Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Teligent (NASDAQ:TLGT) in connection to alleged violations of securities laws by TLGT. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Teligent between May 2, 2017 and November 7, 2017.
The class action complaint specifically alleges that during the period in question, TLGT provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that there were product nonconformities in the company’s research and development activities; and that the company was noncompliant with certain relevant regulations. According to the complaint, the company filed a Form 8-K with the SEC after close on November 6, 2017, disclosing disappointing earnings for the third quarter of 2017: specifically, the company’s revenue had fallen from $18.4 million the previous quarter to $13.7 million; in the third quarter of 2016, for contrast, it had reported revenue of $16.2 million. In a statement, the company’s President and Chief Executive Officer described the decline in revenue as resulting from competition and delays in FDA approval. When this news was disclosed, the company’s share price fell $2.29/share over the following day of trading. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, is a medical company involved in the development, manufacturing and marketing of pharmaceutical products for doctor and patient use in both the United States and Canada. The company has about 200 employees, according to its description, in sites located in New Jersey, Toronto, Montreal, and Tallinn, Estonia; its product development and manufacturing center is based in Buena, New Jersey. Its hospital-based sterile injectable products include Cefotan, Fortaz, Zantac, and Zinafec; its topical products include Ciclopirox shampoo, Clobetasol Propionate Cream, Econazole Nitrate Cream, and Lidocaine Cream; its gel products include Erythromycin Topical Gel and Fluocinonide Gel; and its lotions include Betamethasone Dipropionate Lotion and Hydrocortisone Butyrate Lotion. The company trades on the Nasdaq exchange under the symbol TLGT.
A class action lawsuit has already been filed in connection with Teligent. If you wish to serve as lead plaintiff in the TLGT lawsuit, you must move the Court no later than June 14, 2019. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.