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SAN FRANCISCO, July 12, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, with nine offices in eight cities around the country and eighty attorneys, reminds investors Omnicell, Inc. (NASDAQ: OMCL) to the firm’s ongoing investigation of possible securities law violations related to potential improper accounting.
If you purchased or otherwise acquired OMCL securities on or before July 10, 2019 and suffered losses or have information that may assist the firm’s investigation contact Hagens Berman:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On July 10, 2019, GlassHouse Research published a detailed report alleging the Company obfuscated its financials over the past two years “by using a variety of accounting gimmicks.”
After analyzing Omnicell’s accounts receivable (AR), inventory, and capitalized expense diagnostics, GlassHouse concluded that Omincell (1) prematurely recognized over $38 million in sales revenue, (2) failed to write-off over $23 million in obsolete inventory, and (3) misclassified and accelerated the capitalization of over $38 million in expenses.
This news drove the price of Omnicell shares sharply lower on July 11, 2019.
“We’re focused on investors’ losses and whether Omnicell and senior management may have misled investors by manipulating the Company’s reported financials in violation of Generally Accepted Accounting Principles,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Omnicell should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email OMCL@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm representing investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000