The complaint alleges defendants made false and/or misleading statements that Cordis would benefit from Cardinal Health’s inventory management and supply chain information technology solutions
Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Cardinal Health, Inc. (“Cardinal Health” or the “Company”) (NYSE: CAH) in the United States District Court for the Southern District of Ohio on behalf of those who purchased or acquired the securities of Cardinal Health between March 2, 2015 through May 2, 2018, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made false and/or misleading statements by asserting that Cordis Corp., a medical device manufacturer that Cardinal Health acquired in March 2015, would benefit from Cardinal Health’s advanced inventory management and supply chain information technology solutions. Defendants also falsely represented that Cardinal Health properly “reserve[d] for inventory obsolescence” and that “[i]nventories presented in the consolidated balance sheets [were] net of reserves for excess and obsolete inventory.” When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the September 30, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Source: Company Press Release