NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that class action lawsuits have been filed against Aceto Corporation (NASDAQ: ACET) (“Aceto” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased shares of Aceto between August 25, 2017 and April 18, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Aceto markets, sells, and distributes human health products, pharmaceutical ingredients, and performance chemicals.
The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) Aceto failed to implement and enforce proper internal control to identify the misapplication of cash; (ii) Aceto would incur large non-cash intangible asset impairment charges; (iii) Aceto lacked effective internal control over financial reporting; (iv) Aceto’s financial results for the fiscal year 2017 could not be relied upon; (v) Aceto’s fiscal 2018 financial guidance was overstated; and (vi) as a result of the foregoing, Aceto’s public statements were materially false and misleading at all relevant times.
On April 18, 2018, Aceto issued a press release disclosing that: (1) their financial guidance issued on February 1, 2018 should no longer be relied upon, (2) Aceto anticipates recording asset impairment charges in the range of $230 million to $260 million on certain currently marketed and pipeline generic products, and (3) Aceto’s Chief Financial Officer (Edward Borkowski) resigned after just two months in that position.
On this news, the price of Aceto shares fell $4.74 – over 64% – from a close price of $7.40 on April 18, 2018, to a close price of $2.66 on April 19, 2018.
What You Can Do
If you purchased Aceto shares between August 25, 2017 and April 18, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. Investors have until June 25, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.