NEW YORK, — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of OPKO Health, Inc. (“OPKO” or the “Company”) (NASDAQ: OPK) between September 26, 2013 and September 7, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover OPKO shareholders’ investment losses.
If you purchased OPKO securities, and/or would like to discuss your legal rights and options, please visit OPKO Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Phillip Frost, OPKO’s CEO and Chairman, 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, Defendants’ statements about OPKO’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 7, 2018, the SEC issued a press release titled, “SEC Charges Microcap Fraudsters for Roles in Lucrative Market Manipulation Schemes,” including naming Phillip Frost and OPKO as defendants, stating in pertinent part:
|According to the SEC’s complaint, from 2013 to 2018, a group of prolific South Florida-based microcap fraudsters led by Barry Honig 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. Honig allegedly orchestrated the acquisition of large quantities of the issuer’s stock at steep discounts, and after securing a substantial ownership interest in the companies, Honig and his associates engaged in illegal promotional activity and manipulative trading to artificially boost each issuer’s stock price and to give the stock the appearance of active trading volume. According to the SEC’s complaint, Honig and his associates then dumped their shares into the inflated market, reaping millions of dollars at the expense of unsuspecting investors.|
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|The SEC’s complaint, which was filed in federal district court in Manhattan, charges Honig, John Stetson, Michael Brauser, John R. O’Rourke III, Mark Groussman, Frost, Elliot Maza, Robert Ladd, Brian Keller, John H. Ford, Alpha Capital Anstalt, ATG Capital LLC, GRQ Consultants Inc., HS Contrarian Investments LLC, Grander Holdings Inc., Melechdavid Inc., OPKO Health Inc., Frost Gamma Investments Trust, Southern Biotech Inc., and Stetson Capital Investments Inc. with violating antifraud, beneficial ownership disclosure, and registration provisions of the federal securities laws and seeks monetary and equitable relief.
On this news, OPKO’s stock fell $1.01 per share, or over 18%, before NASDAQ halted trading of OPKO on September 7, 2018 at 2:34 p.m. EST at $4.58 per share. To date, trading in OPKO remains halted.
If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased OPKO securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/opko-health-inc-opk-lawsuit-class-action-fraud-stock-81/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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