Superior Court of Quebec, Court File No.: 500-06-000834-164
For more information about this action, or to obtain a copy of the most recent statement of claim, please contact the Firm at firstname.lastname@example.org.
This securities class action relates to Concordia International Corp. throughout the Class Period reporting significant increases in “organic growth” when its purported organic growth was allegedly not in fact organic at all, but rather the product of the Company’s aggressive pricing increases.
On August 12, 2016, Concordia International Corp. issued the Corrective Disclosure, in which its founder and former Chief Executive Officer announced that the Company was lowering its earnings guidance to reflect the impact of competition on several products in its North America segment as well as the effect of foreign exchange rates. In doing so, Concordia reduced its 2016 projected revenues from $1.02-1.06 billion to $859-888 million and reduced its adjusted EBITDA from $610-640 million to $510-540 million. The Corrective Disclosure also informed the public that Concordia International Corp.’s Chief Financial Officer was stepping down and that the Company’s Board of Directors had unanimously agreed to suspend its $0.075/common share quarter dividend. As a result, Concordia International Corp.’s stock price on the Toronto Stock Exchange fell roughly 54.1% within 10 trading days following the Corrective Disclosure.
Claim and Motion for Authorization Issued: December 22, 2016
Class Period: November 12, 2015 to and including August 11, 2016
Shareholders’ Canadian Counsel: Andrew J. Morganti, Morganti Legal; and Shawn Faguy, Faguy & Co.
Shareholders’ U.S. Counsel: Phillip C. Kim, Gonen Haklay and Jacob A. Goldberg, The Rosen Law Firm, P.A.
Corporate Defendants’ Canadian Counsel: Norton Rose Fulbright Canada LLP
Auditor Defendant’s Canadian Counsel: McCarthy Tétrault LLP
Corporate Defendants’ U.S. Counsel: Gerard G. Pecht and Mark A. Robertson, Norton Rose Fulbright US LLP