NEW YORK, Feb. 9, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in GW Pharmaceuticals plc ("GW Pharmaceuticals" or the "Company") (NasdaqGM:GWPH) of the March 21, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased GW Pharmaceuticals' American Depositary Receipts from December 4, 2014 through January 8, 2016 (the "Class Period"). The case, Urban v. GW Pharmaceuticals PLC et al, No. 1:16-cv-00472, was filed on January 21, 2016 and has been assigned to Judge Robert W. Sweet.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company lacked effective internal financial controls over completeness and valuation of clinical trial accruals.
Specifically, the lawsuit alleges that on January 10, 2016, it was revealed that GW Pharmaceuticals disclosed to the SEC material weaknesses in its internal control over financial reporting for the year ended September 30, 2015. On this news, Company share price fell $3.55 to close at $56.31 per share on January 11, 2016—a nearly 6% drop.
Request more information now by clicking here: www.faruqilaw.com/GWPH. There is no cost or obligation to you.
If you invested in GW Pharmaceuticals securities from December 4, 2014 through January 8, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/GWPH. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding GW Pharmaceuticals' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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