MERION, Pa., Feb. 8, 2016
/PRNewswire/ -- The Law Offices of Marc S. Henzel (www.henzellaw.com), a firm
focusing on shareholder litigation, gives notice to shareholders of
investigation into the following securities for violations of the
Federal Securities Laws:
Cigna Corporation (NYSE: CI)
2/27/14 thru 1/21/16
On January 22, 2016, pre-market,
Cigna filed a Form 8-K with the SEC, disclosing, that on
January 21, 2016, Cigna was notified
by the Centers for Medicare & Medicaid Services of its intent
to impose intermediate sanctions suspending the enrollment of and
marketing to new customers of all Cigna Medicare Advantage and
Standalone Prescription Drug Plan Contracts, effective at
11:59 p.m. on January 21, 2016, citing deficiencies in Cigna's
operations of its Parts C and D appeals and grievances, Part D
formulary and benefit administration, and compliance program.
On this news, Cigna stock fell from $140.13 on Thursday,
January 21, 2016 to close at $135.85 on Monday, January
25, 2016, a two-day drop of $4.28.
Imprivata, Inc. (NYSE: IMPR)
7/30/15 thru 11/2/15
October 14, 2015, Imprivata issued
a press release preliminarily announcing its third quarter 2015
("3Q15") financial results for the period ended September 30, 2015. Imprivata reported that
its 3Q15 sales would come in at or below $29.2 million and that its losses would exceed
$0.22 per share. The Company also
disclosed several negative sales trends that had been adversely
affecting sales in 3Q15. On this news, the market price of
Imprivata common stock declined, falling more than $5 per share on extremely high trading
volume.
On November 2, 2015, the Company
issued a press release disclosing 3Q15 financial results along the
same lines preliminarily announced on October 14, 2015. On this news, the price
of Imprivata common stock declined further, falling approximately
$2 per share, again on unusually high
trading volume.
Insys Therapeutics Inc. (Nasdaq: INSY) 3/3/15 thru 1/25/15
On January 25, 2016, the Southern
Investigating Report Foundation published an article entitled "The
Brotherhood of Thieves: Insys Therapeutics," alleging that Insys
pressured employees to develop new schemes to promote the illegal
and inappropriate off-label use and sale of Subsys.
Following this news, Insys shares fell $1.07 per share, or nearly 5%, to close at
$21.58 per share on January 25, 2016.
Tetraphase Pharmaceuticals, Inc. (Nasdaq: TTPH)
3/5/15 thru 9/9/15
On September 8, 2015, Tetraphase
announced that the pivotal portion of its IGNITE2 phase 3 clinical
trial of Eravacycline did not achieve its primary endpoint.
Following this news, Tetraphase shares fell 80% in market value
from the September 8, 2015 close of
$44.78 to just $8.36 per share at September 10, 2015's closing.
Alere Inc. (NYSE: ALR)
2/1/16
The firm is investigating potential legal claims against the
board of directors of Alere Inc. (NYSE: ALR) regarding possible
breaches of fiduciary duties and other violations of law related to
the Company's entry into an agreement to be acquired by Abbott
Laboratories (NYSE: ABT), in a transaction valued at approximately
$5.8 billion.
Under the terms of the agreement, shareholders of Alere will
receive $56.00 per share in cash.
Avenue Financial Holdings, Inc. (Nasdaq: AVNU) 1/29/16
The firm is investigating the proposed acquisition of Avenue
Financial Holdings Inc. (AVNU) by Pinnacle Financial Partners Inc.
(PNFP). On January 28, 2016, the two
companies announced the signing of a definitive merger agreement
pursuant to which Pinnacle will acquire Avenue. Under the terms of
the agreement, Avenue shareholders will receive $2.00 in cash and 0.36 shares of Pinnacle for
each share of Avenue they own, the value of which is equivalent to
$20.03 per share of Avenue.
Cascade Microtech, Inc. (Nasdaq: CSCD) 2/4/16
The firm is investigating claims on behalf of investors of
Cascade Microtech, Inc. (NASDAQ: CSCD) concerning the proposed
acquisition of Cascade by FormFactor Inc.
The investigation concerns whether the Cascade directors are
breaching their fiduciary duties by failing to adequately shop the
Company and maximize shareholder value. Under the terms of the
proposed transaction, Cascade shareholders will be entitled to
receive $16.00 in cash and 0.6534 of
a share of FormFactor common stock, subject to the terms of the
merger agreement. The transaction values Cascade at $21.13 per share, or $352
million in equity value based on the closing price of
FormFactor's stock on February 3,
2016, of $7.85, for each share
of Cascade common stock.
LoJack Corporation (Nasdaq: LOJN) 2/1/16
On February 1, 2016, LoJack
announced it had signed a definitive merger agreement with CalAmp.
Under the terms of the agreement, CalAmp will acquire all of the
outstanding shares of common stock of LoJack for $6.45 per share in an all cash transaction.
The investigation concerns whether LoJack's board failed to
satisfy their duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for LoJack's
shares of common stock.
Questar Corporation (NYSE: STR) 2/2/16
The firm is investigating the Board of Directors of Questar
Corporation (STR) for potential breaches of fiduciary duties in
connection with the sale of the Company to Dominion Resources, Inc.
for approximately $4.4 billion in an
all-cash transaction.
The Company's stockholders will receive $25.00 for each share of Company common stock
they own. However, this consideration is below at least one
analyst's price target of $26.00 per
share.
If you would like to learn more about the investigation of these
companies, would like to learn more about any potential claims or
you wish to discuss these matters and have any questions concerning
this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at
Mhenzel@Henzellaw.com, or to sign up online, visit the firm's
website at www.henzellaw.com.
The Law Offices of Marc S. Henzel
is a national shareholder litigation firm representing shareholders
& investors in various areas of securities laws including but
not limited to: class actions, derivatives, transactional
(buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
Contact:
Law Offices of Marc S. Henzel
Marc S. Henzel
Email: Mhenzel@Henzellaw.com
Phone 610-660-8000
Website: www.henzellaw.com
LAW OFFICES OF MARC S. HENZEL
MERION STATION, PA 19066
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SOURCE Law Offices of Marc S.
Henzel