WAYNE, Pa., Nov. 7, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Salix Pharmaceuticals Ltd. ("Salix" or the "Company") (NASDAQ: SLXP).
Salix shareholders who purchased Salix shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at [email protected] to learn more about this investigation or visit: www.rmclasslaw.com/cases/slxp.
On November 6, 2014, Salix Pharmaceuticals posted lower-than-expected quarterly results and announced the abrupt resignation of Adam Derbyshire as its chief financial officer. For the third quarter, the Company reported a loss of $88.6 million, or $1.39 per share, and earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, at $1.53 per share. The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.56 per share.
Additionally, the Company, in a conference call with analysts, stated the board of directors' audit committee is probing Salix's statements regarding its inventory levels, the implication being that they suspected the firm of dishonesty.
On this news, shares of Salix Pharmaceuticals fell $50.33 per share, or more than 36.33%, to $88.22 per share in after-hours trading on November 6, 2014.
If you own Salix shares 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: (877) 316-3218 or visit: www.rmclasslaw.com/cases/slxp. You may also email Mr. Maniskas at [email protected]. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
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.
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