SAN DIEGO & PORT WASHINGTON, NY--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Aceto Corporation (NasdaqGS: ACET) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between August 25, 2017 and April 18, 2018. Aceto, together with its subsidiaries, sources, markets, sells, and distributes finished dosage form generics, nutraceutical products, pharmaceutical intermediates and active ingredients, agricultural protection products, and specialty chemicals.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/aceto-corporation-apr-2018
Aceto Accused of Overstating Its Financial Guidance
According to the complaint, Aceto assured investors that the company's internal control over financial reporting was effective. In reality, Aceto failed to implement proper internal control to identify the misapplication of cash. Aceto began to reveal its troubles on November 3, 2017, when it disclosed that the company's system of internal control failed to generate a report to assure that the aging of trade receivables was accurate. Aceto's problems became more apparent on February 1, 2018, when the company revealed a net loss of $13.9 million, compared to a net loss of $0.6 million in the previous year's comparable quarter. Aceto finally announced on April 18, 2018, that its 2018 fiscal year earnings guidance should no longer be relied upon and that it anticipates recording non-cash intangible asset impairment charges in the range of $230 million to $260 million. On this news, Aceto's stock plummeted over 64% to close at $2.66 per share on April 19, 2018.
Aceto Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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