A lawsuit was filed on behalf of investors in Psychemedics Corp. (NASDAQ:PMD) shares over alleged securities laws violations. Deadline: April 3, 2017. NASDAQ:PMD investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/08/2017 -- An investor, who purchased NASDAQ:PMD shares, filed a lawsuit in Massachusetts over alleged violations of Federal Securities Laws by Psychemedics Corp. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Psychemedics Corp. (NASDAQ:PMD) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that through its affiliate Psychemedics Brasil Exames Toxicológicos Ltda. ("Psychemedics Brasil"), the Company engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law, that in turn, Psychemedics lacked effective internal controls over financial reporting, and that as a result of the foregoing, Psychemedics' public statements were materially false and misleading at all relevant times.
On January 31, 2017, news reports revealed that Psychemedics Corp engaged in unlawful anticompetitive conduct in Brazil in order to stifle the business of its competitor Omega Laboratories, Inc. USA. Psychemedics Corp allegedly used "cartel practices" to, "form a drug testing monopoly which included unenforceable and exclusive contracts with collection sites, "all with a view to limit the entry and operation of new companies in the market." Shares of Psychemedics Corp. (NASDAQ:PMD) declined to as low as $13.81 per share on January 31, 2017.
On February 7, 2017, NASDAQ:PDM shares closed at $20.75 per share.
Those who purchased shares of Psychemedics Corp. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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