Glancy
Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of a class (the “Class”) comprising purchasers of
the securities of Salix
Pharmaceuticals, Ltd. (“Salix” or the “Company”) (NASDAQ:SLXP)
between November 7, 2013 and November 6, 2014, inclusive (the "Class
Period"). Investors who have losses of $250,000 or more are encouraged
to contact the firm for more information.
Please contact Casey
Sadler at (310) 201-9150, or at shareholders@glancylaw.com
to discuss this matter. If you inquire by email please include your
mailing address, telephone number and number of shares purchased.
Salix acquires, develops and commercializes prescription drugs and
medical devices in the United States to treat various gastrointestinal
diseases. The Complaint alleges that defendants made false and/or
misleading statements and failed to disclose material adverse facts
about the Company’s operations and financial performance and prospects.
Specifically, defendants misrepresented and/or failed to disclose that:
(1) the Company misclassified wholesale inventory of its drugs; (2) the
Company was unable to accurately forecast quarterly revenues without
distribution; (3) the Company’s internal and financial controls were
inadequate; and (4), as a result of the foregoing, defendants’
statements were materially false and misleading at all relevant times.
On November 6, 2014, Salix disclosed that the Company’s Audit Committee
would be reviewing the Company’s characterization of wholesale
inventory, that the Company intends to reduce inventory to three-months’
level by the end of 2016, and that a lack of distribution services
arrangements with its wholesalers made it difficult to forecast
quarterly revenue. In addition, Salix announced that the Company’s chief
financial officer had resigned, and the Company lowered its revenue
guidance for 2014 after reporting a third quarter earnings miss. As a
result of this news, shares of Salix declined more than 38%, or $53.05
per share, during after-hours trading on November 6, 2014, to $85.50 per
share, on unusually heavy volume.
If you are a member of the Class described above, you may move the Court
no later than January 6, 2015, to serve as lead plaintiff, if you meet
certain legal requirements. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you suffered
losses of $250,000 or more and wish to learn more about this action, or
have any questions concerning this announcement or your rights or
interests with respect to these matters, contact Casey
Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, by toll-free telephone
at (888) 773-9224 or by telephone at (310) 201-9150, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email, please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2014