NEW YORK, NY / ACCESSWIRE / February 3, 2016 / Pomerantz LLP is investigating claims on behalf of investors of Inovalon Holdings, Inc. ("Inovalon" or the “Company”) (NASDAQ: INOV). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Inovalon and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 12, 2015, Inovalon completed its initial public offering (IPO), selling 22.2 million shares and raising approximately $600 million in capital. On August 5, 2015, post-market, the company announced its second-quarter financial and operating results, disclosing that the Company’s earnings had been affected by a higher effective income tax rate, among other factors. On this news, Inovalon’s stock fell $5.87, or 23.1%, to close at $19.53 on August 6, 2015. Since the IPO, Inovalon’s stock has fallen from a first day-trading high of $33.75 to close at $17.39 on February 2, 2016, a drop of nearly 48.5%.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, 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.
SOURCE: Pomerantz LLP
