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Lieff Cabraser Reminds Salix Pharmaceuticals, Inc. Investors of Upcoming Deadline in Class Action Litigation - SLXP
[December 10, 2014]

Lieff Cabraser Reminds Salix Pharmaceuticals, Inc. Investors of Upcoming Deadline in Class Action Litigation - SLXP


The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the January 6, 2015 deadline to move for appointment as lead plaintiff in the securities class action litigation brought on behalf of investors who purchased or otherwise acquired the securities of Salix Pharmaceuticals, Inc. ("Salix") (NasdaqGS: SLXP) between November 7, 2013 and November 6, 2014, inclusive (the "Class Period").

If you purchased or otherwise acquired Salix securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 6, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Salix investors who wish to learn more should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.



The action charges Salix and certain of its current and former officers with violations of the Securities Exchange Act of 1934.

The action alleges that the defendants made false and misleading statements and/or failed to disclose: (a) Salix's business prospects and demand for certain of its drugs were deteriorating significantly, and that wholesaler inventory levels of certain Salix drugs were rising more rapidly than represented to investors; (b) Salix's reported quarterly and annual net revenue and earnings per share during the Class Period were overstated; and (c) that there were material weaknesses in Salix's internal controls.


On November 6, 2014, Salix announced: (1) that its Chief Financial Officer had suddenly resigned; (2) that its wholesaler inventory levels were three times greater than Salix had previously claimed to be targeting; (3) that the Audit Committee of Salix's Board of Directors had retained outside counsel to "conduct[] a review of issues related to management's prior characterizations of wholesaler inventory levels"; and (4) that it had reduced its guidance for full-year 2014 revenues and earnings by 12.5 percent and 15.7 percent, respectively. On this news, the price of Salix common stock plummeted $47.08 per share from its closing price on November 6, 2014 to close at $91.47 per share on November 7, 2014.

About Lieff Cabraser

Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

For eleven years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a "Law Firm of the Year" each year the publications have given this award to law firms.

For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.


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