LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of ACETO Corporation (“ACETO” or the “Company”) (NASDAQ: ACET) 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.
To obtain information or actively participate in the class action, please visit ACETO page on our website at www.glancylaw.com/case/aceto-corporation. Investors that suffered losses on their ACETO investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
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.
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If you purchased shares of ACETO during the Class Period you may move the Court no later than June 25, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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