SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against GW Pharmac...
February 12 2016 - 4:37PM
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of GW Pharmaceuticals
plc (NASDAQ:GWPH)?
- Did you purchase your shares between December 4, 2014
and January 8, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a
complaint has been filed in the United States District Court for
the Southern District of New York on behalf of all persons or
entities that purchased the American Depository Receipts (“ADRs”)
of GW Pharmaceuticals plc (“GW Pharmaceuticals” or the “Company”)
(NASDAQ:GWPH) between December 4, 2014 and January 8, 2016,
inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
If you purchased ADRs of GW Pharmaceuticals
during the Class Period, and wish to discuss this action or have
any questions concerning this notice or your rights or interests,
please contact Timothy J. MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803 at (888) 969-4242; by e-mail to
info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/gw-pharmaceuticals-plc-gwph.
The Complaint alleges that throughout the Class Period, defendants
made materially false and misleading statements, and omitted
materially adverse facts, about the Company’s business, operations
and prospects. As a result of defendants’ alleged false and
misleading statements, the Company’s stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on January 10, 2016,
The Sunday Times reported that GW Pharmaceuticals had disclosed in
its annual report for the fiscal year ended September 30, 2015 (the
“FY 2015 20-F”), filed with the SEC the previous month, that its
internal financial controls were not effective as of September 30,
2015, and further disclosed that management had determined that it
lacked effective controls over the completeness and valuation of
clinical trial accruals. Specifically, the 2015 20-F reported
that management lacked sufficiently precise controls: (1) to
evaluate the completeness and accuracy of the calculation of
clinical trial accruals due to the incorrect allocation of
expenditure to clinical studies; or (2) to ensure completeness of
clinical trial accruals in connection with contractual progress
payment liabilities.
On this news, ADRs of GW Pharmaceuticals dropped
almost 6%, closing at $56.31 per share on January 11, 2016, on
heavy trading volume.
If you wish to serve as lead plaintiff, you must
move the Court no later than March 21, 2016.
A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. Any member
of the proposed class may move the court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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