DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a class action lawsuit has been filed against Salix Pharmaceuticals, Ltd. (“Salix” or “Company”) (NasdaqGS: SLXP) and several officers and directors for acts taken during the period of November 8, 2013 to November 6, 2014 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Salix. If you are an affected Salix shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at email@example.com. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) Salix’s business prospects and demand for Xifaxan and its other drugs were materially deteriorating; b) Salix’s wholesale inventory levels of Xifaxan and its other drugs were rising more quickly than wholesalers could sell the drug to pharmacies, and more rapidly than revealed to investors; c) Salix’s reserves for outstanding inventory were understated, which caused its reported quarterly and annual net revenue and EPS figures to be overstated; and d) Salix’s disclosure controls and procedures and its internal controls over financial reporting and accounting were subject to material weaknesses. According to the complaint, when the truth was revealed, Salix’s shares plummeted.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.