A lawsuit was filed on behalf of investors in Depomed Inc (NASDAQ:DEPO) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/06/2017 -- The Shareholders Foundation announces that an investor in NASDAQ:DEPO shares filed a lawsuit over alleged violations of Federal Securities Laws by Depomed Inc.
Investors who purchased shares of Depomed Inc (NASDAQ:DEPO) should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims that between February 26, 2015 and August 7, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Depomed engaged in questionable practices in connection with the sales and marketing of the Company's opioid products, that the foregoing conduct, when it became known, would likely subject the Company to heightened legal and regulatory scrutiny, and that as a result, Depomed's public statements were materially false and misleading at all relevant times.
Newark, CA based Depomed, Inc. is a specialty pharmaceutical company. Depomed Inc reported that its annual Total Revenue rose from $342.72 million in 2015 to $455.90 million in 2016 and that its Net Loss increased from $75.74 million in 2015 to $88.72 million in 2016.
On August 7, 2017, during aftermarket hours, Depomed Inc announced that it had received a request for information relating to the promotion of opioids from the U.S. Senate Committee on Homeland Security and Governmental Affairs, as well as from the Office of the Attorney General of Maryland and the U.S. Department of Justice.
Shares of Depomed Inc (NASDAQ:DEPO) declined from $25.20 per share in October 2016 to as low as $5.88 per share on August 15, 2017.
Those who purchased shares of Depomed Inc (NASDAQ:DEPO) have certain options and should contact the Shareholders Foundation.
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