NEW YORK, July 24, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Omnicell, Inc. (“Omnicell” or the “Company”) (Nasdaq: OMCL) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Omnicell between October 25, 2018 through April  9, 2019, inclusive (the “Class Period”), inclusive.

Investors who purchased the shares of Omnicell, Inc. urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.

If you have incurred losses in the shares of Omnicell, Inc., you may, no later than September 16,  2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Omnicell, Inc.  .

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The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:

• Omnicell recognized revenue for certain transactions before fulfilling its performance obligations;
   
• the Company engaged in improper accounting practices to meet revenue targets;
   
• the Company engaged in improper accounting practices to meet revenue targets;
   
• as a result, the Company would be required to write-off certain inventory;
   
• the Company misclassified certain expenses as capitalized expenditures; and
  
  
• as a result, defendants’ statements about Omnicell’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable  basis at all relevant times.

On July 11, 2019, GlassHouse Research LLC published a report alleging that Omnicell prematurely recognized over $38 million in sales. The report also alleged that new product lines had been pushed onto customers, who were hesitant to purchase more  inventory because of implementation issues, and that the Company will need to write off $23 million in obsolete inventory.

On this news, the Company’s stock price fell $11.41 per share, or nearly 14%, to close at $75.11 per share on July 11, 2019.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at  www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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