INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
November 19 2014 - 10:32AM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Albany
Molecular Research Inc. (“Albany Molecular” or the “Company”)
(NASDAQ:AMRI) that purchasers of Albany Molecular common stock
between August 5, 2014 and November 5, 2014, inclusive (the “Class
Period”), have until January 12, 2015, to file a motion to be
appointed as lead plaintiff in the shareholder lawsuit
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, filed in the United States District Court for
the Eastern District of New York, alleges that throughout the Class
Period defendants issued materially false and misleading statements
about the Company's operations, financial performance and
prospects, including statements issued by Albany Molecular
concerning the Company’s financial guidance and operations at its
OsoBio facility.
On November 5, 2014, Albany Molecular announced weak financial
and operating results for third quarter 2014, including an $8.6
million loss in the quarter. The Company attributed these results
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; however, you must 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 Lesley Portnoy, Esquire, or 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, CALesley
PortnoyCasey Sadler(310) 201-9150(888) 773-9224shareholders@glancylaw.comwww.glancylaw.com
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