ACETO SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Aceto Corporation - ACET
NEW ORLEANS, April 27, 2018 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have untilJune 25, 2018 to file lead plaintiff applications in a securities class action lawsuit against Aceto Corporation (NasdagGS: ACET), if they purchased the Company's shares between August 25, 2017 and April 18, 2018, inclusive (the "Class Period"). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased shares of Aceto and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-acet/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 25, 2018.
About the Lawsuit
Aceto and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 18, 2018, the Company disclosed wide-ranging negative financial news, including that its "financial guidance issued on February 1, 2018, should no longer be relied upon"; it anticipates recording impairment charges of "$230 million to $260 million" on certain products; it was negotiating credit agreement waivers with its lenders; it expected to make a "significant reduction" of its dividend; and that its Chief Financial Officer had resigned.
On this news, the price of Aceto's shares plummeted more than 63% on intraday trading on April 19, 2018.
About Kahn Swick & Foti, LLC
KSF, whose partners include the former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.