Cases
Concordia International Corporation (NASDAQ : CXRX)
Securities Class Action
Overview
Overview
- Date:
- 8/17/2016
- Company Name:
- Concordia Inernational Corp.
- Stock Symbol:
- CXRX
- Class Period:
- FROM 11/12/2015 TO 8/12/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, August 17, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the New York Southern District Court on behalf of all persons or entities who acquired Concordia International Corp. (NASDAQ : CXRX) securities between November 12, 2015 to August 12, 2016 (the “Class Period”).
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 acquired Concordia International Corp. securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
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 acquired Concordia International Corp. securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.