SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Retrophin, Inc. - RTRX

NEW YORK, Sept. 17, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Retrophin, Inc. ("Retrophin" or the "Company") (NASDAQ: RTRX).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.

The investigation concerns whether Retrophin and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 

On September 16, 2014, the Company announced that The NASDAQ Stock Market LLC issued a letter to the Company on September 15, 2014 indicating that the Company no longer complies with the independent director and audit committee requirements set forth in Nasdaq Listing Rule 5605.  On September 10, 2014, Jeffrey Paley, M.D. notified the Company that, effective immediately, he had resigned as a member of the Board and from any and all other positions that he held with the Company on any boards and/or committees.  In addition, on September 15, 2014, the Company entered into a separation agreement and release (the "Separation Agreement") with Marc Panoff, the Company's Chief Financial Officer, pursuant to which Mr. Panoff's employment with the Company will terminate, effective as of February 28, 2015.  As a result of the resignations, the Company's Board of Directors was no longer comprised of a majority of independent directors as required by Nasdaq Listing Rule 5605(b)(1) and that the Audit Committee of the Board was no longer comprised of at least three independent directors as required by Nasdaq Listing Rule 5605(c)(2)(A). 

On this news, shares of Retrophin fell $1.39 per share to $11.20, or more than 11.13%, in after-hours trading on September 16, 2014.

The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

SOURCE Pomerantz LLP