Key Developments: Uroplasty Inc (UPI.OQ)

UPI.OQ on NASDAQ Stock Exchange Capital Market

2.28USD
1 Aug 2013
Price Change (% chg)

$0.01 (+0.44%)
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$2.27
Open
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$2.24
Volume
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Latest Key Developments (Source: Significant Developments)

Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Uroplasty Inc
Monday, 29 Jul 2013 05:05pm EDT 

Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the Class) comprising all purchasers of the securities of Uroplasty Inc between July 26, 2012 and June 13, 2013, inclusive (the Class Period).  Full Article

Uroplasty Inc Announces Board Changes-DJ
Tuesday, 23 Jul 2013 07:00am EDT 

Dow Jones reported that Uroplasty Inc said Chief Financial Officer (CFO) Mahedi H. Jiwani has retired following an internal review of the Company's financial reporting that uncovered a material weakness. The Company appointed Robert C. Kill, who had been acting as Interim Chief Executive, as Chief Executive. A search for a new CFO has started and Mr. Kill will hold the role of Acting Finance Chief until the position is filled.  Full Article

Law Offices Of Todd M. Garber Announces Class Action Lawsuit Against Uroplasty Inc
Friday, 19 Jul 2013 11:32pm EDT 

The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the District of Minnesota on behalf of a class comprising all purchasers of the securities of Uroplasty, Inc. between July 26, 2012 and June 13, 2013, inclusive (the Class Period). 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's business, operations and prospects.  Full Article

Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Uroplasty Inc
Saturday, 13 Jul 2013 09:32am EDT 

Glancy Binkow & Goldberg LLP, representing investors Uroplasty Inc, announced that it has filed a class action lawsuit in the United States District Court for the District of Minnesota on behalf of a class (the Class) comprising all purchasers of Uroplasty securities between July 26, 2012 and June 13, 2013, inclusive (the Class Period). 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’s 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’s 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.  Full Article

Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Uroplasty Inc Of Class Action Lawsuit And Upcoming Deadline
Friday, 12 Jul 2013 07:23pm EDT 

Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Uroplasty Inc and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13 CIV 4570, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Uroplasty between July 26, 2012 and June 13, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenues; (2) the Company made improper sales commission payments; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.  Full Article

Law Offices of Todd M. Garber Announces Investigation Of Uroplasty Inc
Tuesday, 9 Jul 2013 11:32pm EDT 

The Law Offices of Todd M. Garber announced that it is investigating potential claims against Uroplasty Inc concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by Uroplasty between July 26, 2012 and June 13, 2013 regarding the Company's financial performance. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company improperly recognized revenues; (b) the Company made improper sales commission payments; (c) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. On June 14, 2013 the Company announced that Uroplasty will delay filing 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, an internal review of employee expense reimbursements conducted at the direction of the Audit Committee of the board of directors uncovered "limited 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."  Full Article

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Uroplasty, Inc. To Contact Firm
Wednesday, 3 Jul 2013 08:38pm EDT 

Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Uroplasty Inc. The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning business, operational, and compliance policies. Specifically, the investigation focuses on whether Uroplasty failed to disclose that it improperly recognized revenues and that it made improper payments of commission sales. On June 14, 2013, the Company announced that it would delay filing its Annual Report for the year ended March 31, 2013, pending a review of its internal control regarding financial reporting. It further stated that its Chief Financial Officer would be placed on administrative leave. Following this news, Uroplasty's stock price dropped over 10%.  Full Article

Robbins Arroyo LLP Announces Investigation Of Uroplasty Inc On Behalf Of Shareholders
Wednesday, 3 Jul 2013 06:57pm EDT 

Shareholder rights law firm Robbins Arroyo LLP announced that it is investigating whether officers and directors of Uroplasty Inc breached their fiduciary duties to shareholders. Uroplasty, a medical device company, develops, manufactures, and markets products for the treatment of voiding dysfunctions. Robbins Arroyo Investigates Uroplasty's Potential Improper Public Statements Regarding Internal Controls Robbins Arroyo investigation concerns whether certain of Uroplasty's officers and directors failed to implement adequate internal financial controls. On June 14, 2013, the company announced a delay in the filing of its annual report on Form 10-K for the year ended March 31, 2013, following the completion of a review of its internal control over financial reporting. Specifically, the company announced that it had recently discovered problems with internal controls related to expense reimbursement for its employees and that upon conducting a review of the issues, Uroplasty found additional problems related to the recognition of orders and payment of sales commissions at the end of its fiscal quarters. Further, the company announced that it placed its Chief Financial Officer, Mahedi Jiwani, on administrative leave pending a complete investigation of the company's internal controls. On this news, shares of Uroplasty dropped $0.26, or 10.5%, to close at $2.22 on June 14, 2013, and have continued to decline an additional 14%, closing at $2.02 on July 1, 2013.  Full Article

Rosen Law Firm Announces Class Action On Behalf Of Uroplasty Inc Investors
Wednesday, 3 Jul 2013 03:45pm EDT 

The Rosen Law Firm, P.A. announces that a class action lawsuit has been filed on behalf of purchasers of Uroplasty, Inc. stock during the period between July 26, 2012 and June 13, 2013, inclusive, seeking to recover damages for violations of the federal securities laws. The lawsuit claims that Uroplasty (1) improperly recorded revenue; (2) made improper sales commission payments; (3) lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. According to the lawsuit, when the market learned of these adverse facts the price of Uroplasty stock dropped, damaging investors.  Full Article

Uroplasty Inc Receives NASDAQ Listing Compliance Letter Due to Late Filing of Annual Report on Form 10-K
Wednesday, 3 Jul 2013 03:01pm EDT 

Uroplasty Inc announced that it has received a letter from The NASDAQ Stock Market LLC notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250 (c)(1) because its Annual Report on Form 10-K for the year ended December 31, 2012, was not filed on a timely basis with the Securities and Exchange Commission. As previously announced, the Company is currently in the process of reviewing its internal control over financial reporting relating to orders and the payment of sales commissions at the end of fiscal quarters and has been delayed in filing its Form 10-K pending completion of that review. The Company expects to complete the review process and file is Form 10-K as soon as practicable. Based upon facts available, the Company does not currently believe that it is likely that this review will require a material revision of its previously released earnings. The NASDAQ letter dated July 2, 2013 requires the Company to submit a plan within 60 days to regain compliance with NASDAQ's filing requirements for continued listing. The Company expects to have filed its 2012 Form 10-K and be in full compliance prior to the due date of the plan.  Full Article

Uroplasty places CFO on leave, delays filing annual report

- Medical device maker Uroplasty Inc said it placed Chief Financial Officer Mahedi Jiwani on administrative leave pending a review of internal financial controls, and would delay filing its annual report for the year ended March 31.

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