WASHINGTON, Feb. 24, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP ("FT") announces that it is investigating potential shareholder claims involving Perrigo Company ("Perrigo" or the "Company") (Nasdaq:PRGO).
On February 3, 2009, Perrigo shares plunged more than 21% after the Company revealed a write-down of $15.1 million, or $0.16 cents a share, due to the loss in value of auction rate securities purchased in Israel from Lehman Brothers. The Company stated that these securities had been written down from a face value of $18.0 million and continued to be held in non-current assets. On this news, the Company's stock fell more than 21% to close at $22.94 per share on unusually high trading volume. Specifically, FT is investigating whether Perrigo properly disclosed the write-down to investors in a timely fashion and whether Company insiders sold their personal shares of Perrigo Stock before disclosing the write-down.
Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are a Perrigo shareholder and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com.