SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in GW Pharmaceuticals plc of Class...
March 09 2016 - 7:46PM
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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