NEW YORK, NY / ACCESSWIRE / August 19, 2016 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a shareholder class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX; TSX: CXR) between November 12, 2015 and August 12, 2016, inclusive (the "Class Period").
Shareholders who have incurred losses in Concordia International Corp. securities are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also review the filed complaint and obtain additional information concerning the action on our website, www.whafh.com.
If you purchased shares of Concordia International Corp., you may, no later than October 14, 2016, request that the Court appoint you lead plaintiff of the proposed class.
In addition, investors who purchased shares of Concordia International Corp. (TSX:CXR) shares on the Toronto Stock Exchange are encouraged to contact the firm to obtain additional information about potential actions to be filed on behalf of shareholders who purchased on this exchange.
The filed Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was experiencing a substantial increase in market competition against the Company's drug, Donnatal, and other products; (2) as a result, the Company's financial results would suffer and, the Company would be forced to suspend its dividend; (3) as a result of the foregoing, Defendants' statements about Concordia' business, operations, and prospects were false and misleading and/or lacked a reasonable basis. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the filed Complaint, on August 12, 2016, Concordia issued a press release announcing that it was lowering its 2016 guidance "to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates." The Company also announced that Adrian de Saldanha, Concordia's Chief Financial Officer, was leaving the Company, and that Concordia's Board unanimously agreed to suspend the Company's US$0.075 US quarterly dividend.
Following this news, shares of Concordia dropped over 38%, closing at US$10.13 per share on August 12, 2016, on heavy trading volume.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
ReleaseID: 444049
