Depomed – Potential Securities Fraud Claims on Behalf of Depomed Investors
Kehoe Law Firm P.C. securities attorneys are investigating potential securities class action claims on behalf of purchasers of Depomed, Inc. (“Depomed” or “Company”) (NASDAQ GS: DEPO) common stock or other securities and who may be suffered losses after the announcement of investigations by the United States Department of Justice and the Office of the Attorney General of Maryland.
DOJ and Maryland Attorney General Issue Subpoenas
On August 7, 2017, after the close of trading, Depomed held an investor conference call during which Arthur Joseph Higgins, Depomed’s CEO and President, revealed that Depomed received a subpoena from the United States Department of Justice on July 28, 2017, “regarding our commercialization practices for our NUCYNTA products and Lazanda.”
During this investor call, August J. Moretti, the Company’s CFO and Senior Vice President, added:
“Recently, Depomed and other pharmaceutical companies received subpoenas relating to opioid sales and marketing practices from the Office of the Attorney General of Maryland and, as you heard from Arthur, the United States Department of Justice. We are currently cooperating with the state of Maryland and the DOJ in their respective investigations. In addition, Depomed and other pharmaceutical companies earlier received a request for information from Senator McCaskill, the ranking minority member of the United States Senate Committee on Homeland Security and Governmental Affairs, relating to the company’s promotion of opioid products.”
Depomed Stock Price Drops
On August 8, 2017, following these announcements, Depomed common stock traded as low as $6.15 per share, intraday, a drop of over 30% from the $9.23 per share closing price on August 7, 2017.
Have You Purchased or Acquired Depomed Shares?
If you purchased or acquired Depomed common stock or other securities and would like to speak privately with a securities attorney to learn more about the investigation and your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.