NEW YORK--(EON: Enhanced Online News)--Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Unilife Corporation (NASDAQ:UNIS) concerning whether the board has breached its fiduciary duties to stockholders.
On May 8, 2016, Unilife disclosed that it expected to delay filing its quarterly Form 10-Q for the period ended March 31, 2016 and also cancelled its earnings conference call, scheduled for May 9, 2016, due to the discovery of violations of Company policies and procedures and possible violations of law and regulation by the Company’s former Chief Executive Officer, Alan Shortall, and former Chairman of the Board of Directors, Jim Bosnjak, who resigned in 2015. On this news, the Company’s stock price fell $1.50 per share, or more than 29%, to close at $3.60 per share on May 9, 2016.
On May 11, 2016, Unilife filed a Notification of Late Filing on Form 12b-25. The Company disclosed that the Company’s current management team discovered violations of the registrant’s policies and procedures and possible violations of law and regulation by Shortall and Bosnjak. On this news, the Company’s stock price fell $0.30 per share, or 8.1%, to close at $3.40 per share on May 12, 2016.
On May 23, 2016, Unilife disclosed that it received a letter from NASDAQ notifying the Company that it was not in compliance with Listing Rule 5250(c)(1) because it had not filed its Form 10-Q for the period ended March 31, 2016 in a timely manner with the SEC. On this news, the Company’s stock price fell $0.31 per share, or more than 10%, to close at $2.64 per share on May 24, 2016.
On July 28, 2016, Unilife filed two Form 8-Ks with the SEC disclosing that: (1) it terminated its consulting agreement with Shortall and that it no longer has any business relationship with Shortall or Bosnjak; (2) as a result of findings from its investigation, the Company demoted Dennis Pyers from Senior Vice President, Controller, Treasurer, and Chief Accounting Officer to Senior Advisor, Special Projects; and (3) the Company’s ended its employment of Mark Iampietro as Vice President of Quality and Regulatory Affairs and Chief Compliance Officer. On this news, the Company’s stock price fell $0.60 per share, or more than 14%, to close at $3.54 per share on July 29, 2016.
If you purchased Unilife securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.