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Petmed Express Inc (NASDAQ: PETS) Investor Securities Class Action Lawsuit 08/25/2017

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

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Lawsuit Overview

Case Dismissed
Company
Petmed Express Inc
Security
NASDAQ: PETS

Case Name
Petmed Express Shareholder Class Action Lawsuit 08/25/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

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Class Period End
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Summary

January 19, 2018 - The case was voluntarily dismissed.

August 25, 2017 - An investor in shares of Petmed Express Inc (NASDAQ: PETS) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by Petmed Express Inc in connection with certain allegedly false and misleading statements made between May 8, 2017, and August 23, 2017.

Delray Beach, FL based Petmed Express Inc (NASDAQ: PETS), doing business as 1800PetMeds, is a pet pharmacy. Petmed Express Inc reported that is Total Revenue rose from $234.68 million for the 12 months period that ended on March 31, 2016 to $249.18 million for the 12 months period that ended on March 31, 2017 and that its respective Net Income increased from $20.57 million to $23.82 million. Shares of Petmed Express Inc (NASDAQ: PETS) grew from $19.26 per share in March 2017 to as high as $50.54 per share in July 2017.

On August 23, 2017, Aurelius Value published a report alleging that the Company targets opioid users with Google ads and other marketing techniques to facilitate the abuse of opiates.

Shares of Petmed Express Inc (NASDAQ: PETS) declined to as low as $31.92 per share on August 23, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Petmed Express Inc (NASDAQ: PETS) common shares between May 8, 2017, and August 23, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 8, 2017, and August 23, 2017, the defendants failed to disclose that the Company was marketing dangerous and addictive animal drugs to humans, that, as such, the Company is vulnerable to potential civil or criminal liability, as well as other regulatory action, that, as a result of the foregoing, Google may halt the Company’s advertising activities,and that, as a result of the foregoing, defendants’ statements about PetMed Express Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On August 25, 2017, NASDAQ: PETS shares closed at $35.14 per share.