RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Depomed, Inc. (NASDAQ: DEPO) (“Depomed” or the “Company”) securities between February 26, 2015 and August 7, 2017, inclusive (the “Class Period”).
Depomed shareholders may, no later than October 17, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Depomed and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Depomed, a specialty pharmaceutical company, engages in the development, sale, and licensing of products for pain and other central nervous system conditions in the United States. Among other drugs, Depomed’s portfolio includes the opioids Nucynta (tapentadol) and Lazanda (fentanyl)
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, post-market, 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.”
On this news, Depomed’s share price fell $3.09, or 33.42%, to close at $6.15 on August 8, 2017.
If you are a member of the class, you may, no later than October 17, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.