NEW YORK, Jan. 29, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz 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") consisting of all persons or entities who purchased GW Pharmaceuticals plc ("GW Pharmaceuticals" or the "Company") (NASDAQ:GWPH) American Depository Receipts ("ADRs") between December 4, 2014 and January 8, 2016 (the "Class Period"), inclusive.
Shareholders who incurred losses on shares purchased within the class period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased the shares of GW Pharmaceuticals during the period December 4, 2014 and January 8, 2016, inclusive, you may, no later than March 21, 2016, request that the Court appoint you lead plaintiff of the proposed class.
On January 10, 2016, the Sunday Times of London reported that GW Pharmaceuticals had disclosed in its annual report for the fiscal year ending September 30, 2015, that the Company's internal financial controls were not effective as of September 30, 2015, and further disclosed that management had determined that it lacked effective controls over its clinical trials. Specifically, that the annual report stated management lacked sufficient control to: (1) evaluate the completeness and accuracy of the calculation of clinical trial accruals due to the incorrect allocation of expenditure to clinical studies; or (2) ensure completeness of clinical trial accruals in connection with contractual progress payment liabilities.
On this news, GW Pharmaceuticals' American Depository Receipts ("ADRs") fell $3.55 or almost 6% to close at $56.31 per share on January 11, 2016. As recently as June 25, 2015, the ADRs traded close to $134 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “GW Pharmaceuticals Investigation.”
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