Zeldes Haeggquist & Eck, LLP Announces Investigation of Vocera Communications, Inc. Concerning Possi
Zeldes Haeggquist & Eck, LLP Announces Investigation of Vocera Communications, Inc. Concerning Possible Violations of Securities Laws
SAN DIEGO--(BUSINESS WIRE)-- Zeldes Haeggquist & Eck, LLP, a shareholder and consumer rights litigation firm, has commenced an investigation into Vocera Communications, Inc. (NYS: VCRA) , relating to potential violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 by certain of the Company's officers and directors during the period between March 28, 2012 through May 2, 2013 (the "Class Period.")
Founded in 2000 and headquartered in San Jose, California, Vocera provides mobile communication products and services to primarily healthcare markets. The Company's products are deployed in hospitals and healthcare facilities, including large hospital systems, small and medium-sized local hospitals, and a small number of clinics, surgery centers, and aged-care facilities. In 2011, Vocera generated revenue of $79.5 million and a net loss of $2.5 million.
On March 28, 2012 Vocera conducted its IPO. The Company completed the IPO on April 2, 2012, having sold 5,000,000 shares and certain of its stockholders having sold 1,727,000 shares, including 877,500 shares for the underwriters' over-allotment option. The shares were sold at $16.00 per share for aggregate gross offering proceeds of $80.0 million to Vocera and $27.6 million to the selling stockholders.
Following the IPO, and during the Class Period, Vocera share prices increased significantly, climbing to over $32 per share in September 2012.
Then, on May 2, 2013, after the close of the market, Vocera shocked investors when it announced first quarter earnings and revenue that were significantly worse than expected. Full-year revenue and earnings forecasts were also sharply reduced. On a subsequent earnings call, management attributed the shortfall and weaker outlook to, among other factors, cost-cutting initiatives at hospitals due to healthcare reform.
On this news, on May 3, 2013, Vocera shares declined 37% to $12.15 per share from $19.38 per share, on unusually heavy volume of 6.7 million shares traded.
Zeldes Haeggquist & Eck's investigation concerns whether Vocera issued materially false and misleading statements regarding the Company's business and financial prospects during the Class Period and in connection with the Company's March 28, 2012 initial public offering ("IPO.") If you purchased Vocera common stock during the Class Period and/or in the Company's IPO and want additional information regarding this investigation, or if you have information regarding the allegations involved, please contact attorney Amber L. Eck at (619) 342-8000 or by email at email@example.com.
Zeldes Haeggquist & Eck is a full-service law firm which brings major class actions nationwide on behalf of defrauded investors and consumers and handles a variety of complex business litigation matters. Please visit www.zhlaw.com or our blog for more information about the firm.
Zeldes Haeggquist & Eck, LLP
Amber L. Eck, 619-342-8000
KEYWORDS: United States North America California
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