An investor in NASDAQ:PMD shares filed a lawsuit over alleged Securities Laws violations by Psychemedics Corp..
Investors who purchased shares of Psychemedics Corp. (NASDAQ:PMD) have certain options and for certain investors are short and strict deadlines running. Deadline: April 3, 2017. NASDAQ:PMD investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Psychemedics Corp. (NASDAQ:PMD) common shares between February 28, 2014 and January 30, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 28, 2014 and January 30, 2017, the defendants made false and/or misleading statements and/or failed to disclose that through its affiliate Psychemedics Brasil Exames Toxicológicos Ltda. (“Psychemedics Brasil”), the Company engaged in anticompetitive conduct to maintain a monopoly over the Brazilian market in violation of the law, that in turn, Psychemedics lacked effective internal controls over financial reporting, and that as a result of the foregoing, Psychemedics’ public statements were materially false and misleading at all relevant times.
Acton, MA based Psychemedics Corp provides hair testing for drugs of abuse, utilizing a hair analysis method involving digestion of hair, enzyme immunoassay (“EIA”) technology and confirmation by mass spectrometry to analyze human hair to detect abused substances. Psychemedics Corp. (NASDAQ:PMD) reported that its annual Total Revenue declined from $29.20 million in 2014 to $26.98 million in 2015 and that its Net Income declined from $3.21 million in 2014 to $1.51 million in 2015.
Shares of Psychemedics Corp. (NASDAQ:PMD) grew from $8.69 per share in January 2016 to as high as $27.46 per share on January 27, 2017.
On January 31, 2017, news reports revealed that Psychemedics Corp engaged in unlawful anticompetitive conduct in Brazil in order to stifle the business of its competitor Omega Laboratories, Inc. USA. Psychemedics Corp allegedly used “cartel practices” to, “form a drug testing monopoly which included unenforceable and exclusive contracts with collection sites, “all with a view to limit the entry and operation of new companies in the market.”
Shares of Psychemedics Corp. (NASDAQ:PMD) declined to as low as $13.81 per share on January 31, 2017.
On February 14, 2017, NASDAQ:PDM shares closed at $20.75 per share.
Those who purchased NASDAQ:PMD shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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