STEVENSON, Md., June 03, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Unilife Corporation (NASDAQ:UNIS) (“Unilife” or the “Company”) securities during the period between February 3, 2014 and May 23, 2016, inclusive (the “Class Period”).  Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until July 25, 2016 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court.  The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action.  The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Unilife securities during the Class Period.  Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s former Chief Executive Officer (“CEO”) and former Chairman of the Board of Directors (“Board”) had violated the Company’s policies and procedures and had engaged in violations of law and regulation, the Company lacked adequate internal controls over accounting and financial reporting, and the Company would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 by the prescribed filing deadline.

According to the complaint, following a May 8, 2016 announcement that the Company was postponing its earnings conference call due to the discovery of violations of Company policies and procedures and possible violations of law and regulation by the Company’s former CEO and former Chairman of the Board, that the Company was investigating the issues’ potential impact on financial reporting and internal controls, and that the Company expected to delay filing its quarterly Form 10-Q, a May 11, 2016 filing of a Notification of Late Filing, and a May 23, 2016 announcement that the Company was not in compliance with a NASDAQ listing rule, the value of Unilife shares declined significantly.

If you have suffered a loss from investment in Unilife securities purchased on or after February 3, 2014 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.  You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.  Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.  If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice.  You need take no action at this time to be a member of the class.

CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com