NEW YORK, Nov. 14, 2014 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Albany Molecular Research Inc. ("Albany Molecular" or the "Company") (NASDAQ: AMRI), concerning whether the board has breached its fiduciary duties to shareholders and/or violated the federal securities laws.
On November 5, 2014, the Company announced an $8.6 million loss for the third fiscal quarter of 2014. The Company blamed the weak results on a "confluence of a business interruption event at our OsoBio facility, together with lower Discovery and API revenue." In addition, the Company disclosed a "weather-related power interruption at our OsoBio facility in Albuquerque took the facility offline for a period of time, contributing to the loss of finished product and the need to remediate one of the suites at the facility." The Company now expects full-year earnings in the range of $0.67 to $0.73 per share on revenue in the range of $278 million to $286 million, well below the consensus estimate.
Our investigation concerns whether: (a) the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing; and (b) the Company, or any of its officer or directors violated the federal securities laws.
If you own Albany Molecular shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Email: [email protected]
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP