WAYNE, Pa., Nov. 14, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of New York on behalf of investors who purchased or otherwise acquired the securities of Albany Molecular Research, Inc. ("Albany Molecular" or the "Company") (NASDAQ: AMRI) during the period from August 5, 2014 through November 5, 2014, inclusive (the "Class Period").
Albany Molecular shareholders may, no later than January 12, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Albany Molecular and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/amri.
Albany Molecular is a contract research and manufacturing company that provides integrated drug discovery, development and manufacturing services primarily in the United States, Europe and Asia. The complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose material adverse facts about the Company's operations, financial performance and prospects, including the Company's financial guidance and operations at its OsoBio facility.
On November 5, 2014, the Company announced weak financial and operating results for third quarter 2014, including an $8.6 million loss in the quarter. The Company attributed the weak third quarter to 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." Following this news, Albany Molecular stock declined nearly 27%, or $6.08 per share, to close at $16.59 per share on November 5, 2014.
If you are a member of the class, you may, no later than January 12, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP