Robbins Umeda LLP Announces an Investigation of MAP Pharmaceuticals, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at MAP Pharmaceuticals, Inc. (NASDAQ: MAPP). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of MAP Pharmaceuticals breached their fiduciary duties to shareholders and the company by failing to implement adequate internal controls, which resulted in the company incorrectly recognizing revenue and overstating income. In particular, on March 29, 2012, MAP Pharmaceuticals issued a press release in which the company announced that “it will restate its interim unaudited financial statements for the first three quarters of 2011 to correct the accounting treatment for the non-refundable $60.0 million upfront cash payment received in February 2011 (the “Upfront Payment”) pursuant to the collaboration agreement with Allergan.” The press release further stated that the restatement was caused by the company’s incorrect recognition of revenue from the Upfront Payment.
Robbins Umeda LLP highlights that MAP Pharmaceuticals shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.