Safirstein Metcalf LLP Announces That A Class Action Lawsuit Has Been Filed Against Concordia International Corp. - CXRX
NEW YORK, Aug. 19, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Concordia International Corp. (“Concordia” or the “Company”) (NASDAQ:CXRX) between November 12, 2015 and August 12, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased common stock of Concordia during the Class Period, you may, no later than October 14, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you would like more information about the Concordia Securities Class Action, please visit http://www.safirsteinmetcalf.com/concordia.html or contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was experiencing a substantial increase in market competition against the Company’s drug, Donnatal, and other products; (2) as a result, the Company’s financial results would suffer and, the Company would be forced to suspend its dividend; (3) as a result of the foregoing, Defendants’ statements about Concordia’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 12, 2016, Concordia issued a press release announcing that it was lowering its 2016 guidance “to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates.” The Company also announced that Adrian de Saldanha, Concordia’s Chief Financial Officer, was leaving the Company, and that Concordia’s Board unanimously agreed to suspend the Company’s $0.075 quarterly dividend.
Following this news, shares of Concordia dropped over 38%, closing at $10.13 per share on August 12, 2016, on heavy trading volume.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015 info@SafirsteinMetcalf.com
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