The lawsuit alleged that Dr Reddy’s made materially false statements and/or misleading statements or omissions related to its corporate quality system. Photo: MintNew Delhi: Drug firm Dr. Reddy’s Laboratories Ltd said the company has been served a securities class action lawsuit in the US. “Further to our intimation dated August 28, 2017 with regard to US Securities Class Action Lawsuit, we would like to inform you that the US Securities Class Action Lawsuit has been served on the company in the US by the lead plaintiff,” Dr Reddy’s said. The suit is on behalf of investors who purchased or acquired Dr Reddy’s shares on the New York Stock Exchange between 17 June 2015 and 10 August 2017. The lawsuit, filed in the US District Court of New Jersey, seeks damages to compensate the class of investors for a purported decline in Dr Reddy’s share prices caused by the alleged misstatements or omissions.

Source: Mint November 29, 2017 09:11 UTC