INVESTOR ALERT: Class Action Lawsuit Against Albany Molecular Research Inc. Announced by Law Offices of Howard G. Smith
November 21 2014 - 8:32PM
Business Wire
Law Offices of Howard G. Smith 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 purchasers of 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”). 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 lawsuit alleges that defendants misrepresented Albany
Molecular’s financial performance and prospects and/or failed to
disclose material adverse facts about operations at the Company’s
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 have until
January 12, 2015, to move the Court 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 suffered losses of $1 million or more and wish to
learn more about this action, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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