NEW YORK, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) securities between March 9, 2023 and November 8, 2023, inclusive (the “Class Period”).
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s reliance on Indocin, one of the Company’s primary pharmaceutical products, to boost its net income was unsustainable given the risk of generic competition; (2) the acquisition of Spectrum Pharmaceuticals, Inc. (“Spectrum”) was less valuable than the Company had represented to investors; (3) accordingly, the Company had overstated the positive impact the sale of Indocin products and the Spectrum Acquisition were likely to have on the Company’s profitability; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Assertio should contact the Firm prior to the March 5, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
