BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired 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 the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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 have fallen over 40% during intraday trading 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 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
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