LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Psychemedics Corporation (“Psychemedics” or the “Company”) (Nasdaq: PMD) concerning possible violations of federal securities laws between February 28, 2014 and January 30, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm by the April 3, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that, throughout the Class Period, Psychemedics made false and/or misleading statements and/or failed to disclose: that through its affiliate, Psychemedics Brasil Exames Toxicológicos Ltda. (“Psychemedics Brasil”), the Company engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law; that Psychemedics lacked effective internal controls over financial reporting; and that the Company’s public statements were materially false and misleading. On January 31, 2017, Bloomberg reported that a Brazilian judge ordered Psychemedics Brasil to compensate Omega Laboratories, Inc. USA for losses caused by anticompetitive practices used for the purpose of “preventing other companies from accessing (the) market,” an indemnification that may cost the Company millions of dollars. When this information reached the public, Psychemedics’ stock price declined, thus harming investors.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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