OKLAHOMA CITY--(BUSINESS WIRE)--Federman & Sherwood announces that on July 1, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Uroplasty, Inc. (NASDAQ: UPI), for possible federal securities laws violations, more particularly Sections 10(b) and 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated thereunder. It is alleged that during the Class Period of July 26, 2012 and June 13, 2013, the defendants made a series of false and/or misleading statements and/or failed to disclose that: (1) the Company had improperly recognized revenues; (2) the Company made improper sales commission payments; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times. This series of misrepresentations and omissions caused UPI share prices to be artificially inflated during the Class Period.
If you purchased Uroplasty, Inc. shares between July 26, 2012 and June 13, 2013, have sustained significant losses as a result of your trades during this time period, and wish to join this litigation as a potential lead plaintiff, please contact our office as soon as possible. Investors have until August 30, 2013 to move the court for consideration as a court-appointed lead plaintiff in this action. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
Our firm seeks to recover damages and losses on behalf of the entire Class. Federman & Sherwood has extensive nationwide experience and expertise in prosecuting securities litigation involving financial fraud. If you wish to join this class action or have further questions, please contact: www.federmanlaw.com.