NEW YORK, Aug. 16, 2013 (GLOBE NEWSWIRE) -- On August 1, 2013, Scott+Scott, Attorneys at Law, LLP filed a class action complaint against Vocera Communications Inc. ("Vocera" or the "Company") in the United States District Court for the Northern District of California. The complaint, which seeks remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934, was filed on behalf of those persons and entities who purchased or otherwise acquired Vocera securities (NYSE:VCRA): (i) between March 28, 2012 and May 3, 2013, inclusive (the "Class Period"); and/or (ii) pursuant and/or traceable to the registration statement issued in connection with the Company's initial public offering on March 28, 2012 (the "IPO" or "Offering").
Investors who purchased Vocera common stock during the Class Period or in the Company's IPO and wish to serve as a lead plaintiff in the class action must move the Court no later than September 30, 2013. Members of the investor class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain absent class members in the lawsuit. If you wish to view the complaint, discuss the Vocera litigation, or have questions concerning this notice or your rights, please contact Scott+Scott (firstname.lastname@example.org, (800) 404-7770, (860) 537-5537) or visit the Scott+Scott website for more information: http://www.scott-scott.com.
There is no cost or fee to you.
Vocera is a provider of mobile communication products and services based in San Jose, California. The Company offers software applications, hands-free wearable voice-controlled communication badges, smartphones, and other wireless devices to hospitals and to other enterprises where workers are highly mobile.
The securities class action charges that, in the Company's offering materials and throughout the Class Period, Vocera made a series of false and misleading statements concerning the Company's financial condition that caused the Company's shares to trade at an artificially inflated price.
Specifically, the complaint alleges that Vocera failed to disclose the severity of the negative impact that healthcare reform and federal budget sequestration were having on sales of the Company's communication products to hospitals.
On May 2, 2013, after the markets closed, Vocera shocked the investing public when it announced financial results for the first quarter 2013 that were significantly worse than expected. The Company reported revenue of $22.4 million, and non-GAAP earnings per share of $0.07, far below analysts' expectations and previously released guidance. The Company also sharply reduced its previously stated revenue guidance for full-year 2013, from between $120 million and $130 million, to between just $100 million and $110 million. Furthermore, the Company reduced its guidance for non-GAAP earnings per share from a profit of $0.33 to $0.51 to a loss of $0.06 and a profit of $0.18.
The complaint alleges that, in reaction to Vocera's May 2, 2013 announcement and earnings call, the price of Vocera common stock plummeted over 37% – closing at an all-time low of $12.15 per share on May 3, 2013, resulting in millions of dollars of losses to class members.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.