Invacare Corporation: Milberg Coleman Bryson Phillips Grossman PLLC Announces Investigation of Invacare Corporation
NEW YORK, Jan. 31, 2022 /PRNewswire/ -- Milberg Coleman Bryson Phillips Grossman PLLC ("Milberg") is currently investigating Invacare Corporation (Invacare) (NYSE: IVC) in connection with the issuance of a warning letter to Invacare by the United States Food & Drug Administration (FDA) in November 2021, and other matters described below.
The FDA warning letter outlined a number of violations found during an inspection earlier in 2021. According to Invacare, the FDA warning letter related to "the company's procedures involving complaint handling, corrective and preventive action and medical device reporting associated with oxygen concentrators." The FDA letter admonished Invacare to "take prompt action to correct the violations addressed in this letter," and warned that "[f]ailure to promptly correct these violations may result in regulatory action being initiated by the FDA without further notice."
On Thursday, November 18, 2021, the date of the FDA letter, IVC's common stock reportedly reached $4.13 per share in trading on the NYSE, and closed at $3.93 per share. The next day, Friday, November 19, 2021, shares of IVC closed at $3.62 per share, down $0.51 from the previous day's high. Since then IVC's stock price has continued to fall, dropping below $3.00 per share at the end of November 2021 and trading below $3.00 per share almost consistently since then.
Following its receipt of the FDA letter, on December 1, 2021 Invacare announced the "strategic business realignment" of its Europe and Asia Pacific businesses under a single leader to "streamline operations and enhance the customer experience." On December 6, 2021, Invacare shares reportedly fell as low as $2.18 per share, down drastically from a high of $10.94 in January 2021. On January 5, 2022, streetinsider.com reported that Invacare was exploring a potential sale of the company and had received a preliminary bid valuing the company at $5 per share.
Milberg's investigation concerns, among other things, potential misconduct and claims involving failures of oversight, possible breaches of fiduciary duty and other possible violations of law by Invacare's directors and/or officers. Persons with relevant information, and/or Invacare shareholders with questions about this investigation, are invited to contact our Firm using the information listed below.
About Milberg: For over 50 years, Milberg and its affiliates have been fighting to protect victims' rights and have recovered over $50 billion for clients. A pioneer in class action litigation, Milberg is widely recognized as a leader in defending the rights of victims of corporate wrongdoing.
Contact:
Kent A. Bronson, Esq.
c/o Milberg Coleman Bryson Phillips Grossman PLLC
100 Garden City Plaza
Garden City, NY 11530
866.252.0878
kbronson@milberg.com
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SOURCE Milberg Coleman Bryson Phillips Grossman PLLC
