NEW YORK, April 25, 2018 /PRNewswire/ -- WeissLaw LLP announced that a class action was filed in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Aceto Corporation ("ACET" or the "Company") (NASDAQ: ACET) common stock from August 25, 2017 through April 18, 2018. The action seeks to pursue remedies and recover compensable damages caused by ACET's Board of Directors under the Securities Exchange Act of 1934.
On April 18, 2018, the Company issued a press release announcing that "the financial guidance issued on February 1, 2018 should no longer be relied upon." Additionally, ACET also disclosed that it was facing "continued headwinds in the generics market," and anticipated "recording non-cash intangible asset impairment charges  in the range of $230 – $260 million on certain currently marketed and pipeline generic products." Further, the Company also announced that it anticipated a substantial reduction in dividends. On that news, ACET shares plunged to $2.60 per share, a drop of 65% from the previous day's closing price of $7.40.
WeissLaw is investigating whether ACET's Board (1) failed to meet the recordkeeping requirements and accounting provisions established by federal securities laws; (2) failed to establish and/or maintain comprehensive internal controls to safeguard against financial reporting errors; and consequently, (3) reported materially false and misleading public statements. If you own ACET shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771, or by e-mail at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/aceto-corporation/
SOURCE WeissLaw LLP