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Depomed Inc (NASDAQ:DEPO) Investor Securities Class Action Lawsuit 08/18/2017

  • If you purchased shares of Depomed Inc (NASDAQ:DEPO), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Depomed In
Security
NASDAQ: DEPO

Case Name
Depomed Shareholder Class Action Lawsuit 08/18/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 11, 2020 - The case was dismissed.

June 17, 2019 - A motion to dismiss the second amended was filed.

May 2, 2019 - A second amended complaint was filed.

March 18, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

April 9, 2018 - A motion to dismiss the amended complaint was filed.

February 6, 2018 - An amended complaint was filed.

August 18, 2017 (Shareholders Foundation) - An investor in shares of Depomed Inc (NASDAQ:DEPO) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Depomed Inc in connection with certain allegedly false and misleading statements made between February 26, 2015 and August 7, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Depomed Inc (NASDAQ:DEPO) common shares between February 26, 2015 and August 7, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 26, 2015 and August 7, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Depomed engaged in questionable practices in connection with the sales and marketing of the Company’s opioid products, that the foregoing conduct, when it became known, would likely subject the Company to heightened legal and regulatory scrutiny, and that as a result, Depomed’s public statements were materially false and misleading at all relevant times.

Newark, CA based Depomed, Inc. is a specialty pharmaceutical company. Depomed Inc reported that its annual Total Revenue rose from $342.72 million in 2015 to $455.90 million in 2016 and that its Net Loss increased from $75.74 million in 2015 to $88.72 million in 2016.

On August 7, 2017, during aftermarket hours, Depomed Inc announced that it had received a request for information relating to the promotion of opioids from the U.S. Senate Committee on Homeland Security and Governmental Affairs, as well as from the Office of the Attorney General of Maryland and the U.S. Department of Justice.