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Epocrates Must Face Investors' Suit Over Financial Disclosures

Law360, San Diego (March 16, 2015, 4:27 PM EDT) -- Health software company Epocrates Inc. and its executives must face a proposed class action alleging they misled investors by failing to disclose it pumped up revenues after its 2011 initial public offering by restructuring contracts in order to stave off a projected negative forecast, a California federal judge ruled Friday.

The Police and Fire Retirement System of the City of Detroit, which is seeking to represent a class of investors who purchased Epocrates stock after its 2011 IPO, filed the suit in March 2013, claiming that in the month before the offering, Epocrates executives realized they would not meet a revenue...

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Case Title

Subscribers Only

Case Number

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Court

California Northern

Nature of Suit

Securities/Commodities

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Date Filed

March 1, 2013

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