NEW YORK, March 9, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a securities class action has been filed in the
United States District Court of the Southern District of
New York, docketed under
16-cv-00472, against GW Pharmaceuticals PLC ("GW Pharmaceuticals"
or "the Company") (Nasdaq: GWPH), and certain of its officers, 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").
GW Pharmaceuticals is a British biopharmaceutical company
company known for its multiple sclerosis treatment product Sativex,
nabiximols. 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 disclosed in its annual
fiscal report, that its internal financial controls were not
effective as of September 30, 2015,
and continued to state that the management had determined that it
lacked effective controls over the completeness and valuation of
clinical trial accruals. It went on to state that the 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. The management also 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.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint or join the action, please visit
the firm's site http://www.bgandg.com/#!gwph/uy6rf. To discuss this
action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in GW Pharmaceuticals you can request that the
Court appoint you as lead plaintiff. Your ability to share in
any recovery doesn't require that you serve as a lead
plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC