Our attorneys are investigating potential claims on behalf of investors of Depomed, Inc. (NASDAQ: DEPO) regarding possible securities law violations.
Federal Information Requests Prompt Stock Drop
On August 7, 2017, after the close of trading, Depomed executives revealed in an investor conference call that the company has received subpoenas from the U.S. Department of Justice and the Office of the Attorney General of Maryland relating to its opioid sales and marketing practices. August J. Moretti, CFO and Senior Vice President, also reported that Depomed has “received a request for information from Senator McCaskill, the ranking minority member of the United States Senate Committee on Homeland Security and Governmental Affairs, relating to the company’s promotion of opioid products.”
Following these announcements, Depomed common stock traded as low as $6.15 on August 8, 2017 — a drop of over 30% from the $9.23 closing price on August 7, 2017.
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Girard Gibbs LLP is one of the nation’s leading firms representing individual and institutional investors in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and has earned Tier-1 rankings and been named in the U.S. Lawyers – Best Law Firms list for four consecutive years.