NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Depomed, Inc. (NASDAQ: DEPO) who purchased shares between February 26, 2015 and August 7, 2017. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) Depomed engaged in questionable practices in connection with the sales and marketing of the Company’s opioid products; (ii) the foregoing conduct, when it became known, would likely subject the Company to heightened legal and regulatory scrutiny; and (iii) as a result, Depomed’s public statements were materially false and misleading at all relevant times.
On August 7, 2017, post-market, Depomed disclosed that the Company “received a request for information from the ranking minority member of the United States Senate Committee on Homeland Security and Governmental Affairs related to the promotion of opioids” and that the Company had received “subpoenas related to opioid sales and marketing from the Office of the Attorney General of Maryland and the United States Department of Justice.”
Shareholders have until October 17, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sb/depomed-inc?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.