NEW YORK, Aug. 10, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dr. Reddy's Laboratories Ltd. ("Dr. Reddy's" or the "Company") (NYSE: RDY). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, Ext. 9980.
The investigation concerns whether Dr. Reddy's and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 6, 2015, Dr. Reddy's announced that it had received a warning letter issued by the U.S. Food and Drug Administration concerning inadequate quality control standards at three of the Company's manufacturing plants in India.
On this news, Dr. Reddy's' American Depositary Receipt ("ADR") price fell $11.75, or 18.01%, to close at $53.50 on November 6, 2015.
On August 10, 2017, Dr. Reddy's disclosed that the Regulatory of Germany (Regierung von Oberbayern) did not renew the good manufacturing practices (GMP) compliance certificate of a formulations manufacturing unit of the Company's German subsidiary Betapharm Arzneimittel, located in Hyderabad, India, following a recent inspection of the plant.
On this news, Dr. Reddy's' ADR price has fallen as much as $1.91, or 5.92%, during intraday trading on August 10, 2017.
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
SOURCE Pomerantz LLP