NEW YORK, April 25, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Aceto Corporation ("Aceto" or the "Company") (NASDAQ: ACET) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Aceto securities between August 25, 2017 and April 18, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/acet.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Aceto failed to implement and enforce proper internal control to identify the misapplication of cash; (2) Aceto would incur large non-cash intangible asset impairment charges; (3) the Company lacked effective internal control over financial reporting; (4) the Company's financial results for the fiscal year 2017 could not be relied upon; (5) the Company's fiscal 2018 financial guidance was overstated; and (6) as a result of the foregoing, Aceto's public statements were materially false and misleading at all relevant times.
On April 18, 2018, post-market, Aceto disclosed that "the financial guidance issued on February 1, 2018, should no longer be relied upon," and suspended "further financial guidance for at least the balance of the fiscal year." The Company also disclosed that it "anticipates recording non-cash intangible asset impairment charges, including goodwill, in the range of $230 million to $260 million on certain currently marketed and pipeline generic products as a result of continued intense competitive and pricing pressures." Aceto further disclosed the resignation of its Chief Financial Officer, who had joined the company two months earlier. Following these disclosures, Aceto's share price fell $4.74, or 64%, to close at $2.66 on April 19, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/acet or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Aceto you have until June 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.