LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Psychemedics Corporation (“Psychemedics” or the “Company”) (NASDAQ: PMD) securities between February 28, 2014 and January 30, 2017, inclusive (the “Class Period”). Psychemedics investors have until April 3, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Psychemedics investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) through its affiliate Psychemedics Brasil Exames Toxicologicos Ltda., Psychemedics engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law; (2) effectively, Psychemedics lacked effective internal controls over financial reporting; and (3) consequently, Psychemedics' public statements were materially false and misleading at all relevant times.
On January 31, 2017, news reports revealed that Psychemedics engaged in unlawful anticompetitive conduct in Brazil in order to stifle the business of its competitor Omega Laboratories, Inc. USA. Psychemedics allegedly used “cartel practices” to “form a drug testing monopoly which included unenforceable and exclusive contracts with collection sites, all with a view to limit the entry and operation of new companies in the market.”
On this news, shares of Psychemedics fell $6.75 per share, or over 26%, to close at $18.87 per share on January 31, 2017.
If you purchased shares of Psychemedics during the Class Period you may move the Court no later than April 3, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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