GW Pharmaceuticals investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, GW Pharmaceuticals, is a biopharmaceutical company. Together with its subsidiaries, GW Pharmaceuticals engages in discovering, developing, and commercializing cannabinoid prescription medicines. The company operates in the United Kingdom, Europe, the United States, Canada, and Asia.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) the company lacked effective internal financial controls; (ii) the company lacked effective controls over completeness and valuation of clinical trial accruals; and (iii) as a result of the foregoing, defendants’ statements about GW Pharmaceuticals’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
The Class Period commences on December 4, 2014, when GW Pharmaceuticals filed an annual report on Form 20-F with the SEC announcing the Company’s financial and operating results for the fiscal year ended September 30, 2014.
According to the complaint, on January 10, 2016, The Sunday Times reported that GW Pharmaceuticals had disclosed in its annual report for the fiscal year ended September 30, 2015, filed with the SEC the previous month, that its internal financial controls were not effective as of September 30, 2015, and further disclosed that management had determined that it lacked effective controls over the completeness and valuation of clinical trial accruals.
Following this news, GW Pharmaceuticals stock fell $3.55, or nearly 6%, to close at $56.31 per share on January 11, 2016.
If you are a member of the class described above, you may no later than March 21, 2016, 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.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706