RADNOR, Pa., Aug. 17, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Concordia International Corp. (NASDAQ:CXRX) (TSX:CRX) ("Concordia" or the "Company") on behalf of purchasers of the Company's securities between November 12, 2015 and August 12, 2016, inclusive (the "Class Period").
Investors who purchased Concordia securities during the Class Period may, no later than October 14, 2016, seek to be appointed as a lead plaintiff representative of the class. For additional information please visit https://www.ktmc.com/new-cases/concordia#join.
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at [email protected].
Concordia is a specialty pharmaceutical company that owns a portfolio of branded and generic prescription products. The Company's prescription products are sold to wholesalers, hospitals and pharmacies in over 100 countries.
The shareholder class action complaint alleges that Concordia and certain of its executive officers made a series of false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period, including the following: (1) that the Company was experiencing a substantial increase in market competition against Donnatal and other products; (2) that, as a result, the Company's financial results would suffer and it would be forced to suspend its dividend; and (3) that, as a result of the foregoing, the defendants' statements about Concordia's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 12, 2016, Concordia announced that it was lowering its 2016 guidance "to reflect the impact of unexpected competition on several products … and current foreign currency exchange rates." Concordia also announced that its Chief Financial Officer would be "leaving the organization to pursue other opportunities" and that its Board of Directors had suspended the Company's quarterly dividend.
Following this news, shares of the Company's stock declined $6.23 per share, or over 38%, to close on August 12, 2016 at $10.13 per share, on unusually heavy trading volume.
Concordia shareholders may, no later than October 14, 2016, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
SOURCE Kessler Topaz Meltzer & Check, LLP