| Company: | Uroplasty, Inc |
| Ticker Symbol: | UPI |
| Class Period: | Jul-26-12 to Jun-13-13 |
| Date Filed: | Jul-15-13 |
| Lead Plaintiff Deadline: | Sep-13-13 |
| Court: | District of Minnesota |
| Allegations: | |
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 throughout the Class Period defendants issued false and/or misleading statements and failed to disclose material adverse facts about the Company' business, operations and prospects. Specifically, defendants misrepresented or failed to disclose that: (1) the Company lacked adequate internal and financial controls; and (2) as a result, the Company' statements were materially false and misleading at all relevant times.
On June 14, 2013, the Company announced that it was delaying the filing of 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, in connection with a review of employee expense reimbursements conducted at the direction of the Audit Committee of the Company' board of directors, the Company uncovered "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."As a result of this news, shares of Uroplasty declined $0.26 per share, or 10.48%, to close on June 14, 2013, at $2.22 per share, on heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
