NEW ORLEANS--(EON: Enhanced Online News)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Alere Inc. (NYSE: ALR).
In February 1, 2016, Alere announced that it had agreed to be bought by Abbott Laboratories for about $5.8 billion. Four weeks later, Alere disclosed that it would be delaying the filing of its annual report while it analyzed how it recognized revenue in Africa and China. When the report was submitted five months later, Alere admitted to internal control failures that required it to restate its 2013-15 financials.
Then, on March 11, 2016, Alere announced that it had received a grand jury subpoena from the DOJ requiring it to produce documents relating to its sales practices in Africa, Asia, Latin America and other Foreign Corrupt Practices Act issues. In November, Alere lost Medicare reimbursement privileges for its diabetes division subsidiary for seeking reimbursement for 211 deceased people. Then, on December 7, 2016, Abbott sued Alere, seeking to terminate the buyout.
Alere and certain of its executives have also been sued in a securities class action lawsuit, which charged them with failing to disclose material information to shareholders, violating federal securities laws.
KSF’s investigation is focusing on whether Alere’s officers and/or directors breached their fiduciary duties to Alere’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Alere shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.