Wolf Popper LLP Announces Investigation on Behalf of Investors in ACETO Corporation
NEW YORK, April 19, 2018
Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in ACETO Corporation (NASDAQ: ACET). ACETO investors should contact Fei-Lu Qian at 877.370.7703 or at firstname.lastname@example.org.
On April 18, 2018, after the market closed, ACETO disclosed that “the financial guidance issued on February 1, 2018, should no longer be relied upon,” and suspended “further financial guidance for at least the balance of the fiscal year.” The Company also disclosed that “the Company anticipates recording non-cash intangible asset impairment charges, including goodwill, in the range of $230 million to $260 million on certain currently marketed and pipeline generic products as a result of continued intense competitive and pricing pressures.” ACETO also disclosed the resignation of its Chief Financial Officer, who had joined the company two months earlier.
As a result of the disclosure, ACETO stock price declined $4.74 per share or 64%, to close at $2.66 per share on April 19, 2018.
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