Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against DS Healthcare Group, Inc.
Oklahoma City, OK (April 1, 2016) – On March 29, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of Florida against DS Healthcare Group, Inc. (NASDAQ: DSKX). 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 August 12, 2015 through March 23, 2016. More specifically, this litigation was filed because on March 23, 2016, the Company filed a Form 8-K with the Securities and Exchange Commission (“SEC”) disclosing errors in its unaudited condensed consolidated financial statements for the two fiscal quarters ended June 30, 2015 and September 30, 2015, and stating that these financial statements should no longer be relied upon. The Company further stated that it will restate the financial statements for those periods, and that the adjustments will be material to investors when finalized. DS Healthcare also disclosed that its Board of Directors terminated Daniel Khesin as President for cause and removed him as its Chairman of the Board for cause because they believed he violated his fiduciary duty to the company and its subsidiaries and may have violated federal law. On this news, the Copmany’s stock declined $0.47 per share, to close at $0.86 per share on March 24, 2016.
Plaintiff seeks to recover damages on behalf of all DS Healthcare Group, Inc. 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 Tuesday, May 31, 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 email@example.com, 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 Fri, April 1, 2016
by Robin Hester filed under