Concordia investors may receive additional information about the case by clicking the link "Join this Class Action" above.
Concordia is a specialty pharmaceutical company that owns a portfolio of branded and generic prescription products. The Company’s prescription products are sold to wholesalers, hospitals and pharmacies in over 100 countries.
The shareholder class action complaint alleges that Concordia and certain of its executive officers made a series of false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period, including the following: (1) that the Company was experiencing a substantial increase in market competition against Donnatal and other products; (2) that, as a result, the Company’s financial results would suffer and it would be forced to suspend its dividend; and (3) that, as a result of the foregoing, the defendants’ statements about Concordia’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 12, 2016, Concordia announced that it was lowering its 2016 guidance “to reflect the impact of unexpected competition on several products … and current foreign currency exchange rates.” Concordia also announced that its Chief Financial Officer would be “leaving the organization to pursue other opportunities” and that its Board of Directors had suspended the Company’s quarterly dividend.
Following this news, shares of the Company’s stock declined $6.23 per share, or over 38%, to close on August 12, 2016 at $10.13 per share, on unusually heavy trading volume.
If you are a member of the class described above, you may no later than October 14, 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 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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