Robbins LLP Is Investigating the Officers and Directors of Albany Molecular Research, Inc. (AMRI) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Albany Molecular Research, Inc. (NASDAQGS: AMRI) breached their fiduciary duties to the company and its shareholders by failing to implement adequate internal controls over the company’s management and disclosure procedures. Albany Molecular Research, a contract research and manufacturing company, provides integrated drug discovery, development, and manufacturing services primarily in the United States, Europe, and Asia.
Albany Molecular Research Is Investigated for Concealing Damage to Its Lab
Albany Molecular Research has been accused of concealing from shareholders that a weather-related power outage at its New Mexico laboratory had contaminated the laboratory’s inventory. Notably, the company’s Chief Executive Officer allegedly knew about the power outage because of the laboratory’s importance to the company’s core operations, but nonetheless failed to inform investors. Even though the outage occurred in July 2014, the truth was not revealed until November 5, 2014, when the company revealed that due to the power failure, it needed to discard tainted inventory and temporarily shut down the facility. On this news, Albany shares fell $6.08 per share, or 35%, to close at $16.59 per share on November 5, 2014.
Albany Molecular Research Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.