STEVENSON, Md., March 12, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of: (1) purchasers of the common stock of Epocrates, Inc. ("Epocrates" or the "Company") (Nasdaq:EPOC) in and/or following the Company's initial public offering on or about February 2, 2011, inclusive (the "IPO"); and (2) purchasers of Epocrates common stock during the period between February 2, 2011 and August 9, 2011, inclusive (the "Class Period").
If you have suffered a net loss from investment in Epocrates, Inc. common stock either during the IPO, or purchased on or after February 2, 2011, and held through August 9, 2011, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 7, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 and of violations of the Securities Exchange Act of 1934 by virtue of the defendants' false and/or misleading statements and/or failure to disclose: (1) that Epocrates' pharmaceutical clients were awaiting guidance concerning the use of advertising on the internet and through social media from the United States Food and Drug Administration ("FDA"); (2) that the Company's pharmaceutical clients were increasingly delaying their marketing activities as they awaited guidance from the FDA; (3) that the FDA's delays in issuing guidance relating to the internet and social media was causing expanding regulatory queues for Epocrates; and (4) that the expanding regulatory queues were negatively impacting the Company's sales and revenue growth. According to the Complaint, following the Company's August 9, 2011 disclosure that it was lowering its net sales guidance for the 2011 fiscal year because its revenue growth was being negatively impacted by expanding regulatory queues, causing delays in the launch of DocAlert messages and the lengthening of the time between contract signing and revenue recognition, the value of Epocrates shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation