NEW YORK, Aug. 29, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, announces that a securities class action has been filed against Dr. Reddy's Laboratories Limited ("Dr. Reddy's" or the "Company") (NYSE: RDY) and certain of its officers and directors. If you purchased Dr. Reddy's American Depository Receipts ("ADRs") between June 17, 2015 and August 10, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
Dr. Reddy's is a pharmaceutical company. The lawsuit alleges that Dr. Reddy's lacked an effective corporate quality system, and as a result, defendants' public statements were materially false and misleading.
On November 6, 2015, Dr. Reddy's revealed that it had received a warning letter from the U.S. Food and Drug Administration regarding inadequate quality control standards at three of its manufacturing plants in India. Following this news, the price of Dr. Reddy's ADRs fell 18%, to close at $53.50 on November 6, 2015.
On August 10, 2017, Dr. Reddy's revealed that the Regulatory of Germany (Regierung von Oberbayern) did not renew the good manufacturing practices (GMP) compliance certificate of a formulations manufacturing unit of Dr. Reddy's German subsidiary, betapharm Arzneimittel, located in Hyderabad, India, following a recent inspection of the plant. On this news, the ADR price dropped $1.92 per share, or approximately 6%, on August 10, 2017.
What You Can Do
If you purchased Dr. Reddy's ADRs between June 17, 2015 and August 10, 2017, and you wish to discuss this lawsuit, or have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org. The deadline to move for Lead Plaintiff status is October 24, 2017.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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