|By PR Newswire||
|March 7, 2014 06:34 PM EST||
NEW YORK, March 7, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against Merge Healthcare Incorporated ("Merge" or the "Company") (NasdaqGS: MRGE) and certain of its officers. The class action, filed in United States District Court, Northern District of Illinois, and docketed under 14-cv-00869, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Merge between August 1, 2012 and January 7, 2014 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Merge securities during the Class Period, you have until April 11, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Merge Healthcare Incorporated develops software solutions that facilitate the sharing of images to create an electronic healthcare experience for patients and physicians worldwide. It operates in two segments, Merge Healthcare and Merge DNA.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the existence or amount of certain customer contracts with respect to the Company's eClinical business had been falsified; (2) that, as a result, the Company's reported subscription backlog was overstated; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the defendants' statements about the Company's business, operations and prospects lacked a reasonable basis and were materially false and misleading at all relevant times.
On January 8, 2014, the Company disclosed that it was revising its previously reported subscription backlog totals after an internal review concluded that a former sales employee in its eClinical business had falsified the existence or amount of certain customer contracts with an apparent value of approximately $5.8 million in 2012 and 2013, respectively.
On this news, Merge securities declined $0.21 per share, or nearly 8.33%, to close at $2.31 per share on January 8, 2014, and further declined an additional $.21 per share, or approximately 9% on January 9, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP
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