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 GW Pharmaceuticals plc (“GW Pharmaceuticals” or the “Company”) (NASDAQ: GWPH) securities between December 4, 2014 and January 8, 2016, inclusive (the “Class Period”). Investors who have suffered losses on their investment in GW Pharmaceuticals securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
GW Pharmaceuticals disclosed in its annual report, “Our management determined that our control over the completeness and valuation of clinical trial accruals is not effective. Specifically, management does not have sufficiently precise controls to evaluate the completeness and accuracy of the calculation of clinical trial accruals due to the incorrect allocation of expenditure to clinical studies. Additionally, we have not established a sufficiently precise control to ensure completeness of clinical trial accruals in connection with contractual progress payment liabilities.”
The complaint alleges that during the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) GW Pharmaceuticals lacked effective internal financial controls; (2) GW Pharmaceuticals lacked effective controls over completeness and valuation of clinical trial accruals; and (3) as a result, Defendants’ statements about GW Pharmaceuticals’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased shares of GW Pharmaceuticals during the Class Period you may move the Court no later than March 21, 2016 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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