Depomed investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Depomed is a specialty pharmaceutical company that engages in the development, sale, and licensing of products for pain and other central nervous system conditions in the United States.
The Class Period commences on February 26, 2015, when Depomed filed an Annual Report on Form 10-K with the SEC, announcing the company’s financial and operating results for the quarter and year ended December 31, 2014.
The complaint alleges that, on August 7, 2017, post-market, Depomed filed a Quarterly Report on Form 10-Q with the SEC, announcing the company’s financial and operating results for the quarter ended June 30, 2017. Depomed disclosed in the Form 10-Q, that the company “recently received a request for information from the ranking minority member of the United States Senate Committee on Homeland Security and Governmental Affairs related to the promotion of opioids” and that Depomed had also received “subpoenas related to opioid sales and marketing from the Office of the Attorney General of Maryland and the United States Department of Justice.”
Following this news, Depomed’s share price fell $3.09, or 33.42%, to close at $6.15 on August 8, 2017.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Depomed engaged in questionable practices in connection with the sales and marketing of the company’s opioid products; (ii) the foregoing conduct, when it became known, would likely subject the company to heightened legal and regulatory scrutiny; and (iii) as a result, Depomed’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than October 17, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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