Scott+Scott Attorneys at Law LLP (Scott+Scott), a national securities and consumer rights litigation firm, today announced that it has filed a class action lawsuit against Teligent, Inc. (Teligent or the Company) (NASDAQ: TLGT) and one of its executives (collectively, Defendants).
The action, which was filed in the U.S. District Court for the Southern District of New York, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the Exchange Act), 15 U.S.C. §§78j(b) and 78t(a), and Securities and Exchange Commission (SEC) Rule 10b-5 promulgated thereunder, 17 C.F.R. §240.10b-5, on behalf of investors who purchased or otherwise acquired Teligent common stock between May 2, 2017 and November 7, 2017, inclusive (the Class Period).
Teligent researches, develops, produces, supplies, and sells generic pharmaceutical products.
The complaint alleges that Defendants violated provisions of the Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission (SEC). Specifically, Defendants made false and/or misleading statements regarding, and/or failed to disclose, product non-conformities in research and development and non-compliance with applicable regulations.
On November 6, 2017, after the market closed, Teligent filed a Form 8-K with the SEC disclosing disappointing third quarter 2017 earnings. Total revenue fell to $13.7 million from the previous quarters $18.4 million, a 25.5% drop, and from third quarter 2016s $16.2 million, a 15.4% drop. Teligents press release quoted President and Chief Executive Officer Jason Grenfell-Gardner attributing the drop in revenue to FDA approval delays and competition.
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On this news, Teligents share price fell $2.29 on November 7, 2017.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. 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 a member of the proposed class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs counsel, Jeffrey Jacobson of Scott+Scott at (646) 992-4756, or via email at [email protected].
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.