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NEW YORK, Aug. 25, 2017 -- Safirstein Metcalf announces that a class action lawsuit has been filed in the United States District Court, Northern District of California against Depomed, Inc. ("Depomed" or the "Company") (NASDAQ:DEPO) and certain of its officers. The class action is on behalf of a class consisting of investors who purchased or otherwise acquired Depomed securities between February 26, 2015 and August 7, 2017 (“Class Period”).
If you purchased Depomed securities during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email [email protected]
If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Depomed engaged in questionable practices in connection with the sales and marketing of the Company's opioid products; (ii) the foregoing conduct, when it became known, would likely subject the Company to heightened legal and regulatory scrutiny; and (iii) as a result, Depomed's public statements were materially false and misleading at all relevant times.
On August 7, 2017, after the market close, Depomed disclosed that the Company "recently received a request for information from the ranking minority member of the United States Senate Committee on Homeland Security and Governmental Affairs related to the promotion of opioids" and that Depomed had also received "subpoenas related to opioid sales and marketing from the Office of the Attorney General of Maryland and the United States Department of Justice."
Following this news, Depomed's share price fell $3.09, or 33.42%, to close at $6.15 on August 8, 2017.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
