The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Concordia International Cor...
August 31 2016 - 11:58AM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
Concordia International Corp. (“Concordia” or the “Company”)
(NASDAQ: CXRX) securities between November 12, 2015, and August 12,
2016, inclusive (the “Class Period”). Concordia investors have
until October 14, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Concordia investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
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. On this news, Concordia’ stock price fell $6.33 per
share, or 38%, to close at $10.03 per share on August 12, 2016,
thereby injuring investors.
The complaint charges Concordia and certain of its officers with
violations of the federal securities laws. Specifically, the
complaint alleges that Defendants made false and/or misleading
statements and/or failed to disclose: (1) that the Company was
experiencing a substantial increase in market competition against
the Company’s drug, Donnatal, and other products; (2) that, as a
result, the Company’s financial results would suffer, and the
Company would be forced to suspend its dividend; and (3) that, as a
result of the foregoing, Defendants’ statements about Concordia’s
business, operations, and prospects, were false and misleading
and/or lacked a reasonable basis.
If you purchased shares of Concordia during the Class Period you
may move the Court no later than October 14,
2016 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com