SAN FRANCISCO, Dec. 28, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors with losses over $50,000 of the January 22, 2016 lead plaintiff deadline in the securities fraud class action lawsuit filed against Osiris Therapeutics, Inc. (NASDAQ:OSIR).
If you suffered losses of more than $50,000 because of your purchase of Osiris securities between May 12, 2014 and November 20, 2015, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000, emailing OSIR@hbsslaw.com or visiting https://www.hbsslaw.com/cases/OSIR. The lawsuit was filed in the U.S. District Court for the District of Maryland and investors have until January 22, 2016 to move the court to act as lead plaintiff.
The complaint accuses the defendants of violations of the securities laws because Osiris failed to disclose during the Class Period that the Company overstated revenues from several contracts and failed to follow Generally Accepted Accounting Principles.
The news shocked investors when announced on November 16, 2015. Osiris disclosed that if they correctly recognized revenue for three contracts, it would result in substantial decreases in product revenues in 2014 and the first and second quarters of 2015. In addition, Osiris announced that these restatements would result in the Company missing its revenue targets in three of the last four quarters. Following this news of an accounting restatement, Osiris shares fell, dropping $3.02, or 21.53%, to close at $10.97 on November 17, 2015. The share price has not recovered.
Whistleblowers: Persons with non-public information regarding Osiris Therapeutics, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email OSIR@hbsslaw.com.
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Contact: Reed Kathrein, 510-725-3000
Source:Hagens Berman Sobol Shapiro LLP