NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Depomed, Inc. (NASDAQ:DEPO) securities between February 26, 2015 and August 7, 2017 (the “Class Period”). Investors have until October 17, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 7, 2017, after the market had closed, Depomed disclosed that the Company had 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. Depomed also disclosed 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. Following this news, shares of Depomed fell $3.09 per share, or 33.42%, to close at $6.15 on August 8, 2017.
The Complaint alleges that throughout the Class Period, Defendants made 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.
If you purchased or otherwise acquired Depomed securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Depomed, Inc. lawsuit, please go to http://www.bespc.com/DEPO. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.
