Securities fraud class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Omnicell Inc., (“Omnicell” or the “Company”) (NASDAQ: OMCL). If you purchased or otherwise acquired Omnicell securities between October 25, 2018 through July 11, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than September 16, 2019.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Omnicell investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
Background on the Omnicell Securities Class Litigation
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenue before fulfilling its performance obligations; (2) the Company would have to write off certain inventory; and (3) the Company misclassified certain expenses as capitalized expenditures, such as prepaid commissions.
On July 11, 2019, GlassHouse Research LLC published a report alleging that Omnicell prematurely recognized over $38 million in sales. The report also alleged that new product lines had been pushed onto customers, who were hesitant to purchase more inventory because of implementation issues, and that the Company would need to write off $23 million in obsolete inventory. Following this news, Omnicell’s stock dropped $11.41 per share, or approximately 14%, to close at $75.11 per share on July 11, 2019.
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About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”