NASDAQ GS
CXRX

Concordia International Corp.

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Concordia International Corp. (NASDAQ GS: CXRX)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Concordia International Corp. (“Concordia” or the “Company”) (NASDAQ GS: CXRX) between November 12, 2015 and August 12, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Concordia during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) that the Company was experiencing a substantial increase in market competition against the Company’s drug, Donnatal, and other products; (2) that, as a result, the Company’s financial results would suffer and, the Company would be forced to suspend its dividend; (3) that, as a result of the foregoing, Defendants’ statements about Concordia’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on August 12, 2016, Concordia issued a press release announcing that it was lowering its 2016 guidance “to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates.”  The Company also announced that Adrian de Saldanha, Concordia’s Chief Financial Officer, was leaving the Company, and that Concordia’s Board unanimously agreed to suspend the Company’s $0.075 quarterly dividend.

On this news, shares of Concordia dropped over 38%, closing at $10.13 per share on August 12, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than October 14, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed 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.

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