NEW YORK, Aug. 30, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of purchasers of Dr. Reddy's Laboratories Limited American Depositary Receipts (“ADRs”) ("Dr. Reddy's" or the "Company") (NYSE:RDY) between June 17, 2015 and August 10, 2017, inclusive (“the Class Period”).
Investors who have incurred losses in Dr. Reddy's Laboratories Limited are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased the ADRs of Dr. Reddy's Laboratories Limited and would like to assist with the litigation process as a lead plaintiff, you may, no later than October 24, 2017, request that the Court appoint you lead plaintiff of the proposed class.
Dr. Reddy's is a pharmaceutical company based in Hyderabad, India.
The filed complaint alleges that Dr. Reddy's lacked an effective corporate quality system, and as a result, defendants' public statements were materially false and misleading.
On November 6, 2015, Dr. Reddy's revealed that it had received a warning letter from the U.S. Food and Drug Administration (FDA) regarding inadequate quality control standards at three of its manufacturing plants in India. Following this news, the price of Dr. Reddy's ADRs fell 18%, to close at $53.50 on November 6, 2015.
On August 10, 2017, Dr. Reddy's revealed that the Regulatory of Germany (Regierung von Oberbayern) did not renew the good manufacturing practices (GMP) compliance certificate of a formulations manufacturing unit of Dr. Reddy's German subsidiary, betapharm Arzneimittel, located in Hyderabad, India, following a recent inspection of the plant. On this news, the ADR price dropped $1.92 per share, or approximately 6%, on August 10, 2017.
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 by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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