NEW YORK, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action has been commenced in the United States District Court for the Southern District of New York on behalf of the purchasers of Retrophin, Inc. ("Retrophin") (Nasdaq:RTRX) from March 27, 2014 through September 30, 2014, inclusive (the "Class Period").
The Complaint alleges that Retrophin's founder and Chief Executive Officer was committing stock-trading irregularities and other violations of the Company's Incentive Compensation Plan and other securities rules and that these irregularities included grants of shares in violation of the Company's Incentive Compensation Plan and the failure to disclose stock grants to employees.
On September 16, 2014, after the close of trading, the Company issued a press release and filed a Form 8-K with the SEC announcing that on September 15, 2014, it had reached an agreement with its Chief Financial Officer, Marc Panoff, pursuant to which Mr. Panoff's employment with the Company will terminate, effective as of February 28, 2015. In addition, the Company announced that on September 10, 2014, Dr. Jeffrey Paley, had abruptly stepped down as a member of the Board of Directors. As a result of this news, shares of Retrophin fell $1.03 or over 8%, on unusually heavy trading, to close at $11.46 on September 17, 2014.
On September 30, 2014, after the close of trading, the Company issued a press release announcing that its Board of Directors terminated its Chief Executive Officer, Martin Shkreli, effective immediately, and appointed Stephen Aselage as interim Chief Executive Officer. As a result of this news, shares of Retrophin fell an additional $0.40 to close at $8.62 on October 1, 2014.
If you purchased and incurred losses in Retrophin, Inc securities during the Class Period, you may move to be appointed as lead plaintiff by December 19, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Retrophin investigation."
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