The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Southern District of California
on behalf of purchasers of Retrophin, Inc. (“Retrophin” or the
“Company”) (NASDAQ: RTRX) securities during the period between March 27,
2014 and September 30, 2014, inclusive (the “Class Period”). Investors
who wish to become proactively involved in the litigation have until
December 19, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Retrophin securities
purchased on or after March 27, 2014 and held through the revelation of
negative information during and/or at the end of the Class Period, as
described below, and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616. No class has yet been certified in
the above action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. The lead plaintiff
will be selected from among applicants claiming the largest loss from
investment in Company units during the Class Period. Brower Piven also
encourages anyone with information regarding the Company’s conduct
during the period in question to contact the firm, including
whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period stock grants to employees and that Retrophin’s
founder and Chief Executive Officer was trading Company stock in
violation of the Company’s Incentive Compensation Plan and other
securities rules and that these trading irregularities included grants
of shares in violation of the Company’s Incentive Compensation Plan.
According to the complaint, following the Company’s September 16, 2014
announcement that on September 15, 2014, it had reached an agreement
with its Chief Financial Officer, Marc Panoff, pursuant to which Mr.
Panoff’s employment with the Company will terminate, effective as of
February 28, 2015 and that on September 10, 2014, Jeffrey Paley, MD
abruptly stepped down as a member of the Board of Directors and the
Company’s September 30, 2014 announcement its Board of Directors
terminated its Chief Executive Officer, Martin Shkreli, effective
immediately, the value of Retrophin shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
Copyright Business Wire 2014