Hagens Berman Reminds GW Pharmaceuticals (NASDAQ:GWPH) Investors of March 21, 2016, Lead Plaintiff Deadline in a Newly Filed ...
February 09 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights
law firm, reminds investors in GW Pharmaceuticals (NASDAQ:GWPH) of
the upcoming March 21, 2016, lead plaintiff deadline in the lawsuit
related to the Company’s misstatements about effective internal
controls.
If you suffered losses because of your purchases of GW
Pharmaceuticals between December 4, 2014, and January 8, 2016, or
have information that will help our continuing investigation,
contact Hagens Berman Partner Reed Kathrein, who is leading the
firm’s investigation by calling 510-725-3000, emailing
GWPH@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/GWPH. The lawsuit was filed in
the U.S. District Court for the Southern District of New York and
investors have until March 21, 2016, to move the court to
participate as a lead plaintiff.
GW Pharmaceuticals is a British biopharmaceutical company that
discovers, develops, and commercializes cannabinoid prescription
medicines. On January 10, 2016, The Sunday Times of London reported
that in its annual report the Company disclosed that its internal
financial controls were not effective as of September 30, 2015. It
also revealed that management had determined that it lacked
effective controls over the completeness and valuation of clinical
trial accruals. The annual report went further and stated that
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 and that the Company lacks sufficiently precise control to
ensure completeness of clinical trial accruals in connection with
contractual progress payment liabilities.
Following this news, GW Pharmaceuticals shares fell $3.55, or
nearly 6%, to close at $56.31 per share on January 11, 2016. The
share price continues to tumble and is currently trading at $42.63
per share.
The complaint alleges that GW Pharmaceuticals violated the
securities laws by failing to disclose to investors that the
Company lacked effective internal controls, lacked effective
internal controls over their clinical trial accruals, and as a
result their statements were false, misleading, and lacked a
reasonable basis throughout the class period.
Whistleblowers: Persons with non-public
information regarding GW Pharmaceuticals should consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at (510) 725-3000 or
email GWPH@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington, with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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