NEW YORK, Jan. 31, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Psychemedics Corporation ("Psychemedics" or the "Company") (NASDAQ: PMD).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose the potential financial ramifications of litigation being conducted against the company subsidiary in Brazil, Psychemedics Brasil Exames Toxicologicos Ltda.
Specifically, on January 31, 2017, Psychemedics announced that its local representative in Brazil was ordered on January 20, 2017 to compensate Omega Laboratories, Inc. USA for losses caused by anticompetitive practice. The 23rd Civil Court of Brasilia reviewed and upheld the termination of an exclusivity agreement and ordered Psychemedics to indemnify Omega Laboratories, Inc. USA for, among other things, lost profits.
After the announcement, Psychemedics'a share price has fallen sharply during intraday trading.
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If you invested in Psychemedics stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/PMD. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Psychemedics's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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