NEW YORK, Feb. 19, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against GW
Pharmaceuticals plc ("GW Pharmaceuticals" or the "Company")
(NASDAQ: GWPH) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under
16-cv-00472, is on behalf of a class consisting of all persons or
entities who purchased GW Pharmaceuticals securities between
December 4, 2014 and January 8, 2016 inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased GW Pharmaceuticals
securities during the Class Period, you have until March 21, 2016 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be
obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
GW Pharmaceuticals is a biopharmaceutical company.
Together with its subsidiaries, GW Pharmaceuticals engages in
discovering, developing, and commercializing cannabinoid
prescription medicines.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (i) the Company lacked
effective internal financial controls; (ii) the Company lacked
effective controls over completeness and valuation of clinical
trial accruals; and (iii) as a result of the foregoing, Defendants'
statements about GW Pharmaceuticals' business, operations, and
prospects were false and misleading and/or lacked a reasonable
basis at all relevant times.
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, GW Pharmaceuticals stock fell $3.55, or nearly 6%, to close at $56.31 per share on January 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP