NEW YORK, Feb. 12, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of GW Pharmaceuticals plc (“GW Pharmaceuticals”) (NASDAQ:GWPH) between December 4, 2014 and January 8, 2016.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Southern District of New York. To get more information go to: http://zlk.9nl.com/gw-pharmaceuticals.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal financial controls; (ii) the Company lacked effective controls over completeness and valuation of clinical trial accruals; and (iii) as a result of the foregoing, Defendants’ statements about GW Pharmaceuticals’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
In its 2015 Annual Report, GW Pharmaceuticals disclosed the discovery of a material weakness in its internal control over financial reporting for the year ended September 30, 2015. The Company noted that “management does not have sufficiently precise controls to evaluate the completeness and accuracy of the calculation of clinical trial accruals due to the incorrect allocation of expenditure to clinical studies.” On this news, GW Pharmaceuticals stock fell $3.55, or nearly 6%, to close at $56.31 per share on January 11, 2016.
If you suffered a loss in GW Pharmaceuticals you have until March 21, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/gw-pharmaceuticals.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
Source:Levi & Korsinsky, LLP