Investor Alert: Kaplan Fox Announces Investigation Of Aceto Corporation

NEW YORK, May 3, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Aceto Corporation ("Aceto" or the "Company") (NASDAQ: ACET). 

A class action complaint has been filed in the United States District Court for the Eastern District of New York against Aceto and certain officers of the Company on behalf of investors that acquired Aceto common stock between August 25, 2017 and April 18, 2018, inclusive (the "Class") alleging violations of the Securities Exchange Act of 1934.

According to the complaint, Aceto is an international company engaged in the development, marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products.

On April 18, 2018, after the market closed, Aceto issued a press release announcing that "the financial guidance issued on February 1, 2018, should no longer be relied upon." The Company also announced that it anticipated recording "non-cash intangible asset impairment charges, including goodwill, in the range of $230 million to $260 million on certain currently marketed and pipeline generic products as a result of continued intense competitive and pricing pressures."

Following this news, shares of Aceto fell $4.74 per share, or about 64%, from a close of $7.40 per share on April 18, 2018, to a close of $2.66 per share on April 19, 2018.

The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company would incur large non-cash intangible asset impairment charges; (ii) the Company lacked effective internal control over financial reporting; (iii) the Company's fiscal 2018 guidance was overstated; and (iv) as a result of the foregoing, Aceto's public statements were materially false and misleading at all relevant times.

If you are a member of the proposed Class, you may move the court no later than June 25, 2018 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP

Related Links

http://www.kaplanfox.com