WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Aceto Corporation (NASDAQ GS: ACET)?
- Did you purchase your shares between August 25, 2017 and April 18, 2018, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities that purchased the common stock of Aceto Corporation (“Aceto” or the “Company”) (NASDAQ GS: ACET) between August 25, 2017 and April 18, 2018, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Aceto during the Class Period, or purchased shares prior to the Class Period and still hold Aceto, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at firstname.lastname@example.org.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) due to undisclosed competitive and pricing pressures, Aceto was unlikely to meet the performance metrics the Company provided to its investors as financial guidance; (ii) accordingly, Aceto’s financial guidance was overstated; and (iii) as a result of the foregoing, Aceto’s financial statements and Defendants’ statements about Aceto’s business, operations, and prospects, were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 18, 2018, after the market closed, Aceto disclosed that “the financial guidance issued on February 1, 2018, should no longer be relied upon,” and suspended “further financial guidance for at least the balance of the fiscal year.” Aceto also disclosed that “the Company anticipates recording non-cash intangible asset impairment charges, including goodwill, in the range of $230 million to $260 million on certain currently marketed and pipeline generic products as a result of continued intense competitive and pricing pressures.” Aceto also disclosed the resignation of its Chief Financial Officer, Edward Borkowski, who had joined Aceto just two months earlier.
On this news, shares of Aceto declined over 64%, closing at $2.66 per share on April 19, 2018, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 25, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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