NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Dr. Reddy's Laboratories Limited (“Dr. Reddy's” or the “Company”) (NYSE:RDY) of the October 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Dr. Reddy's stock or options between June 17, 2015 and August 10, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/RDY. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Dr. Reddy's securities between June 17, 2015 and August 10, 2017 (the “Class Period”). The case, Critchley v. Dr. Reddy’s Laboratories Limited et al, No. 3:17-cv-06436 was filed on August 25, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Dr. Reddy's lacked an effective corporate quality system; and (2) as a result, Dr. Reddy's public statements were materially false and misleading.
Specifically, on August 10, 2017, Dr. Reddy's published a letter disclosing that the Regulatory Authority of Germany (Regierung von Oberbayern) sent notice to Dr. Reddy’s wholly-owned subsidiary, betapharm Arzneimittel GmbH, that one of the Company’s plants lost its Good Manufacturing Practices compliance certificate.
On this news, Dr. Reddy's share price fell from $32.25 per share on August 9, 2017 to a closing price of $30.33 on August 10, 2017 —a $1.92 or a 5.95% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Dr. Reddy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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