NEW YORK, April 20, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Aceto Corporation ("Aceto" or the "Company") (NASDAQ: ACET). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Aceto and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
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
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP