NEW YORK, Nov. 21, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Salix Pharmaceuticals Inc. ("Salix" or the "Company") (Nasdaq:SLXP) of the January 6, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Salix and certain executives.
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased or otherwise acquired Salix securities from November 8, 2013 through November 6, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Salix made false and/or misleading statements and/or failed to disclose that: (i) demand for several drugs, including Xifaxan, its top-selling drug, was deteriorating; and (ii) wholesale inventory levels of those drugs were growing rapidly.
On November 6, 2014, Salix disclosed that the Company's wholesale inventory levels were three times greater than previously reported and that the audit committee would conduct a review of issues in connection with the prior characterizations of the levels of wholesale inventory. Salix also announced that its Chief Financial Officer intends to resign.
Following this news, the price of the Company's stock declined by $47.08, or over 33%, to close at $91.47 on November 7, 2014.
Request more information now by clicking here: www.faruqilaw.com/SLXP. There is no cost or obligation to you.
Take Action
If you invested in Salix stock or options between November 8, 2013 through November 6, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/SLXP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Salix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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