating at 3% of capacity, or roughly 2 million syringes per annum. Following this news, shares in Unilife dropped more than 14%, closing at $3.03 per share on September 4, 2013, on heavy trading volume of over 4 million shares.
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