Pomerantz LLP announced last week that it has filed a class action lawsuit against GW Pharmaceuticals plc and specific officers within the biopharmaceutical company.
Any person or entity who purchased GW Pharmaceuticals securities between Dec. 4, 2014 and Jan. 8 have been included in the suit in hopes that they can recover damages occurred during that time period for alleged violations of federal securities law committed by GW Pharmaceuticals under the Securities Exchange Act of 1934.
The suit was filed in U.S. District Court, Southern District of New York. Shareholders who purchased their shares from GW Pharmaceutical during the aforementioned period have until March 21 to contact the court about being made a lead plantiff on the lawsuit.
The suit claims that during that time period, the defendants made dishonest and deceptive statements about policies in regards to business, operations and compliance. The claim also states that the company did not reveal its lack of control over its internal finances, completion and assessments of its clinical trials and that it misled shareholders in regards to business, operations and prospects.
When news of the company's discrepancies broke on Jan. 10, GW Pharmaceuticals’ stock closed at $56.31 per share on Jan. 11, which was down almost 6 percent. Robert S. Willoughby will be handling shareholder inquiries for Pomerantz.