A lawsuit was filed on behalf of investors in GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) shares over alleged securities laws violations and NASDAQ:GWPH investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/08/2016 -- A shareholder in GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by GW Pharmaceuticals PLC.
Investors who purchased shares of GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) have certain options and for certain investors are short and strict deadlines running. Deadline: March 21, 2016. NASDAQ:GWPH investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims that between December 4, 2014 and January 8, 2016 defendants made false and/or misleading statements and/or failed to disclose that GW Pharmaceuticals lacked effective internal financial controls, that GW Pharmaceuticals lacked effective controls over completeness and valuation of clinical trial accruals; , and that as a result of the foregoing, Defendants' statements about GW Pharmaceuticals' business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On January 10, 2016, it was reported that GW Pharmaceuticals PLC had disclosed in its annual report for the fiscal year ended September 30, 2015 (the "FY 2015 20-F"), filed with the Securities and Exchange Commission ("SEC") the previous month, that its internal financial controls were not effective as of September 30, 2015, and further disclosed that management had determined that it lacked effective controls over the completeness and valuation of clinical trial accruals. Specifically, the annual report for the fiscal year ended September 30, 2015 reported that management lacked sufficiently precise controls: (1) to evaluate the completeness and accuracy of the calculation of clinical trial accruals due to the incorrect allocation of expenditure to clinical studies; or (2) to ensure completeness of clinical trial accruals in connection with contractual progress payment liabilities. Shares of GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) declined from as high as $129.69 per share in June 2015 to as low as $45.67 per share on February 3, 2016.
On February 4, 2016, NASDAQ:GWPH shares closed at $48.74 per share.
Those who purchased shares of GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego