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 McKesson Corporation (“McKesson” or the “Company”) (NYSE: MCK) securities between October 24, 2013 and January 25, 2017 inclusive (the “Class Period”). McKesson investors have until December 26, 2018 to file a lead plaintiff motion.
Investors suffering losses on their McKesson 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 email@example.com.
On January 25, 2017, McKesson announced its financial and operating results for the third quarter of fiscal year 2017. McKesson advised investors that its poor financial results were “a result of the generic pricing actions [McKesson] began to implement late in our second quarter,” as McKesson’s “prices were ultimately set at a lower level than our initial expectations that were included in our previous guidance.” On this news, shares of McKesson fell $12.55 per share, or nearly 8.3%, to close at $138.55 per share on January 26, 2017, thereby injuring investors.
The complaint filed in this class action alleges that the Company made false and/or misleading statements and/or failed to disclose that: (1) McKesson and several of its industry peers colluded to fix the price of certain generic drugs; (2) the collusive conduct constituted a violation of federal antitrust laws; (3) consequently, McKesson's revenues during the Class Period were, in part, the result of illegal conduct and were therefore unsustainable; (4) McKesson lacked effective internal controls over financial reporting; and (5) as a result, McKesson's public statements were materially false and misleading at all relevant times.
If you purchased shares of McKesson, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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