RADNOR, Pa., Oct. 10, 2018 — The law firm of Kessler Topaz Meltzer & Check, LLP announces that an investor securities fraud class action lawsuit has been filed in the United States District Court for the District of New Jersey against OPKO Health, Inc. (Nasdaq: OPK) (“OPKO”) on behalf of purchasers of OPKO securities between September 26, 2013 and September 7, 2018, inclusive (the “Class Period”).
Deadline Reminder: Investors who purchased OPKO securities during the Class Period may, no later than November 13, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit www.ktmc.com/opko-health-securities-class-action
According to the complaint, OPKO is a healthcare company that engages in the diagnostics and pharmaceuticals business in the United States and internationally, including in Ireland, Chile, Spain, Israel, and Mexico.
The Class Period commences on September 26, 2013, when the article “Opko and Its Billionaire CEO Invested in Biozone” appeared on Seeking Alpha. The complaint alleges that the article, as part of a scheme to inflate the price of Biozone Pharmaceuticals (“Biozone”), touted Biozone by using OPKO and OPKO’s Chief Executive Officer and Chairman Phillip Frost’s (“Frost”) ownership in Biozone, as Frost had a reputation as a successful biotech investor.
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The complaint alleges that on September 7, 2018, the SEC issued a press release entitled “SEC Charges Microcap Fraudsters for Roles in Lucrative Market Manipulation Schemes,” which included Frost and OPKO as defendants. The press release stated, in relevant part, “[a]ccording to the SEC’s complaint, from 2013 to 2018, a group of prolific South Florida-based microcap fraudsters . . . manipulated the share price of the stock of three companies in classic pump-and-dump schemes. Miami biotech billionaire Phillip Frost allegedly participated in two of these three schemes.” Following this news, shares of OPKO fell $1.01 or over 18%, before NASDAQ halted the trading of OPKO on September 7, 2018 at 2:34 p.m. EDT at $4.58. To date, trading in OPKO remains halted, making OPKO’s stock illiquid and virtually worthless.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) defendant Frost and OPKO were engaged in a pump-and-dump scheme with several other individuals and companies in their investments in several penny stocks; (2) this illicit scheme would result in governmental scrutiny including from the SEC; and (3) as a result, the defendants’ statements about OPKO’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
OPKO investors may, no later than November 13, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT: Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. Adrienne Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299-7706 (610) 667-7706 [email protected]