Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Corcordia International Corp.
Oklahoma City, OK (August 18, 2016) – On August 15, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Corcordia International Corp. (NASDAQ: CXRX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 12, 2015 through August 12, 2016. More specifically, this litigation was filed because Concordia 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, to close on August 12, 2016 at $10.13 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all Corcordia International Corp. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, October 14, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, August 18, 2016
by Robin Hester filed under