Robbins LLP Is Investigating the Officers and Directors of Aceto Corporation (ACET)
Robbins LLP is investigating whether certain officers and directors of Aceto Corporation (ACET) breached their fiduciary duties to shareholders. Aceto announced on April 18, 2018, that it is negotiating with its lenders for a waiver of its credit agreement regarding certain of its financial covenants due to adverse conditions in the generics market. Aceto also stated that the financial guidance issued on February 1, 2018, should no longer be relied upon and that the company anticipates a non-cash intangible asset impairment charge of $230 million to $260 million. The board further anticipated a significant reduction in the company’s dividend going forward, causing the company’s stock to plummet over 66%, closing at $2.51 per share on April 20, 2018. Aceto, together with its subsidiaries, sources, markets, sells, and distributes finished dosage form generics, nutraceutical products, pharmaceutical intermediates and active ingredients, agricultural protection products, and specialty chemicals.
Aceto Corporation (ACET) Shareholders Have Legal Options
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