Robbins LLP: Roka Bioscience, Inc. (ROKA) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that an investor of Roka Bioscience, Inc. (NASDAQGM: ROKA) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of New Jersey. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1933 between July 17, 2014 and November 6, 2014. Roka is a molecular diagnostics company that focuses on the development and commercialization of technologies for the detection of foodborne pathogens in the United States.
Roka Is Accused of Filing Misleading Offering Documents
According to the complaint, shares of Roka fell $5.34 per share, or 64%, to close at $3.00 per share on November 7, 2014, following the November 6, 2014 announcement that “revenue for the third quarter was flat compared to the second quarter of this year” and installments of its main product, the Atlas instrument, did not increase during the third quarter. In the company’s July 2014 Offering Documents, Roka boasts the installation of 36 Atlas instruments and the prediction that the food safety testing market was anticipated to grow due to new government regulations. The company outlined its strategy for growth to include leveraging its dedicated sales force, customer service, and flexible instrument placement strategies as the key to gaining a share of the market.
The complaint alleges that the Offering Documents were false and misleading because Roka failed to disclose the downward trend in demand for its Atlas system and its declining sales
Roka Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.
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