NEW YORK, March 30, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Psychemedics Corporation (“Psychemedics” or the “Company”) (NASDAQ:PMD) and certain of its officers, on behalf of a class who purchased Psychemedics securities between February 28, 2014 and January 30, 2017, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/pmd.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) through its affiliate Psychemedics Brasil Exames Toxicológicos Ltda., Psychemedics engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law; (2) effectively, Psychemedics lacked effective internal controls over financial reporting; and (3) consequently, Psychemedics’ public statements were materially false and misleading at all relevant times.
On January 31, 2017, it was revealed that Psychemedics Brasil Exames Toxicológicos Ltda., Psychemedics’ local representative in Brazil, was ordered to compensate Omega Laboratories, Inc. USA for losses caused by anticompetitive practices used for “preventing other companies from accessing (the) market,” on January 20, 2017. Following this news, Psychemedics stock dropped during intra-day trading on January 31, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/pmd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Psychemedics you have until April 3, 2017 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.