NEW ORLEANS, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 6, 2015 to file lead plaintiff applications in a securities class action lawsuit against Salix Pharmaceuticals Ltd. (Nasdaq:SLXP) if they purchased the Company's securities between November 8, 2013 and November 6, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Salix and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 6, 2015.
About the Lawsuit
Salix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 6, 2014, Salix announced disappointing financial results for third quarter 2014, including a $88.6 million net loss, and a 12.5% downward revision of the Company's previous full-year revenue guidance. Salix further announced the resignation of its chief financial officer. Reports indicate that the CFO resigned due to an accounting scandal involving inventory levels of key gastrointestinal drugs and that the Company's Audit Committee had retained outside counsel as part of an inquiry into the Company's inventory reporting.
On this news, the price of Salix's shares plummeted by 34%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
CONTACT: Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
