Health & Fitness
Tue, January 3, 2012
WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it has launched an investigation on behalf of the purchasers of the common stock of Invacare Corporation (aInvacarea or the aCompanya) (NYSE: [ IVC ]), during the period January 4, 2011 through December 8, 2011, inclusive, with respect to whether the Company and certain of its officers and directors have possibly violated the federal securities laws.
"intended to address all of the FDAas concerns"
Click here to learn more: [ http://investigations.rigrodskylong.com/invacare-corporation-ivc/ ].
Invacare designs, manufactures, and distributes medical equipment and supplies for the non-acute care environment, including the home health care, retail, and extended care markets.
On January 4, 2011, the Company issued a press release commenting on a warning letter issued by the United States Food and Drug Administration (the aFDAa) relating to an inspection of the Companyas bed manufacturing facility in Sanford, Florida. In that release, the Company stated that a[t]he warning letter takes issue with Invacareas compliance with the FDAas Quality System Regulation, specifically related to Invacareas ability to establish and maintain adequate procedures to analyze processes and operations and to document actions taken on product complaints.a The Company went on to assure investors that awe rigorously test our products and stand fully behind the safety of our products. The FDA warning letter does not state that our products are unsafe nor has it impacted our production. The letter is related to documentation procedures. We take all FDA matters very seriously, and we intend to address all of the FDAas concerns . . . .a
Despite the Companyas prior public assurances that it aintended to address all of the FDAas concerns,a on December 8, 2011, Invacare issued a press release announcing that the FDA had requested that the Company negotiate and agree to a consent decree of injunction relating to inspectional observations at the Companyas corporate facility and its wheelchair manufacturing facility in Elyria, Ohio. The consent decree proposed by the FDA would require suspension of certain operations at the facilities until they are determined by the FDA to be in compliance.
This news caused Invacare stock to plunge over 25% on December 8, 2011 to low of $14.54 per share and eventually closed at $14.70 per share that day, down from its previous dayas close of $20.58 per share.
If you purchased Invacare common stock during the period of January 4, 2011 through December 8, 2011, inclusive, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact [ Timothy J. MacFall, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].
[ Rigrodsky & Long, P.A. ], with offices in Wilmington, Delaware and Garden City, New York, regularly litigates [ securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation ], including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
