RADNOR, Pa., June 20, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC notifies Aceto Corp. (ACET) (“Aceto” or the “Company”) investors that a class action lawsuit has been filed against Aceto on behalf of investors who purchased the Company’s securities between August 25, 2017 and April 18, 2018, inclusive (the “Class Period”).
FINAL DEADLINE NOTICE: Investors who purchased Aceto securities during the Class Period may, no later than June 25, 2018, seek to be appointed as a lead plaintiff of the investor class. Investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258–1585 or (888) 715–1740 to discuss their important legal rights and options with respect to this action before June 25, 2018. Aceto investors may also visit www.kaskelalaw.com/case/aceto-corp/ for additional information about this action or to submit their information online.
On April 18, 2018, Aceto issued a press release cautioning investors not to rely on the Company’s previously issued fiscal 2018 earnings guidance, and revealing to investors that “the Company anticipates 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, Aceto’s common stock declined $4.74 per share, or over 64%, to close on April 19, 2018 at $2.66 per share.
Among other things, the shareholder class action lawsuit alleges that Aceto made false and misleading statements to investors during the Class Period and/or failed to disclose that: (i) the Company failed to implement and enforce proper internal control to identify the misapplication of cash; (ii) the Company would incur large non-cash intangible asset impairment charges, and (iii) the Company lacked effective internal control over financial reporting. The complaint further alleges that, as a result of the foregoing, investors purchased Aceto’s common stock at artificially inflated prices during the Class Period and sustained significant investment losses following the Company’s April 18, 2018 disclosures.
Aceto investors who purchased their securities during or prior to the Class Period are encouraged to contact Kaskela Law LLC discuss their important legal rights and options with respect to this action. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.