Gibbs Law Group Announces Class Action Lawsuit on Behalf of Investors of Vocera Communications Inc.
August 28, 2013
Gibbs Law Group LLP announces that a class action lawsuit has been filed on behalf of purchasers of Vocera Communications, Inc. (“Vocera” or the “Company”) (NASD: VCRA) stock between March 28, 2012 and May 3, 2013, inclusive, and purchasers of Vocera common stock in the Company’s initial public offering (“IPO”) on March 28, 2012, seeking to recover damages for alleged violations of the federal securities laws. Vocera is a provider of mobile communication solutions to healthcare and non-healthcare markets that offers software applications, hands-free wearable voice-controlled communication badges and smartphones, as well as consulting, training and technical support services.
On May 2, 2013, after the markets closed, Vocera announced its first quarter 2013 revenue of $22.4 million, and non-GAAP earnings per share of $0.07, which were significantly below analysts’ expectations and previously issued guidance. Vocera also reduced its previously stated revenue guidance for full-year 2013 from between $120 million and $130 million, to between just $100 million and $110 million, and reduced its guidance for non-GAAP earnings per share from a profit of $0.33 to $0.51 per share to a loss of $0.06 and a profit of $0.18 per share. On this news, the price of Vocera common stock dropped over 37%, closing at an all-time low of $12.15 per share on May 3, 2013. On a subsequent earnings call, Vocera attributed the earnings and revenue shortfall and weaker outlook to, among other factors, cost-cutting initiatives at hospitals due to healthcare reform.
On August 1, 2013, a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of a class comprising all purchasers of Vocera securities between March 28, 2012 and May 3, 2013, inclusive, including purchasers of Vocera common stock pursuant or traceable to a registration statement issued in connection with Vocera’s initial public offering on March 28, 2012 (the “Class”). Specifically, the class action complaint alleges that Vocera previously failed to disclose the extent of adverse impact that healthcare reform was having on the sales of its communication products to hospitals, and the extent of adverse impact the federal budget sequestration was having on the Company’s sales to government hospitals.
If you are a member of the Class described above, and you must meet certain legal requirements, you may move the Court no later than September 30, 2013 to serve as lead plaintiff. Your ability to remain a member of the Class does not require that you take any action at this time. You may retain counsel of your choice or take no action and remain an absent member of the Class.
If you would like to discuss your rights or interests regarding this class action, please contact Gibbs Law Group securities fraud lawyer John A. Kehoe at (212) 798-0159.