NEW YORK, Sept. 2, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-06749, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Concordia securities between November 12, 2015 and August 12, 2016 inclusive (the "Class Period"). 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 "Exchange Act").
If you are a shareholder who purchased Concordia securities during the Class Period, you have until October 14, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Concordia is a specialty pharmaceutical company that purportedly owns a portfolio of branded and generic prescription products which are sold to wholesalers, hospitals and pharmacies in over 100 countries.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was experiencing a substantial increase in market competition against the Company's drug, Donnatal, and other products; (ii) consequently, the Company's financial results would suffer and the Company would be forced to suspend its dividend; and (iii) as a result of the foregoing, Defendants' statements about Concordia's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On August 12, 2016, Concordia issued a press release announcing that it was lowering its 2016 guidance "to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates." The Company also announced that Adrian de Saldanha, Concordia's Chief Financial Officer, was leaving the Company, and that Concordia's Board unanimously agreed to suspend the Company's $0.075 quarterly dividend.
On this news, Concordia' stock price fell $6.33 per share, or 38%, to close at $10.03 per share on August 12, 2016, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE Pomerantz LLP