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Levi & Korsinsky, LLP announces the filing of a class action lawsuit in the United Stated District Court for the Southern District of New York on behalf of shareholders of GW Pharmaceuticals plc (NASDAQ: GWPH) who purchased shares between December 4, 2014 and January 8, 2016.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal financial controls; (ii) the Company lacked effective controls over completeness and valuation of clinical trial accruals; and (iii) as a result of the foregoing, Defendants’ statements about GW Pharmaceuticals’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis. In its 2015 Annual Report, GW Pharmaceuticals disclosed the discovery of a material weakness in its internal control over financial reporting for the year ended September 30, 2015. The Company noted that “management does not have sufficiently precise controls to evaluate the completeness and accuracy of the calculation of clinical trial accruals due to the incorrect allocation of expenditure to clinical studies.” On this news, GW Pharmaceuticals stock fell $3.55, or nearly 6%, to close at $56.31 per share on January 11, 2016. If you suffered a loss in GW Pharmaceuticals you have until March 21, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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