Concordia International Corp (NASDAQ:CXRX) Investor Securities Class Action Lawsuit 08/15/2016

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Company Name(s): 
Concordia International
Case Name: 
Concordia International Shareholder Class Action Lawsuit 08/15/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

February 28, 2019 - The court preliminarily approved the settlement.

December 21, 2018 - Parties filed a stipulation of settlement.

August 15, 2016 (Shareholders Foundation) - An investor in shares of Concordia International Corp (NASDAQ:CXRX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Concordia International in connection with certain allegedly false and misleading statements made between November 12, 2015, and August 12, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Concordia International Corp (NASDAQ:CXRX) common shares between November 12, 2015, and August 12, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 12, 2015, and August 12, 2016 the defendants made false and/or misleading statements and/or failed to disclose that the Company was experiencing a substantial increase in market competition against the Company’s drug, Donnatal, and other products, that , as a result, the Company’s financial results would suffer, and the Company would be forced to suspend its dividend, and that, as a result of the foregoing, Defendants’ statements about Concordia’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On August 12, 016, Concordia International Corp announced its second quarter 2016 results. Among other things, Concordia International Corp also updated its full year 2016 financial guidance and announced that Adrian de Saldanha, Concordia’s Chief Financial Officer, was leaving the Company, and that Concordia’s Board unanimously agreed to suspend the Company’s $0.075 quarterly dividend.

Shares of Concordia International Corp (NASDAQ:CXRX) declined from $84.17 per share in September 2015 to as low as $9.08 per share on August 15, 2016.