BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 14, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Concordia International Corp. (“Concordia” or the “Company”) (NASDAQ: CXRX) securities between November 12, 2015, and August 12, 2016, inclusive (the “Class Period”). Concordia investors have until October 14, 2016 to file a lead plaintiff motion.
On August 12, 2016, Concordia issued a press release announcing that it was lowering its 2016 guidance “to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates.” The Company also announced that Adrian de Saldanha, Concordia’s Chief Financial Officer, was leaving the Company, and that Concordia’s Board unanimously agreed to suspend the Company’s $0.075 quarterly dividend. On this news, Concordia’s stock price fell $6.33 per share, or 38%, to close at $10.03 per share on August 12, 2016, thereby injuring investors.
The complaint charges Concordia and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was experiencing a substantial increase in market competition against the Company’s drug, Donnatal, and other products; (2) that, as a result, the Company’s financial results would suffer, and the Company would be forced to suspend its dividend; and (3) that, as a result of the foregoing, Defendants’ statements about Concordia’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased Concordia shares, you may move the Court no later than October 14, 2016 to request appointment as lead plaintiff. 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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