INVESTOR ALERT: Class Action Lawsuit Against Albany Molecular Research Inc. Announced By Glancy Binkow & Goldberg LLP
November 13 2014 - 3:00PM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Eastern District of New York on behalf of a class (the “Class”)
comprising all persons or entities who purchased the common stock
of Albany Molecular Research Inc. (“Albany Molecular” or the
“Company”) (NASDAQ:AMRI) between August 5, 2014 and November 5,
2014, inclusive (the "Class Period"). If you purchased Albany
Molecular shares during the Class Period, you have until January
12, 2015, to ask the Court to appoint you as Lead Plaintiff for the
Class.
Please contact Casey Sadler at (888) 773-9224 or (310) 201-9150,
or at shareholders@glancylaw.com to discuss this matter. If you
inquire by email please include your mailing address, telephone
number and number of shares purchased.
Albany Molecular is a contract research and manufacturing
company that provides integrated drug discovery, development and
manufacturing services primarily in the United States, Europe and
Asia. The complaint alleges that throughout the Class Period
defendants misrepresented and/or failed to disclose material
adverse facts about the Company's operations, financial performance
and prospects, including the Company’s financial guidance and
operations at its OsoBio facility.
On November 5, 2014, the Company announced weak financial and
operating results for third quarter 2014, including an $8.6 million
loss in the quarter. The Company attributed the weak third quarter
to a “confluence of a business interruption event at our OsoBio
facility, together with lower Discovery and API revenue.” In
addition, the Company disclosed a “weather-related power
interruption at our OsoBio facility in Albuquerque took the
facility offline for a period of time, contributing to the loss of
finished product and the need to remediate one of the suites at the
facility.” Following this news, Albany Molecular stock declined
nearly 27%, or $6.08 per share, to close at $16.59 per share on
November 5, 2014.
If you are a member of the Class described above, you may move
the Court no later than January 12, 2015, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CACasey
Sadler(310) 201-9150(888) 773-9224shareholders@glancylaw.comwww.glancylaw.com
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