Law Offices of Todd M. Garber Announces Investigation of Uroplasty, Inc.
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that it is investigating potential claims against Uroplasty, Inc. ("Uroplasty" or the "Company") (NAS: UPI) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by Uroplasty between July 26, 2012 and June 13, 2013 regarding the Company's financial performance.
Uroplasty is a medical device company that engages in the development, manufacture and marketing of products for the treatment of voiding dysfunctions, including treatment of overactive bladder. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company improperly recognized revenues; (b) the Company made improper sales commission payments; (c) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 14, 2013 the Company announced that Uroplasty will delay filing its annual report on Form 10-K for the year ended March 31, 2013, until the completion of a review of its internal control over financial reporting. According the Company, an internal review of employee expense reimbursements conducted at the direction of the Audit Committee of the board of directors uncovered "limited issues related to the internal controls surrounding the employee expense reimbursement approval process," in addition to "issues in internal control related to the recognition of orders and the payment of sales commissions at the end of fiscal quarters."
If you purchased Uroplasty securities during the foregoing period, if you have information or would like to learn more about these claims, or if you purchased Uroplasty stock prior to July 26, 2012 and wish to discuss these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to email@example.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
KEYWORDS: United States North America California
The article Law Offices of Todd M. Garber Announces Investigation of Uroplasty, Inc. originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.