The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of GW Pharmaceuticals plc Inve...
February 01 2016 - 10:30AM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
GW Pharmaceuticals plc (“GW Pharmaceuticals” or the “Company”)
(NASDAQ: GWPH) securities between December 4, 2014 and January 8,
2016, inclusive (the “Class Period”). Investors who have suffered
losses on their investment in GW Pharmaceuticals securities are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action.
GW Pharmaceuticals disclosed in its annual report, “Our
management determined that our control over the completeness and
valuation of clinical trial accruals is not effective.
Specifically, management does not have sufficiently precise
controls to evaluate the completeness and accuracy of the
calculation of clinical trial accruals due to the incorrect
allocation of expenditure to clinical studies. Additionally, we
have not established a sufficiently precise control to ensure
completeness of clinical trial accruals in connection with
contractual progress payment liabilities.”
The complaint alleges that during the Class Period, Defendants
issued materially false and misleading statements to investors
and/or failed to disclose that: (1) GW Pharmaceuticals lacked
effective internal financial controls; (2) GW Pharmaceuticals
lacked effective controls over completeness and valuation of
clinical trial accruals; and (3) as a result, Defendants’
statements about GW Pharmaceuticals’ business, operations, and
prospects were false and misleading and/or lacked a reasonable
basis at all relevant times. When the true details entered the
market, the lawsuit claims that investors suffered damages.
If you purchased shares of GW Pharmaceuticals during the Class
Period you may move the Court no later than March 21,
2016 to ask the Court to appoint you 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 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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160201005085/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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