Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action against Retrophin, Inc. and Lead Plaintiff Deadline of December 19, 2014
NEW YORK, Dec. 12, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Retrophin, Inc. ("Retrophin" or the "Company") (NasdaqGM: RTRX), during the period between March 27, 2014 and September 30, 2014, inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Retrophin's founder and Chief Executive Officer was committing stock-trading irregularities and other violations of the Company's Incentive Compensation Plan and other securities rules; (ii) said irregularities included grants of shares in violation of the Company's Incentive Compensation Plan and the failure to disclose stock grants to employees; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On September 16, 2014, after the close of trading, the Company issued a press release and filed a Form 8-K with the SEC announcing that on September 15, 2014, it had reached an agreement with its Chief Financial Officer, Marc Panoff, pursuant to which Mr. Panoff's employment with the Company will terminate, effective as of February 28, 2015. Also, the Company announced that on September 10, 2014, Jeffrey Paley, MD abruptly stepped down as a member of the Board of Directors. As a result of this news, shares of Retrophin fell $1.03 or over 8%, on unusually heavy trading, to close at $11.46 on September 17, 2014.
On September 30, 2014, after the close of trading, the Company issued a press release announcing that its Board of Directors terminated its Chief Executive Officer, Martin Shkreli, effective immediately, and appointed Stephen Aselage as interim Chief Executive Officer. As a result of this news, shares of Retrophin fell $0.40 or almost 4.5%, on unusually heavy trading, to close at $8.62 on October 1, 2014.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Retrophin during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Retrophin you have until December 19, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-reminds-investors-of-class-action-against-retrophin-inc-and-lead-plaintiff-deadline-of-december-19-2014-300008918.html
SOURCE Bronstein, Gewirtz & Grossman, LLC
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