BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased ACETO Corporation (“ACETO” or the “Company”) (NASDAQ: ACET) securities between February 1, 2018 and April 18, 2018, inclusive (the “Class Period”). ACETO investors have until June 25, 2018 to file a lead plaintiff motion.
Investors suffering losses on their ACETO investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.
On April 18, 2018, ACETO issued a press release announcing that its financial guidance should no longer be relied upon, that the Company anticipates recording non-cash intangible asset impairment charges in the range of $230 million to $260 million, and that Edward Borkowski resigned as the Company’s CFO.
On this news, ACETO’s share price fell $4.74 per share, or 64%, to close at $2.66 per share on April 19, 2018, thereby injuring investors.
If you purchased shares of ACETO, have information or would like to learn more about these claims, or 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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