Vocera Communications, Inc. Sued by Investor
Robbins LLP announce that a shareholder of Vocera Communications, Inc. (NYSE: VCRA) (“Vocera”) has filed a complaint in the U.S. District Court for the Northern District of California on behalf of purchasers of Vocera securities between March 28, 2012 and May 3, 2013 (the “Class Period”), and/or Vocera common stock pursuant and/or traceable to the registration statement issued in connection with the company’s initial public offering on March 28, 2012. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 and the Securities Act of 1933.
Vocera Accused of Making False and Misleading Statements
According to the complaint, Vocera made false and/or misleading statements and/or material omissions regarding the company’s financial condition. Specifically, the complaint alleges that the company and certain officers and directors failed to disclose that: (i) the extent of the negative impact that healthcare reform in the United States was having on sales of the company’s communications products to hospitals; and (ii) the extent of the negative impact that the U.S. federal budget sequestration was having on the sales of the company’s communications products to government hospitals. As a result of these false and misleading statements and omissions, Vocera shares traded at artificially inflated prices during the Class Period.
Vocera Stock Price Drops on Poor Results and Reduced Guidance
According to the complaint, on May 2, 2013, Vocera announced financial results for the first quarter 2013 that were substantially below analyst expectations and previously released guidance. Specifically, Vocera reported revenue of $22.4 million and non-GAAP net loss of $0.07 per share, as compared to the expected $24.3 million in revenue and $0.02 per share adjusted loss. Further, the company reduced its full year 2013 revenue guidance from a range of $120 million to $130 million, to $100 million to $120 million and its guidance for non-GAAP earnings per share was reduced from a profit of $0.33 to $0.51 to a loss of $0.06 and a profit of $0.18. On this news, Vocera’s stock price dropped nearly 38%, or $7.23 per share, to close on May 3, 2013, at $12.15 per share.
If you invested in Vocera and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003 or you can complete the form below and we will contact you directly.