Kaskela Law LLC: Shareholder Class Action Filed Against Aceto Corp. – ACET

RADNOR, Pa., May 06, 2018 -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Aceto Corp. (NASDAQ:ACET) (“Aceto” or the “Company”) on behalf of purchasers of the Company’s securities between August 25, 2017 and April 18, 2018, inclusive (the “Class Period”).

Aceto investors are encouraged to visit www.kaskelalaw.com/case/aceto-corp/ to receive additional information about this action and submit their information online.  Investors may also contact attorney D. Seamus Kaskela at (888) 715 – 1740, or via email at [email protected], to discuss their legal rights and options with respect to this action.

On April 18, 2018, Aceto issued a press release cautioning investors not to rely on the Company’s previously issued fiscal 2018 earnings guidance, and disclosed that “the Company anticipates recording non-cash intangible asset impairment charges, including goodwill, in the range of $230 million to $260 million on certain currently marketed and pipeline generic products as a result of continued intense competitive and pricing pressures.” 

Following this news, Aceto’s common stock declined $4.74 per share, or over 64%, to close on April 19, 2018 at $2.66 per share.

The shareholder class action complaint alleges that Aceto and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) the Company failed to implement and enforce proper internal control to identify the misapplication of cash; (ii) the Company would incur large non-cash intangible asset impairment charges, (iii) the Company lacked effective internal control over financial reporting; (iv) the Company’s financial results for the fiscal year 2017 could not be relied upon; and (v) the Company’s fiscal 2018 financial guidance was overstated.  The complaint further alleges that, as a result of the foregoing, investors purchased Aceto’s common stock at artificially inflated prices during the Class Period and sustained significant investment losses when the truth was revealed.

Investors who purchased Aceto securities during the Class Period may, no later than June 25, 2018, seek to be appointed as a lead plaintiff representative of the class through Kaskela Law or other counsel, or may choose to do nothing and remain an absent class member.  In order to be appointed as a lead plaintiff a class member must meet certain legal requirements. 

Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors.  For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.

CONTACT:

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(888) 715 – 1740
[email protected]
www.kaskelalaw.com