NEW YORK, March 9, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court of the Southern District of New York, docketed under 16-cv-00472, against GW Pharmaceuticals PLC ("GW Pharmaceuticals" or "the Company") (Nasdaq: GWPH), and certain of its officers, on behalf of a class consisting of all persons or entities who purchased GW Pharmaceuticals securities between December 4, 2014 and January 8, 2016 inclusive (the "Class Period").
GW Pharmaceuticals is a British biopharmaceutical company company known for its multiple sclerosis treatment product Sativex, nabiximols. Together with its subsidiaries, GW Pharmaceuticals engages in discovering, developing, and commercializing cannabinoid prescription medicines.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal financial controls; (ii) the Company lacked effective controls over completeness and valuation of clinical trial accruals; and (iii) as a result of the foregoing, Defendants' statements about GW Pharmaceuticals' business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On January 10, 2016, The Sunday Times reported that GW Pharmaceuticals disclosed in its annual fiscal report, that its internal financial controls were not effective as of September 30, 2015, and continued to state that the management had determined that it lacked effective controls over the completeness and valuation of clinical trial accruals. It went on to state that the management does not have sufficiently precise controls to evaluate the completeness and accuracy of the calculation of clinical trial accruals due to the incorrect allocation of expenditure to clinical studies. The management also lacks sufficiently precise control to ensure completeness of clinical trial accruals in connection with contractual progress payment liabilities.
Following this news, GW Pharmaceuticals shares fell $3.55, or nearly 6%, to close at $56.31 per share on January 11, 2016.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint or join the action, please visit the firm's site http://www.bgandg.com/#!gwph/uy6rf. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in GW Pharmaceuticals you can 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.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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