Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Opko Health, Inc.

BOCA RATON, Fla.–(BUSINESS WIRE)–Robbins
Geller Rudman & Dowd LLP
(http://www.rgrdlaw.com/cases/opko-health-inc/)
today announced that a class action has been commenced on behalf of
purchasers of OPKO Health, Inc. (“Opko”) (NASDAQ:OPK) common stock
during the period between October 8, 2013 and September 7, 2018 (the
“Class Period”). This action was filed in the Southern District of
Florida and is captioned Camhi v. Opko Health, Inc., et al.,
No. 18-cv-24137.

The Private Securities Litigation Reform Act of 1995 permits any
investor who purchased Opko common stock during the Class Period to seek
appointment as lead plaintiff. A lead plaintiff acts on behalf of all
other class members in directing the litigation. The lead plaintiff can
select a law firm of its choice. An investor’s ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff. If you wish to serve as lead plaintiff, you must move the
Court no later than 60 days from September 12, 2018. If you wish to
discuss this action or have any questions concerning this notice or your
rights or interests, please contact plaintiff’s counsel, Brian
E. Cochran
of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at djr@rgrdlaw.com. You can
view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/opko-health-inc/.

The complaint charges Opko and its Chairman and CEO, Phillip Frost, with
violations of the Securities Exchange Act of 1934. Opko is a healthcare
company engaged in the diagnostics and pharmaceuticals businesses in the
United States and internationally. For years, Opko has been closely
associated with Frost, a prominent healthcare investor and entrepreneur,
who has served as the Company’s Chairman and CEO since March 2007.
Frost’s reputation as a successful healthcare entrepreneur was extremely
valuable to Opko and of material importance to the Company’s investors.

The complaint alleges that throughout the Class Period, defendants made
false and misleading statements and/or failed to disclose adverse
information regarding Opko’s business and prospects. Specifically, the
complaint alleges that defendants failed to disclose that defendant
Frost had participated as a central member in an illegal pump and dump
scheme; that defendants Frost and Opko invested in two companies that
were part of the scheme in order to enrich Frost and his associates and
not to benefit Opko or the Company’s shareholders; that Opko’s
investments in these companies were worth considerably less than
represented because of defendants’ involvement in the scheme; that
defendant Frost had taken efforts to conceal his control over target
companies in the scheme, including by falsely stating that he was acting
as a passive investor in SEC filings and by concealing his concerted
efforts to facilitate illegal stock manipulation with other members of
the scheme; that defendant Frost had facilitated the publication of
false and misleading promotional materials in order to artificially
inflate the stock of target companies in the scheme; and that, as a
result, Opko was subject to significant and undisclosed legal,
regulatory, reputational and financial risks should defendant Frost’s
involvement in the scheme come to light. As a result of this information
being concealed from the market, the price of Opko stock was
artificially inflated to more than $19 per share during the Class Period.

Then on September 7, 2018, the SEC issued a press release that named
defendants Frost and Opko as key figures in the illegal pump and dump
scheme. The press release stated that the SEC had “charged a group of 10
individuals and 10 associated entities for their participation in
long-running fraudulent schemes that generated over $27 million from
unlawful stock sales and caused significant harm to retail investors who
were left holding virtually worthless stock.” The press release further
stated that, according to the SEC’s complaint, from 2013 to 2018, “a
group of prolific South Florida-based microcap fraudsters led by Barry
Honig manipulated the share price of the stock of three companies in
classic pump-and-dump schemes. Miami biotech billionaire Phillip Frost
allegedly participated in two of these three schemes. Honig allegedly
orchestrated the acquisition of large quantities of the issuer’s stock
at steep discounts, and after securing a substantial ownership interest
in the companies, Honig and his associates engaged in illegal
promotional activity and manipulative trading to artificially boost each
issuer’s stock price and to give the stock the appearance of active
trading volume. According to the SEC’s complaint, Honig and his
associates then dumped their shares into the inflated market, reaping
millions of dollars at the expense of unsuspecting investors.” On this
news, the price of Opko stock fell to $4.58 per share before trading was
halted by the SEC, an 18% decline from the prior day’s close. When
trading resumed on September 14, 2018, the stock fell an additional 15%
to close at $3.90 per share.

Plaintiff seeks to recover damages on behalf of all purchasers of Opko
common stock during the Class Period (the “Class”). The plaintiff is
represented by Robbins Geller, which has extensive experience in
prosecuting investor class actions including actions involving financial
fraud.

Robbins Geller is one of the world’s leading law firms representing
investors in securities litigation. With 200 lawyers in 10 offices,
Robbins Geller has obtained many of the largest securities class action
recoveries in history. For five consecutive years, ISS Securities Class
Action Services has ranked the Firm in its annual SCAS Top 50 Report as
one of the top law firms in both amount recovered for shareholders and
total number of class action settlements. Robbins Geller attorneys have
helped shape the securities laws and recovered tens of billions of
dollars on behalf of aggrieved victims. Beyond securing financial
recoveries for defrauded investors, Robbins Geller also specializes in
implementing corporate governance reforms, helping to improve the
financial markets for investors worldwide. Please visit http://www.rgrdlaw.com
for more information.

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Contacts

Robbins Geller Rudman & Dowd LLP
Brian E. Cochran, 800-449-4900
djr@rgrdlaw.com

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