On or around 08/06/2019 (Ongoing date of last review)
Filing Date: April 24, 2018
According to the Complaint, Aceto is an international company engaged in the development, marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements 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; (iii) the Company lacked effective internal control over financial reporting; (iv) the Company’s financial results for the fiscal year 2017 could not be relied upon; (v) the Company’s fiscal 2018 financial guidance was overstated; and (vi) as a result of the foregoing, Aceto’s public statements were materially false and misleading at all relevant times.
On November 29, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be captioned "In re Aceto Corporation Securities Litigation." Lead Plaintiff filed a consolidated amended Complaint on January 28, 2019.
On February 27, 2019, Defendant Aceto Corporation filed a Suggestion of Bankruptcy. On April 1, the remaining individual Defendants filed a Motion to Dismiss the consolidated amended Complaint. On August 6, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.
Company & Securities Information
Defendant: Aceto Corporation
Industry: Major Drugs
Headquarters: United States
Ticker Symbol: ACET
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Ronald L. Mulligan Jr., et al. v. Aceto Corporation, et al.
COURT: E.D. New York
DOCKET #: 18-CV-02425
JUDGE: Hon. Joseph F. Bianco
DATE FILED: 04/24/2018
CLASS PERIOD START: 08/25/2017
CLASS PERIOD END: 04/18/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Levi & Korsinsky, LLP 30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004 212.363.7500 212.363-7171 ·
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
Order Consolidating Related Actions, Appointing Lead Plaintiff and Lead Counsel