STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Depomed, Inc. (Nasdaq: DEPO) (“Depomed” or the “Company”) securities during the period between February 26, 2015 and August 7, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 17, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Depomed securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Depomed engaged in questionable practices in connection with the sales and marketing of the Company’s opioid products, which would likely subject the Company to heightened legal and regulatory scrutiny.
According to the complaint, following an August 7, 2017 announcement 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 Depomed had also received subpoenas related to opioid sales and marketing from the Office of the Attorney General of Maryland and the United States Department of Justice, the value of Depomed shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Depomed securities purchased on or after February 26, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.